HSBC, the biggest of Hong Kong’s currency-issuing banks, reported a sharp drop in profit and dramatically boosted its provisions for soured loans for a second time this year as the coronavirus pandemic weighed heavily on business activity globally in the second quarter.It also said it would “accelerate” plans to cut costs first announced in February.The lender took a less optimistic tone than Hong Kong rival Standard Chartered in terms of potential loan losses for the second half of the year,…
from South China Morning Post https://www.scmp.com/business/banking-finance/article/3095770/hsbc-boosts-bad-loan-provisions-sees-second-quarter-profit
Monday, August 3, 2020
HSBC boosts bad loan provisions, sees second quarter profit plunge as coronavirus crushes global business activity
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