HSBC HOLDINGS' London Shares Dive 5.7% as 1Q Provisions Exceed Expectations
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HSBC HOLDINGS reported a 5.7% decline in its London shares following a first-quarter profit before tax (PBT) of USD9.376 billion, down 1.1% YoY, and provisions for expected credit losses (ECL) rising 48% YoY to USD1.3 billion, surpassing forecasts. The company's Hong Kong shares also fell 5.16%. Despite the higher provisions, Morgan Stanley raised its target price to HKD150.5 and maintained an Overweight rating on the stock.
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