Finance

HSBC Q1 profit slides as Ukraine conflict, inflation bite

A pedestrian sporting a face masks following the coronavirus illness (COVID-19) outbreak, walks previous a HSBC financial institution department in Hong Kong, China February 22, 2022. REUTERS/Lam Yik

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SINGAPORE/LONDON, April 26 (Reuters) – HSBC Holdings (HSBA.L) reported a 27% fall in quarterly revenue on Tuesday, because the Asia-focussed financial institution suffered from decreased revenues and slowing development in Hong Kong.

Europe’s largest financial institution with a market worth of $130 billion posted a pretax revenue of $4.2 billion for the primary quarter ended March, versus $5.78 billion a yr earlier.

The outcomes had been higher than the $3.72 billion common estimate of 16 analysts compiled by HSBC.

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The London-headquartered financial institution stated anticipated credit score loss got here in at $600 million in contrast with the year-ago quarter when it unlocked $400 million of reserves because the outlook improved.

“Elevated ECL primarily mirrored the direct and broader financial impacts of the Russia-Ukraine conflict and inflationary pressures on the ahead financial outlook,” it stated.

About two-thirds of the financial institution’s reported pretax revenue comes from Asia.

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Reporting by Anshuman and Lawrence White; Modifying by Himani Sarkar

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