HSBC’s profits fell by more than a quarter in the first three months of the year as Europe’s largest lender increased its reserves for bad loans in response to Russia’s war on Ukraine and suffered slowing growth in its primary Asia markets.
The London-based bank reported profit before tax of $4.2bn for the first quarter of the year, a decline of $1.6bn from the same period last year, in part because of a $600mn charge for expected credit losses owing to the war in Ukraine and the slowdown in the Chinese property sector.
The charge came a year after HSBC started cancelling hundreds of millions of dollars in reserves it had set aside for potential pandemic-related loan losses.
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