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Evening Standard
Evening Standard
National
Holly Williams

HSBC profits worse than forecast after jump in bad debt provisions

HSBC United Kingdom
HSBC’s first-quarter profits have missed expectations (Mike Egerton/PA) - (PA Wire)

HSBC has seen first-quarter profits miss expectations after taking a 1.3 billion dollar (£960 million) hit on bad debts including a fraud-related charge in the UK and impact from the Middle East war.

The UK-based lender reported pre-tax profits of £9.4 billion US dollars (£6.96 billion), down slightly from 9.5 billion (£7 billion) a year earlier, but lower than forecast.

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