3:00 PM Frankfurt Commerzbank said loss in the first quarter swung to 94 million. HSBC first quarter profit surged more than doubled to $6.35 billion. Hochtief agreed to sell airport division to investment board of Canada for 1.1 billion and net swung to 43.5 million profit.
In London trading, FTSE 100 index rose 0.6% or 40.1 to 6,562 and in Frankfurt the DAX index jumped 1.1% or 90.2 to 8,202.
In Paris, CAC 40 index gained 0.8% or 30.1 to 3,937.
gained 1.5% to 10.97 after the Germany based lender reported net interest income in the first quarter ending in March dropped 19.5% to 1.36 billion. Consolidated loss in the quarter swung to 94 million compared to profit of 355 million a year ago.
Operating profit declined 18.5% to 469 million and restructuring expenses jumped 493 million from 34 million.
The risk-weighted assets rose 1% to 210 billion from the previous quarter and NCA portfolio in the first quarter reduced by a further 7.3 billion.
The bank reported core tier 1 ratio declined since end of December 2012 by 0.5 percentage points to 11.5%.
declined 14.1% to 262.30 pence after the UK based security service provider said revenues in the first quarter ending in March climbed 7.7% and group operating margin fell 0.6% compared to the same period in 2012 and warned that profit margins in 2013 would be lower than expected
HSBC Holdings Plc
jumped 2.9% to 734.50 pence after the UK based bank reported revenue in the first quarter ending in March jumped 14% to $18.42 billion. Profit for the quarter surged more than doubled to $6.35 billion compared to $2.58 billion and diluted earnings per share soared 33 cents from 13 cents a year earlier.
The bank said bad loan charges in the quarter declined 51% to $1.17 billion and pretax profit climbed 95% to $8.43 billion from $4.32 billion a year ago period. Operating costs dropped to $9.3 billion from $10.4 billion.
Reported loans and advances to customers declined by $39 billion this resulted foreign exchange differences of $25.4 billion a $1.2bn reduction in reverse repo balances and decrease in customer lending of $12.5 billion.
The bank added core tier 1 capital ratio strengthened to 12.7% from 12.3% at December 31.
Iain Mackay finance director said you can expect us to continue to focus on our cost base. After positioning as chief executive officer, Stuart T. Gulliver eliminated $4 billion of costs, 46,000 job cuts and sold or closed 52 businesses to revive earnings.
In February, the bank sold the stake in Shenzhen, China based insurance unit for $9.4 billion and also sale of its U.S. based credit card business to Capital OneFinancial Corp. in a premium of $2.5 billion.
soared 7.3% to 57.30 after the Germany based construction group agreed to sell its airport segment AirPort GmbH, Essen to Public Sector Pension Investment Board of Canada. The transaction proceeds are nearly 1.1 billion and closing is expected in the second half of this year.
Hochtief, lifted business outlook and expects consolidated net profit between 210 million and 250 million. New orders in the quarter ending March to 5.55 billion compared to 7.69 billion a year ago period. Operating earnings EBITA to 189.1 million
Consolidated net in the quarter swung to 43.5 million profit compared with a consolidated net loss of 34.8 million in the prior-year period.