HSBC first quarter profit falls 48% as coronavirus pandemic hits borrowers

HSBC Holdings PLC's first-quarter profit tumbled a worse-than-expected 48% after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide. Europe's biggest bank by assets said profit before tax came in at $3.21 billion for January-March, down from $6.

21 billion a year ago and below an average analyst forecast of $3.67 billion compiled by the bank. ALSO READ: MARKET LIVE: Sensex, Nifty in the green; IndusInd Bank, HDFC top gainers HSBC said last week it is pressing ahead.

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