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HSBC profits jump as outlook brightens London-based bank hailed a good start to the year as profits beat expectations 27 April 2021 • 8:01am HSBC s profits have rocketed 79pc on a year ago to $5.8bn (£4.8bn) after it said the UK s improved economic outlook allowed it to release cash put aside for soured loans. Europe s biggest lender has let go of $400m in provisions for bad debts, a year after it took a $3bn hit to cover the cost of toxic loans as it braced for thousands of businesses to go bust. The UK economy went into freefall last March when ministers put normal life on hold to halt the spread of Covid-19. However the UK s successful rollout of the vaccine programme and the easing of restrictions has brightened the outlook. ....
Banking giants are planning to cut down on business travel in the wake of the Covid pandemic, it emerged today. HSBC, Lloyds Banking Group and ABN Amro have all announced plans to cut back on international flights in a bid to shrink their carbon footprint and cut costs. But the news comes as a fresh blow to the beleaguered travel industry, which has been left on its knees in the coronavirus crisis and relies on business travel to bolster profits. Carriers are forecast to lose around £34 billion in 2021, according to the International Air Transport Association. Businesses spend more than £215 billion each year on corporate travel, approximately 20 per cent of which is on airfare, PwC figures suggest. ....
MUMBAI: HSBC has retained its growth forecasts for India despite the second wave of Covid and has said that it intends to grow its business in the country. The bank, which has around 39,000 employees here, gets a big chunk of revenue from the country and sees it as the third-largest economy by 2030. Speaking to TOI, HSBC India CEO Surendra Rosha said, “We do not see short-term challenges with regard to things related to Covid dislocating our strategy.” Even as multinational rivals like Citi have announced their exit from the consumer business in India amid the pandemic, HSBC has said that it is going the other way. ....