Apr 27, 2021

HSBC rebounds with 79% surge in quarterly profit

HSBC has reported an increase of 79% in first quarter profits compared to the same quarter in 2020. Europe's biggest bank by assets reported profit before tax of $5.78bn, up from $3.21bn a year ago. The bulk of the bank's before-tax profits came from Asia, where HSBC made $3.8bn. The bank said it was profitable in all regions, with its UK business reporting pre-tax profits of $1bn. HSBC also released $400m of provisions for bad debts amid the pandemic, compared with a $3bn charge last year. Although the bank expects better economic conditions in 2021, it predicted continued uncertainty as countries emerge from the pandemic at different speeds and as governments pare back support measures. The bank expects lending to continue to grow in 2021, although that growth depends on the global recovery from the pandemic.

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