HSBC’s net profit drops by 77% in the fiscal first half

HSBC Holdings plc (LON: HSBA) said on Monday that its net profit in the first six months of the fiscal year came in lower as compared to the same period last year. The company attributed the decline to the Coronavirus pandemic that fuelled loan losses in recent months. Shares of the company opened about 4% down on Monday and tanked another 2% in later hours. At 326 pence per share, HSBC is currently 45% down year to date in the stock market that marks its year to date low in 2020. Learn more about profit and loss statements. HSBC forecasts