Business

HSBC profits rise as pandemic measures recede

HSBC Holdings PLC’s net profit increased in the second quarter as London-based lenders reduced their non-performing loan reserves caused by the economic downturn caused by the coronavirus pandemic.

Banks earned more than expected $ 3.4 billion in the three months to the end of June, well above the $ 192 million reported in the same period last year. Analysts predicted that HSBC, one of the world’s largest banks, would report a net profit of $ 2.41 billion in the second quarter of 2021.

Banks reduced their provisions for non-performing loans by $ 284 million, based on a $ 435 million decrease in the previous quarter.

“These are good results that reflect significant progress in recovering growth in key markets and implementing strategies,” Noel Quinn, CEO, said in a statement.

The bank said it would pay a cash dividend of 7 cents per share in the first half of this year. Payments were suspended in 2020 in response to the Bank of England’s request to a British bank to save capital.

HSBC profits rise as pandemic measures recede

Source link HSBC profits rise as pandemic measures recede

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