August 3, 2020

HSBC profit slump adds to bank sector virus woes

Hong Kong (AFP) – HSBC on Monday reported a 69-percent slump in net profit, joining a number of major banks whose earnings have been slammed by the coronavirus fallout.HSBC announced earnings of  $3.1 billion (2.6 billion euros) compared with almost $10 billion in the first six months of 2019, as spiralling China-US tensions also hurt the British-based but Asia-focused lender.Alongside HSBC results, top French bank Societe Generale on Monday announced a second-quarter loss of more than one billion euros as the pandemic forced it to set aside more provisions against bad loans.UK banks Barclays,…


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