Profit for the London-based bank fell 96% in the second quarter
LONDON—HSBC Holdings PLC’s net profit fell in the second quarter as the impact of the coronavirus pandemic complicated the bank’s efforts to refocus on Asia while dealing with rising U.S.-China political tensions.
Profit for the global bank with Asian roots fell 96% to $192 million in the three months ended June. The London-based lender set aside $3.83 billion in provisions for losses from loans during the quarter, almost seven times more than in the same period last year. HSBC set aside $3 billion of provisions in the first...
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