LONDON: HSBC Holdings Plc has cautioned that bad loan charges may climb to as much as US$11bil this year, the highest since the last financial crisis as the coronavirus pandemic halts economic activity around the world.
Adjusted profit slumped 51% and expected credit losses surged to US$3bil in the first three months of the year, driven in part by a Singaporean client exposure, according to its earnings statement yesterday. The Asia-focused bank also pushed back parts of its restructuring programme at least till the end of 2020.