HSBC said its first-quarter net income plunged 57% from a year earlier
Martin MouHSBC Holdings PLC said first-quarter profit plunged 57% compared with a year earlier, mainly as the coronavirus pandemic and oil-price weakness caused an increase in expected credit losses and other credit impairments.
HSBC’s net profit fell to $1.79 billion while revenue declined 5% to $13.69 billion, said the U.K.-based bank, one of the world’s largest by assets.
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