Oct 27, 2020

HSBC earnings beat forecasts on lower bad loan costs

Noel Quinn, HSBC's chief executive, has labelled the bank's third-quarter earnings "Promising" after unveiling a 36 per cent year-on-year drop in pre-tax profits to $3.1bn that was above analysts' forecasts. HSBC said on Tuesday it would also consider paying a dividend for 2020, depending on the bank's forecasts for 2021 and its consultations with regulators. The lender said it expected total loan losses to be closer to the lower end of the $8-13bn range it had earlier forecast for the whole year. While a considerable jump from the same period in 2019, HSBC accrued provisions at a slower rate in the third quarter than in the first half of the year as the global economy tentatively reopened from strict lockdowns. HSBC revenue fell by 11 per cent year on year to $11.9bn in the third quarter.

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