"HSBC's profits fell 4% in the first three months of the year, dropping $100m to $9.4bn, compared with the same period in 2025. Revenue increased 6% to $18.6bn."
"The profit decline was linked to a jump in the potential losses it could see on soured loans to $1.3bn, which included $300m specifically linked to the impact of the conflict in the Middle East."
"Kaur said the charge involved loans that HSBC had made to an unnamed private equity group, which was then exposed to private credit-related loans."
"Kaur emphasized the bank's cautious approach to private credit, stating total exposure was $6bn, which she insisted was very small compared with the bank's $1tn balance sheet."
HSBC reported a 4% decline in profits for the first quarter, dropping to $9.4bn. This decline was attributed to a $1.3bn potential loss on soured loans, including $300m related to the Middle East conflict. Revenue increased by 6% to $18.6bn. The bank also faced a $400m fraud-related exposure in the UK. CFO Pam Kaur emphasized the bank's cautious approach to private credit, stating total exposure was $6bn, a small fraction of its $1tn balance sheet. HSBC's shares fell over 5% following the announcement.
Read at www.theguardian.com
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