SINGAPORE/LONDON (Reuters) -- HSBC brought forward its key profitability target by a year and more than doubled its annual profits, as expected bad loans from the COVID-19 pandemic failed to materialize and it looked forward to rising interest rates lifting income.
Like global peers, HSBC, one of Europe's largest banks, is taking advantage of lower-than-expected impairment charges as borrowers reap the benefit of government support packages in markets hit by the coronavirus pandemic, while a recovery in economies is also supporting companies.
