[ET Net News Agency, 3 August 2020] HSBC Holdings plc (00005) said for the six months
ended 30 June 2020, reported profit after tax down 69% to US$3.1bn and reported profit
before tax down 65% to US$4.3bn from higher expected credit losses and other credit
impairment charges (ECL) and lower revenue. Reported profit in 1H20 also included a
US$1.2bn impairment of software intangibles, mainly in Europe.
Reported revenue down 9% to US$26.7bn, reflecting the impact of interest rate
reductions, as well as adverse market impacts in life insurance manufacturing and adverse
valuation adjustments in Global Banking and Markets (GBM), notably in 1Q20. These factors
more than offset higher revenue in Global Markets.
The board intends to provide an update on the dividend policy at the year-end results
for 2020, when the economic impact of the Covid-19 outbreak is better understood. (RC)
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00005 HSBC HOLDINGS
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64.950 +0.200 (+0.309%) Others
03/08/2020 12:06
HSBC (00005) interim profit after tax down 69% to US$3.1bn
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