HSBC Q1 profits more than double to $6.35 billion

LONDON (AP) -- The HSBC banking group saw its net profits more than double in the first quarter, jumping to $6.35 billion from $2.58 billion in the same period of 2012.

Chief Executive Stuart Gulliver said the bank has made important progress in increasing revenue and reducing costs, cutting some 40,000 jobs out of a workforce of 300,000 since 2011.

It also wrote off fewer bad loans compared with last year.

Gulliver says there are still challenges ahead, though the world economy is improving in some regions.

The bank expects the U.S. economy to grow faster than other developed economies, though at a slower rate compared with past standards. The mainland Chinese economy is expected to accelerate after a slower than expected start to the year and the eurozone is expected to contract.