Coronavirus: HSBC profits halved by pandemic fallout

HSBC says its first quarter profits have almost halved due to the impact of the coronavirus pandemic.

Pre-tax profit for the first three months of the year came in at $3.2bn (£2.6bn), down from $6.2bn a year ago.

The bank increased its expectations of bad loans, which are unlikely to be paid back, to $3bn due to the fallout from Covid-19 and as oil prices slump.

However, it has said it will put plans to axe 35,000 jobs on hold to support staff during the outbreak.

The London-headquartered bank warned that the negative effect of the pandemic on the global economy would mean an increase in the number of bad loans.

It also said that there would be sustained pressure on the bank's earnings as customer activity falls and lower central bank interest rates hit profitability.

The bank also highlighted "a significant charge related to a corporate exposure in Singapore".