HSBC profits rise nearly 80% amid improving economic outlook

Bank is able to release $435m of $8.8bn it put aside to cover bad debts in Covid crisis last year

HSBC reported $5.8bn in first-quarter profit, a near-80% jump, as improving economic forecasts allowed the bank to release hundreds of millions of pounds of bad debt provisions made to cover potential defaults linked to the Covid crisis.

Executives said they were still cautious but feeling more optimistic than in February, partly owing to the success of vaccine rollouts in big markets including the UK.

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Coronavirus | The Guardian

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