Shares in global banking group HSBC (HSBA) hit a five-year peak of 700p last week after the Asia-focused lender said first-quarter net interest income dipped 3% to $8.65 billion, beating market forecasts of $8.5 billion.

Pre-tax profit of $12.65 billion, down around 2% on last year, also beat the consensus despite a higher technology spend thanks to low levels of provisioning for bad loans due to solid credit quality.

Investors were also treated to an 11% hike in the first interim dividend from $0.09 to $1.10 per share, a special dividend of $0.21 per share following the sale of the Canadian business and a new buyback of up to $3 billion.

Chief executive Noel Quinn, who steered the group through the pandemic and successfully saw off a move by Hong Kong insurer Ping An (2318:HKG) to break the group up, took the opportunity to announce his retirement.

An HSBC lifer, Quinn joined the bank in 1987 and worked his way all the way to the top job and leaves with the bank in good shape with a tier one equity ratio of over 15% and a target return on tangible equity also in the mid-teens. 

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