HSBC's results reinforced the trend of lenders across the world increasing their buffers to absorb souring loans at a time when companies - from aviation to retail and hospitality sectors - are reeling from the impact of the COVID-19 pandemic.
LONDON/HONG KONG: HSBC Holdings PLC posted a higher-than-expected 65% tumble in first-half pre-tax profit as the Covid-19 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.
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