August 3, 2020

HSBC profits hammered by pandemic and soaring US-China tensions

Hong Kong (AFP) – HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions.The lender reported¬†post-tax profits of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion.Chief executive Noel Quinn described the first six months of the year as “some of the most challenging in living memory”.”Our first-half performance was impacted by the COVID-19 pandemic, falling interest r…


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