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HSBC, the first of Britain’s big banks to announce first-quarter earnings, on Tuesday posted a 79% jump in profit for the quarter ending March 31. Europe’s biggest lender said profit before-tax-came in at $5.8 billion, beating the $3.4 billion expectation of analysts polled by the bank. It also dramatically cut back the amount it set aside to handle bad debts stemming from the pandemic to $400 million from $3 billion set aside in the first quarter last year.
...read full article on Business Insider
