HSBC Sets Aside $3 Billion for Loan Losses as Profit Dives

LONDON—HSBC Holdings PLC said its net profit for the first quarter sank as Europe’s largest bank by assets significantly raised provisions against losses from borrowers hit by the coronavirus.

The U.K.-based, Asia-focused bank set aside $3 billion to cover potential loan losses in the first quarter of the year, five times the amount it estimated would be needed in February, when the disease was mainly affecting Asia. Provisions in the first quarter of last year were $585 million.

One of, if not thee most corrupt banks on the planet.

Hold on. My overdraft charges aren’t collected until May 4th. That should set things right!😂

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HSBC Profit Slumps as Coronavirus, Low Oil Prices WeighThe U.K.-based bank said first-quarter profit plunged 57% from a year earlier, as the lender expects the Covid-19 crisis to hurt its revenue while heightening credit risks this year. BP beat ya! They went from 2.9b profit in Q1 2019 to -4.4b in 2020. 😜 Here we go again.
Source: WSJ - 🏆 98. / 63 Read more »