According to Reuters this morning, HSBC Holding Plc posted a multibillion-dollar profit decline of 35 percent compared to the same period last year.

According to the source, the two main reasons why the sixth largest bank in the world lost billions of dollars in profit were due to high loan losses and the outbreak Kovid 19.

Prepaid profit for Europe's largest bank through assets was $ 3.1 billion for the quarter ended September 30, 2020, down from $ 4.8 billion in the same period last year. Together in 20219.



HSBC, which focuses on Asia, said it expects bad loan losses to be as low as $ 8 billion to $ 13 billion it planned earlier this year.


HSBC Holding Plc is a British multinational investment bank and financial management company. It will be the sixth largest bank in the world by 2020 and the largest bank in Europe with total assets of $ 2.715 trillion as of August 2020.


HSBC, meanwhile, has about 3,900 offices in 65 countries and territories across Africa, Asia, Oceania, Europe, North and South America and has about 38 million customers and more than 230,000 employees, according to Forbes. .


Article by: Nut Soneth