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The Boston Globe

Business

Lower bad loans give HSBC a big Q1 profit boost

LONDON — HSBC PLC, Europe’s biggest bank by market value, saw its profits more than double in the first quarter as it booked fewer bad loans than in the same period last year and reaped the benefits of recent restructuring measures.

The bank, which has a big presence in many parts of the world, including China, said Tuesday that its net profit rose to $6.35 billion in the first three months of the year from $2.58 billion in the same period of 2012.

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