HSBC profits rise as positive outlook spurs credit loss reversal

CEO Quinn said the bank was watching closely developments in India, which has seen an upsurge in infections. “We have to see how the pandemic develops in India, and we are watching very closely, ” said Quinn.

LONDON: HSBC Holdings Plc posted its best quarter since the pandemic began as an improving economic outlook drove optimism about the ability of borrowers to repay loans and its strategic reset to Asia remained on track.

First-quarter profit more than doubled as US$400mil (RM1.64bil) of loan loss reserves were released, spurred by the rollout of vaccination programmes in markets like the UK. Europe’s largest bank said its increasing focus on servicing wealthy Asians had also got off to a strong start.