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HSBC profits drop 65% due to coronavirus

HSBC has suffered a 65% drop in pre-tax profit in the first half of the year as Europe’s largest bank was struck by a dive in interest rates and coronavirus disruption. The bank reported profits of 4.3 billion US dollars (£3.2 billion) in the half year to June 30, down from 12.4 billion dollars (£9.5 billion) in the same period in 2019. HSBC has endured a torrid year on the markets with the London listed shares falling more than 40% from 595p to 342p as of June 30. Chief executive Noel Quinn also warned international tensions could compound the damaging effects of Covid-19.

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