Like its American and Swiss peers, HSBC is setting aside more provisions for bad debt as the coronavirus pandemic hits businesses and borrowers. Photo: Nora Tam

HSBC raises bad loan reserves to nine-year high, profit misses estimates on credit losses

  • HSBC increased its provisions for loan losses and impairments to US$3 billion in the first quarter as pandemic weighed on clients
  • Bank warns credit losses could rise to between US$7 billion and US$11 billion for the full financial year amid fears of a global recession
Topic |   HSBC: Latest news and updates
Like its American and Swiss peers, HSBC is setting aside more provisions for bad debt as the coronavirus pandemic hits businesses and borrowers. Photo: Nora Tam
READ FULL ARTICLE