Banking giant HSBC has seen profits fall by 19 per cent in the first three months of 2017.

But the fall to £3.9bn profit was still ahead of forecasts and HSBC's shares rose by three per cent, as reported by the BBC .

The lower profits were due mainly to accounting changes and last year's results were boosted by proceeds from the sale of its Brazilian business.

Following a big drop in profits in 2015, HSBC started a restructuring process that led to thousands of job cuts, branch closures, asset sales, and a bigger focus on Asia.

Chief executive Stuart Gulliver said 2017 would see the completion of strategic changes announced in 2015, including the removal of low-return risk assets.

"Our cost-saving programme remains on track to big the higher cost-saving target we announced at our annual results."

The fall is in stark contrast to the huge rise in profits reported by Lloyds Bank earlier this year, rising by 158 per cent to £4.2bn in 2016. The bank, which has a head office in Barnwood, was bailed out by the UK taxpayer during the financial crisis has been gradually returning to private hands. The government now owns less than two per cent of the company and it is expected to be fully back in private ownership by the end of this year.

Barclays has reported a doubling of profits since the same period last year and RBS has reported its first quarterly profits since 2015.

What do you think? Should customers be benefiting more from the banks' big profits? Email mark@moosemarketingandpr.co.uk