HSBC’s (a huge bank) first-quarter profits drop by nearly half as coronavirus hits

CNBC ^ | 27 April 2020 | Yan Nee Lee

[MeneMeneTekelUpharsin]

* HSBC on Tuesday reported first-quarter earnings that missed expectations after the bank set aside more money for potentially larger loan losses due to the coronavirus pandemic and weakening oil prices.

* The bank, Europe’s largest by assets, said its pre-tax profit fell 48% year-over-year to $3.23 billion in the first quarter of 2020, below an average analyst forecast of $3.67 billion.

* HSBC shares in Hong Kong were flat after the earnings release when trading was resumed following a lunch break.

The bank said it increased its expected credit impairment charges by $2.4 billion to $3 billion “due to the impact of Covid-19 and weakening oil prices on the forward economic outlook.” It also cited “a significant charge related to a corporate exposure in Singapore.”

SNIP

As of Monday, HSBC shares in London have fallen by 29.7% so far this year, while its Hong Kong-listed shares have dropped by around 35.1% in the same period.

[MeneMeneTekelUpharsin]

It is beginning. Buffet was right to sit on billions and wait for the real downturn in the market. More big banks to follow. Thanks Democrats and the media for assisting in ruining world economies.

[moovova]

Only HALF the profits?

I feel sorry for them. How will they survive...

[null and void]

Thanks Democrats and the media for assisting in ruining world economies.

If it gets rid of the Bad Orange Man it's worth it!

No price being paid by other people is too great.

[eyeamok]

HSBC is the worlds premier Money Lau8ndering facility for the Drug Cartels and Illegal Arms Sales by governments worldwide, so I think this is the major reason for the downturn:

Mexican drug cartels struggle during coronavirus, hike prices as lab supplies from China dry up

https://www.foxnews.com/world/mexican-drug-cartels-struggle-lab-supplies-china-coronavirus

[M_Callahan]

But they still made money, right? Which is more
than some can say.

Mike

[MeneMeneTekelUpharsin]

Sure did. This is all pretty wow. Lock down the economy for a month or so and things are all still okay. Just amazing how that can happen.

[alexander_busek]

HSBC’s (a huge bank) first-quarter profits drop by nearly half as coronavirus hits

And after the announcement, shares surged.

Regards,

[MeneMeneTekelUpharsin]

Already been reminded of that.

[Black Agnes]

I was just going to post that.

‘World’s biggest money laundry says what?!’

[alexander_busek]

Already been reminded of that.

That was on a different thread, dealing with a different bank (Deutsche Bank).

Regards,