HSBC Net Income Increases In Q2 As Loss Provisions Reduced

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HSBC Holdings PLC’s net profit surged in the second quarter as a London lender slashed its bad loan reserves fueled by the economic fallout from the coronavirus pandemic.

Banking giant
HSBC,
-0.34%

HSBA,
-0.33%
,
the company is focusing on lucrative Asian markets, posted a surpassing $ 3.4 billion quarterly profit and said it would resume dividend payments, a key moment for many investors in the sector.

But at the same time, he retained a significant buffer against credit losses associated with the pandemic and warned of continued uncertainty caused by Covid-19. Shares in UK banks HSBC have yielded less than other major UK-listed banks this year.

“These are good results and reflect renewed growth in our core markets and significant progress towards our strategy,” CEO Noel Quinn said in a statement.

An extended version of this report can be found at WSJ.com.

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