The bank’s securities services revenue increased by $42 million during the first three months of 2017.
Revenue rose from $363 million to $405 million year over year, and from $391 million quarter over quarter.
Securities services was not representative overall for HSBC, whose revenue of $13 billion was down 13 percent due to currency translation differences and other issues, although adjusted profit before tax of $5.9 billion was up 12 percent year over year.
Stuart Gulliver, group chief executive at HSBC, said: “This is a good set of results. The increase in adjusted profit was driven by strong performances in three of our four global businesses.”