Profits at HSBC tumbled nearly 30% in the first quarter on fears of a surge in defaults linked to inflation and what it called the “devastating consequences” of the war in Ukraine.
The London-headquartered bank said profits fell to $4.2bn (£3.3bn) from $5.8bn a year ago, as it put aside $642m to cover potential defaults on loans in the first three months of the year. That included $250m in provisions for potential losses linked to its direct exposure to Russia.
