HSBC profits rise but outlook cautious HSBC said its first quarter underlying pre-tax profit had risen 25 per cent year-on-year to $6.78bn on Tuesday but the bank struck a cautious note in its trading outlook. Statutory pre-tax profit, which included a $2.64bn accounting loss related to fluctuations in the value of its issued debt, was $4.32bn, down from $4.91bn in the first quarter of 2011. Impairment charges - money set aside against soured loans - were broadly flat year-on-year, at $2.37bn. It said its performance in April had been satisfactory, adding: "Markets remain volatile with high levels of debt and regulatory and political uncertainty in developed economies, contrasting with an encouraging outlook in faster-growing markets."