HONG KONG - HSBC Holdings Plc missed profit estimates as it was weighed down by a political upheaval in its biggest market of Hong Kong and rising bad loans.
"Our first half performance was impacted by the Covid-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility," chief executive Noel Quinn said in a statement. Europe's largest bank, which makes a bulk of its revenue in Asia, has found itself at the eye of a storm in recent months as it seeks to navigate worsening political relations between China and the U.S. and rising tensions in Hong Kong. To boost its profitability, the lender is seeking to pivot away from Europe and the U.S. to expand its business in China as the nation opens up its capital markets.
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