HSBC’s first-quarter profit fell 28% as it made provisions for souring loans in Russia and China
HSBC Holdings PLC said its profit for the first quarter fell 28% year-over-year, as it made provisions for souring loans in Russia and China, but the banking giant said rising global interest rates would help it hit longer-term targets.
The London-based lender’s profit attributable to ordinary shareholders totaled $2.8 billion in January through March. While earnings had been boosted a year earlier by the release of $435 million of provisions as the from the worst of the Covid-19 pandemic, in the first three months of this year HSBC’s earnings were dented by $642 million of new expected credit losses.
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