Covid-19 impact: HSBC H1 PBT plunges 65% to $4.32 bn on loan provisions

HSBC Holdings PLC posted a higher-than-expected 65% tumble in first-half pre-tax profit 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 on Monday.

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

HSBC's results reinforced the trend of lenders across the world increasing their buffers to absorb