HSBC's profits plunged 51% last quarter as the coronavirus pandemic battered the bank

Reuters

• HSBC posted first-quarter earnings on Tuesday that fell short of Wall Street forecasts.
• The British bank's adjusted revenues slid 6%, and a surge in expected credit losses drove adjusted pre-tax profits down 51% to $3.0 billion.
• The bank also warned of further income declines if the coronavirus crisis persists.
• Visit Business Insider's homepage for more stories.

---

HSBC's profits plunged in the first quarter as the coronavirus pandemic hammered the bulk of the British bank's operations. Overall, its earnings fell short of the expectations of Wall Street analysts polled by Bloomberg.

Adjusted revenues slid 6% to below $14 billion as the global equities sell-off and lower interest rates weighed on the wealth management business. HSBC's expected credit losses also surged to a nine-year high of $3 billion, fueling a 51% drop in adjusted pre-tax profits to $3.0 billion.

See the rest of the story at Business Insider

NOW WATCH: What makes 'Parasite' so shocking is the twist that happens in a 10-minute sequence

See Also:

• The SEC took action against 23 companies for making false claims about COVID-19
• Credit Suisse outlines 5 reasons why stock traders should buy any dip that transpires this year — even as the market grapples with the coronavirus
• McConnell says giving aid to states to help ease the pain from the pandemic would be a 'blue state bailout.' But most states were doing the right thing before the coronavirus hit.

from Feedburner https://ift.tt/3eWiDRd?