HSBC Holdings Plc announced an unanticipated gain in first-quarter revenue following Chief Executive Officer, Stuart Gulliver’s, measures to halt the profit decline that has plagued his time with the company. HSBC’s stocks rose in Hong Kong as a result.

“According to HSBC Chief Executive Officer, Gulliver, the financial institution is due to reach its expense saving target,” said Henry Holt at Kaiser Hoffman Capital.

Corrected pretax profit, which discounts once off entries, increased 12 percent to $5.94 billion, according to a statement released by the British based financial institution last week. In addition, profits increased by 2 percent in contrast with the almost 10 percent decrease that was initially predicted by sector analysts. This growth was largely fueled by expansion at its 3 chief businesses.

After the company’s results were reported, Finance Director Iain Mackay expressed his delight saying that he would be happy to end the year on such a high note. He did not verify rumors that HSBC may pursue additional share buy backs such as those made in the past several months to boost the stock price.

Gulliver, in what could be his last complete year as head of Europe’s largest creditor, has left almost 100 businesses and 18 countries,actions that have certainly exacted a toll on profits, while suffering numerous expensive misconduct issues. The financial institution has engaged Mark Tucker to take the place of Douglas Flint as chairman later this year, which will give the chief of insurer AIA Group Ltd. the undertaking of stimulating development and conducting the search for a Chief Executive Officer to replace Gulliver.

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