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Covid-19 impact: HSBC H1 PBT plunges 65% to $4.32 bn on loan provisions

The profit was lower than the $5.67 billion average of analysts' estimates compiled by the bank

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Coronavirus | HSBC | Hong Kong

Lawrence White & Alun John | Reuters  |  London/Hong Kong 

HSBC Holdings PLC posted a higher-than-expected 65% tumble in first-half pre-tax profit as the coronavirus pandemic and its impact on businesses forced the Asia-focused bank to boost its loan-loss provisions. Europe's biggest bank by assets reported a pre-tax profit for the first six months this year of $4.32 billion, down from $12.41 billion in the same period a year earlier, according to its financial statement filed with the stock exchange on Monday. The profit was lower than the $5.67 billion average of analysts' estimates compiled by the bank. HSBC's results ...

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First Published: Mon, August 03 2020. 13:16 IST
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