HSBC Q1 pre-tax profit falls nearly half due to coronavirus

HSBC, Europe’s largest bank, announced on Tuesday that its pre-tax profit tumbled 48 percent year-over-year to $3.229 billion in the first quarter of 2020 due to the coronavirus pandemic.

Revenue fell by 5 percent to $13.686 billion.

The London-headquartered bank derives the bulk of its profits from Asia, mainly Greater China where the coronavirus hit first.

It had warned in February that disruptions caused by the virus outbreak could lower its revenue this year. Some investors said economic conditions have turned out to be worse than forecasted.