HSBC first-quarter profit halves as it beefs up bad loan provisions due to the pandemic

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HONG KONG/LONDON (Reuters) – HSBC Holdings PLC’s (HSBA.L) on Tuesday warned of more earnings pain to come after first-quarter profit nearly halved as it boosted provisions against bad loans expected to rise amid the coronavirus pandemic.

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

HSBC also said the pandemic would mean sustained pressure on its revenues as customer activity declined and lower central bank interest rates squeezed margins.

Europe’s biggest bank by assets added a rise in fraudulent activity could lead to “potentially

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