HSBC Holdings PLC posted a 35% drop in quarterly profit, better than expected, as higher loan loss provisions on the economic fallout from the coronavirus pandemic were cushioned by the reining in of expenses.
HONG KONG/LONDON: HSBC Holdings PLC posted a 35% drop in quarterly profit, better than expected, as higher loan loss provisions on the economic fallout from the coronavirus pandemic were cushioned by the reining in of expenses.
Reported pretax profit for Europe’s biggest bank by assets came in at $3.1 billion for the quarter ended Sept. 30, down from $4.8 billion in the same period a year earlier.
The profit was higher than the $2.07 billion average of analysts’ estimates compiled by the bank.
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