HSBC pre-tax profits plunge 48 per cent in 12 weeks

28th April 2020 / NewsBits
  • HSBC on Tuesday said first-quarter pre-tax profits almost halved as the banking giant was battered by the global coronavirus pandemic while it embarked on a major restructuring.
  • The lender reported pre-tax profits of $3.2 billion, down 48 per cent from the same period in 2019, citing credit losses from clients struck by the economic slowdown as a major cause.
  • “The economic impact of the Covid-19 pandemic on our customers has been the main driver of the change in our financial performance since the turn of the year,” newly confirmed CEO Noel Quinn said in a statement.
  • Reported expected credit losses in the first quarter of the year were $3 billion — $2.4 billion more than the first quarter of 2019 and its biggest bad loan bundle in almost nine years.

Source: Bangkokpost

 

At a time when reporting the truth is critical, your support is essential in protecting it.
Find out how

The European Financial Review

European financial review Logo

The European Financial Review is the leading financial intelligence magazine read widely by financial experts and the wider business community.