HSBC stocks up on profits news

<p>HSBC has doubled its profits.</p>

The share price of HSBC has risen today (May 7th) on the back of the news the bank has doubled its profits for the first quarter when compared to the same period last year.

It recorded pre-tax profits of £5.4 billion between January and March 2013, which is up 95 per cent on the first quarter of 2012.

Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, explained the financial results of the bank have propelled it into "premier status".

At 15:59 BST, its share price was at 734.40, which is up by close to three per cent – or more than 20 points – from the start of the day's trading.

HSBC's profit figures were a lot higher than had been predicted by analysts, which helped to explained the rise in its share price today.

"We have strengthened our capital position and remain one of the best-capitalised banks in the world, allowing us both to invest in organic growth and grow dividends," the company said in a statement.

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