Aug 2, 2021
HSBC quarterly profits surge in recovery from pandemic gloom
HSBC cancelled a further $300m of provisions made for bad debts during the pandemic in the second quarter. It has now cancelled $700m of reserves this year, bringing the total of its increased reserves down to about $2.4bn. That helped net profits for the first half of 2021 surge to $10.8bn, up about 150 per cent compared with the same period last year. The London-based bank announced an interim dividend of 7 cents per share on Monday. The Bank of England removed restrictions on bank dividend payments in July, judging the sector to be resilient enough to withstand any further shocks from Covid-19. HSBC said it had continued to accelerate its strategic priorities in the second quarter, withdrawing entirely from its struggling US banking operation and selling its French retail bank.
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