HSBC profits hammered by pandemic and soaring US-China tensions

A Chinese national flag flies in front of HSBC headquarters in Hong Kong, China. HSBC said on Monday (Aug 3, 2020) its first half post-tax profits for 2020 plunged 69 per cent on year as the Asia-focused banking giant was hammered by the coronavirus and spiralling China-US tensions. - Reuters

HONG KONG, Aug 3 (AFP): HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions.

The lender reported post-tax profits of US$3.1 billion while pre-tax profit was US$4.3 billion, a 64 per cent drop on the same period last year. Reported revenue was down nine percent at US$26.7 billion.