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HSBC profit tumbles on virus fallout
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HSBC yesterday reported a 69 percent slump in net profit in the first half, joining a number of major banks whose earnings have been slammed by the coronavirus fallout.
HSBC announced earnings of US$3.1 billion compared with almost US$10 billion in the first six months of 2019, as spiralling China-US tensions also hurt the British-based but Asia-focused lender.
Alongside HSBC, top French bank Societe Generale yesterday announced a second-quarter loss of about 1 billion euros (US$1.17 billion) as the pandemic forced it to set aside more provisions against bad loans.
UK banks Barclays, Lloyds and NatWest all last week reported huge financial hits linked to the pandemic’s fallout.
But there have been some bright spots, with French bank BNP Paribas weathering the coronavirus storm in the second quarter with only a small dip in net profits thanks to a surge in investment banking.
Credit Suisse meanwhile saw net profit jump almost a quarter in the April-June period, also on investment banking gains.
HSBC said that its pre-tax profit slid 64 percent to US$4.3 billion in the first half while revenue was down 9 percent at US$26.7 billion. The figures missed analyst forecasts and the bank also raised its estimate for 2020 loan losses to US$13 billion from US$8 billion.
Chief Executive Noel Quinn described the first six months of the year as “some of the most challenging in living memory.”
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