Profits before impairments rose 12% to US$5.94bn, though after taking US$1.2bn of adjustments on its loan book statutory profits fell 19% to US$5bn.
Stated revenues were also hit by adverse currency movements and the absence of the now sold Brazil business, though they rose by 3% on an adjusted due to a good performance in wealth management in Asia as well as in global banking.
Gulliver said three of its four global businesses had performed strongly.
“Commercial Banking delivered higher revenue from our liquidity and cash management activities; and Retail Banking and Wealth Management was supported by rising interest rates and renewed customer investment appetite.”
He added the cost-savings programme also remains on track.