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Finance

HSBC profits plunge as bank preps for COVID loan losses

CEO cites 'difficult geopolitical environment' from US-China tensions

HONG KONG -- HSBC Holdings reported a steep drop in profits on Monday as its provision for loan losses returned to the highest level in nine years due to the coronavirus pandemic.

Net profit for the three months ended June 30 fell 87.7% to $617 million from $5.03 billion a year earlier. On a pretax basis, the bank generated gains of $1.09 billion, falling well short of analyst expectations of $2.5 billion.

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