HSBC misses profit expectations in first quarter. Europe's largest lender reported pre-tax profit of $9.4 billion, falling short of the $9.59 billion consensus estimate. The shortfall stems from higher-than-expected credit losses of $1.3 billion, which exceeded prior year levels by $400 million and came in 9% worse than estimates. Credit losses were driven by fraud-related exposure to a UK financial sponsor and provisions tied to Middle East conflict uncertainties. Despite the miss, HSBC's revenue grew 6% year-on-year to $18.62 billion, surpassing expectations. Net interest income climbed 8% to $8.9 billion. The disappointing results triggered sharp share declines, with Hong Kong-listed shares dropping 4.6% and UK shares falling 5.5%. Management projects $1.
