UNDER-FIRE banking giant HSBC has reported better-than-expected profits as it disclosed that the UK's City watchdog has asked for information about its controversial Swiss private bank. Pre-tax profits rose to $7.06 billion (£4.7bn) for the first quarter, 4 per cent ahead of the same period last year. Last year it was weighed down by regulatory fines and saw annual profits fall by 17 per cent. HSBC has been enmeshed in controversy over its Swiss private banking unit, which is alleged to have helped thousands of account holders hide billions in assets from tax authorities. It is facing criminal investigation in a number of countries.