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Markets News

HSBC Q3 profit slides 35% as bad loan provisions rise

HONG KONG/LONDON, Oct 27 (Reuters) - HSBC Holdings PLC posted a 35% drop in quarterly profit, better than expected, as higher loan loss provisions on the economic fallout from the coronavirus pandemic were cushioned by the reining in of expenses.

Reported pretax profit for Europe’s biggest bank by assets came in at $3.1 billion for the quarter ended Sept. 30, down from $4.8 billion in the same period a year earlier.

The profit was higher than the $2.07 billion average of analysts’ estimates compiled by the bank.

Reporting by Sumeet Chatterjee in Hong Kong and Lawrence White in London; Editing by Edwina Gibbs

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