Finance

HSBC reports second-quarter, first-half 2020 earnings results

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A pedestrian walks past illuminated signage for HSBC Holdings Plc displayed outside a bank branch in the Central district of Hong Kong, China.

Anthony Kwan | Bloomberg | Getty Images

HSBC on Monday reported a 65% year-over-year plunge in pre-tax profits for the first six months of 2020 as it set aside more funds for potential loan losses that could come as a result of the coronavirus pandemic. 

The bank, Europe’s largest by assets, reported profit before tax of $4.32 billion in the first half of this year — down from $12.41 billion that was reported a year ago and missing the estimated $5.69 billion that HSBC had compiled from analysts.

The bank’s reported revenue fell by 9% to…



Source cnbc.com

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