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.
