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HSBC profit more than doubles, loan-loss fears ebb as economies rebound

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Reuters

By Alun John and Lawrence White HONG KONG/LONDON (Reuters) -HSBC Holdings beat forecasts on Monday with first-half pretax profit that more than doubled from last year when it set aside a huge amount of cash to cover pandemic-related bad loans. Encouraged by an economic rebound in its two biggest markets of Hong Kong and Britain, HSBC reinstated dividend payments and released $700 million that had been set aside as provisions. That compares with $6.9 billion in loan-loss charges made in the same period a year ago. Pretax profit for Europe’s biggest bank by assets came in at $10.8 billion, highe…

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