HSBC Profit Slumps as Coronavirus, Low Oil Prices Weigh

Martin MouHSBC Holdings PLC said first-quarter profit plunged 57% compared with a year earlier, mainly as the coronavirus pandemic and oil-price weakness caused an increase in expected credit losses and other credit impairments.

HSBC’s net profit fell to $1.79 billion while revenue declined 5% to $13.69 billion, said the U.K.-based bank, one of the world’s largest by assets.

Here we go again.

BP beat ya! They went from 2.9b profit in Q1 2019 to -4.4b in 2020. 😜

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Source: Reuters - 🏆 2. / 97 Read more »