HSBC said it would accelerate plans to cut costs first announced in February. Photo: Bloomberg HSBC said it would accelerate plans to cut costs first announced in February. Photo: Bloomberg
HSBC said it would accelerate plans to cut costs first announced in February. Photo: Bloomberg
HSBC

HSBC boosts bad loan provisions, sees second-quarter profit plunge as coronavirus crushes global business activity

  • HSBC warned it could take provisions of up to US$13 billion for expected credit losses this year as coronavirus pandemic weighed on economic activity
  • Pre-tax profit was US$1.09 billion, well below a consensus estimate of US$2.46 billion and about a sixth of the US$6.19 billion it reported a year ago

Topic |   HSBC
HSBC said it would accelerate plans to cut costs first announced in February. Photo: Bloomberg HSBC said it would accelerate plans to cut costs first announced in February. Photo: Bloomberg
HSBC said it would accelerate plans to cut costs first announced in February. Photo: Bloomberg
READ FULL ARTICLE