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HSBC pretax profit rises 79% on recovery from pandemic damage

LONDON, April 27 (Reuters) - HSBC Holdings PLC on Tuesday reported a much better-than-expected 79% rise in first-quarter profit, as the Asia-focused lender starts to recover from the economic damage caused by the coronavirus pandemic.

Europe’s biggest bank by assets on Tuesday reported profit before tax was $5.78 billion for the three months ended on March 30, up from $3.21 billion a year ago and above an average analyst forecast of $3.35 billion compiled by the bank.

Reporting by Lawrence White; Editing by Tom Hogue

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