HONG KONG, April 28, 2020 (BSS/AFP) – HSBC on Tuesday said first quarter pre-tax profits almost halved as the banking giant is battered by the global coronavirus pandemic while it embarks on a major restructuring.
The lender reported pre-tax profits of $3.2 billion, down 48 percent from the same period in 2019, citing credit losses from clients hit by the economic slowdown as a major cause.
“The economic impact of the Covid-19 pandemic on our customers has been the main driver of the change in our financial performance since the turn of the year,” newly confirmed CEO Noel Quinn said in a statement.