HONG KONG - HSBC Holdings' first-quarter profit nearly halved from a year-ago, missing estimates, after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide.
The bank increased its expected credit impairment charges by a hefty US$2.4 billion to US$3 billion due to the impact of Covid-19 and weakening oil prices as well as"a significant charge related to a corporate exposure in Singapore", it said.
Source: Loan Digest (loandigest.net)
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