HSBC reports its net profit plummeted 96% in April-June from a year earlier as the pandemic took hold.
FILE - In this Aug. 28, 2015, file photo, people walk past a branch of HSBC bank in London. Europe’s biggest bank, HSBC, has reported Monday, Aug. 3, 2020, its net profit plummeted 96% in the second quarter of this year as lower interest rates combined with the downturn due to the coronavirus pandemic stunted business activity.
LONDON — Europe’s biggest bank, HSBC, said Monday that its net profit plummeted 96% in the second quarter of this year as lower interest rates combined with the downturn due to the coronavirus pandemic tool hold. Near-zero interest rates meant to help businesses keep running with cheap credit are squeezing margins for lenders. The bank forecasts expected credit losses of $8 billion-$13 billion in 2020, though it said that was “subject to a high degree of uncertainty.”HSBC said its lending in the last quarter fell 3% to $29 billion while deposits rose 6% to $85 billion as customers saved more and spent less.
One area of growth was mobile payments, which jumped more than doubled from a year earlier to $71.4 billion.
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