HSBC worldwide operations have made a strong start to the year despite the turbulence in global financial markets.

In its interim management statement released in London for the first quarter of 2008, HSBC reported that profit was ahead of the equivalent period last year.

Group chairman Stephen Green said the bank's performance so far this year demonstrates that HSBC's business resilience in difficult financial markets, its global distribution network, diversified earnings streams and strong capital position are allowing it to support customers in today's challenging market conditions. "These factors enable us to invest for growth, particularly in emerging markets, and focus on long-term value creation for our shareholders."

Key highlights in HSBC's interim statement included pre-tax profits up in all major emerging markets in Asia-Pacific, the Middle East and Latin America; very good performance by European businesses with the UK retail business increasing pre-tax profit; resilient profitability in global banking and markets; good deposit growth in all geographical regions; and strong capital ratios.

On the downside, consumer finance business in the US remains challenging even if write-downs were in line with expectations.

Group chief executive Michael Geoghegan said that HSBC's is a business with "excellent "opportunities ahead.

Alan Richards, the new CEO of HSBC Bank Malta, noted that the financial strength of the group, in spite of the difficult market conditions, is good news for Maltese customers and shareholders.