HSBC earned $3.4 billion in the quarter ended June, much higher than the $192 million it reported for the same period last year
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 bank earned a better-than-expected $3.4 billion in the three months to the end of June, much higher than the $192 million it reported for the same period last year. Analysts had predicted HSBC, one of the world’s largest banks, would report a $2.41 billion net profit in the second quarter of 2021.
The bank said it would pay a cash dividend of 7 cents a share for the first half of the year. It paused payouts in 2020 in response to a request that the Bank of England made to British banks to conserve capital.
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