HSBC profits drop 65% due to coronavirus

HSBC profits drop 65% due to coronavirus

HSBC has suffered a 65% drop in pre-tax profit in the first half of the yearas Europe’s largest bank was struck by a dive in interest rates andcoronavirus disruption.

The bank reported profits of 4.3 billion US dollars(£3.2 billion) in the half year to June 30, down from 12.4 billion dollars(£9.5 billion) in the same period in 2019.

HSBC has endured a torrid year onthe markets with the London listed shares falling more than 40% from 595p to342p as of June 30.

Chief executive Noel Quinn also warned internationaltensions could compound the damaging effects of Covid-19.