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2/23, 5:10 AM (Source: TeleTrader)
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HSBC's pre-tax profit down 34% to $8.8B in 2020

HSBC Holdings Plc announced on Tuesday that its profit before tax stood at $8.8 billion in fiscal 2020, beating market expectations despite a drop of 34% on an annual basis. The British investment bank reported revenue at $50.4 billion in the same 12-month period, down 10% year-over-year, while its earnings per diluted share declined 37% to $0.19.

The company's pre-tax profit landed at $1.4 billion in the fourth fiscal quarter, growing from a loss of $3.9 billion in the same quarter of the year prior.

"In 2020, our people delivered an exceptional level of support for our customers in very tough circumstances, while our strong balance sheet and liquidity gave reassurance to those who rely on us. We achieved this while delivering a solid financial performance in the context of the pandemic – particularly in Asia – and laying firm foundations for our future growth," HSBC CEO Noel Quinn said in a statement.

Breaking the News / GA