HSBC first-half profit drops 65% as loan provisions rise

Credit: REUTERS/Bobby Yip

HSBC Holdings PLC posted a 65% drop in first-half pre-tax profit, more than expected, as the coronavirus pandemic and its impact on businesses forced the Asia-focused bank to boost its loan-loss provisions.

HONG KONG/LONDON, Aug 3 (Reuters) - HSBC Holdings PLC HSBA.L posted a 65% drop in first-half pre-tax profit, more than expected, as the coronavirus pandemic and its impact on businesses forced the Asia-focused bank to boost its loan-loss provisions.

Europe's biggest bank by assets reported a pre-tax profit for the first six months this year of $4.32 billion, down from $12.41 billion in the same period a year earlier, according to its financial statement filed with the stock exchange.

The profit was lower than the $5.67 billion average of analysts' estimates compiled by the bank.

(Reporting by Alun John in Hong Kong and Lawrence White in London; Editing by Muralikumar Anantharaman)

((sumeet.chatterjee@thomsonreuters.com; +852-2847 2094;))

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