[ET Net News Agency, 28 April 2020] HSBC Holdings plc (00005) said for 1Q20, reported
profit before tax down 48% to US$3.2bn from higher expected credit losses and other credit
impairment charges (ECL) and lower revenue. The reduction primarily reflected the global
impact of the Covid-19 outbreak and weakening oil prices.
Reported revenue down 5% as a result of adverse market impacts in life insurance
manufacturing and adverse valuation adjustments in Global Banking and Markets (GB&M),
offsetting a resilient revenue performance, notably in Asia, Global Markets, Retail
Banking and Global Private Banking (GPB). (RC)