HSBC Holdings PLC’s net profit rose in the second quarter as the London-based lender reduced provisions for bad loans caused by the economic fallout from the coronavirus pandemic.
The banking giant HSBC, -0.90% HSBA, +1.23%, which is sharpening its focus on lucrative Asian markets, unveiled a forecast-beating quarterly profit of $3.4 billion and said it would resume paying dividends—a key focus for many investors in the sector.
But at the same time, it kept hold of a large buffer against credit losses stemming from the pandemic, and warned of continued uncertainty caused by Covid-19.British BanksHSBC shares have underperformed those ofother major U.K.-listed banks this year.
“These are good results that reflect the return of growth in our main markets and marked progress in the execution of our strategy,” Chief Executive Noel Quinn said in a statement.
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