HSBC’s first-quarter profits more than doubled as provisions for Covid-19 related loan losses slumped, but the UK lender’s investment bank failed to keep pace with Wall Street rivals during a stellar start to the year for the sector.

The UK lender’s bottom-line profits were well ahead of analyst expectations, up 117% to $3.9bn even as revenues declined by 5% to $13bn as the bank struggled against low interest rates.