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01-01-1970 12:00 AM | Source: Reuters
HSBC's annual profit falls 34% as COVID-19 takes toll
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HONG KONG/LONDON - HSBC Holdings PLC on Tuesday reported 34% drop in annual profit, slightly better than expectations, after a year in which its global business took a hefty blow from the COVID-19 pandemic.
Europe's biggest bank by assets, which makes the bulk of its revenue in Asia, reported profit before tax of $8.78 billion for 2020 versus $13.35 billion a year earlier.
The profit was higher than the $8.33 billion average of analysts' estimates compiled by the bank.
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