HSBC’s profits slump 65% amid coronavirus downturn
Image copyright Reuters
HSBC’s half-year profits have plunged 65% and it says the cost of covering bad loans amid the coronavirus pandemic could hit $13bn (£9.8bn) this year.
The UK’s biggest bank reported profits of $4.3bn for the first half of the year, down from $12.4bn a year earlier.
The fall was much larger than analysts had forecast as HSBC was hit by loans turning bad and low interest…
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