HSBC profits fall nearly 30% amid Ukraine war and default fears

Bank puts aside 504m to cover unpaid loans as customers miss payments due to cost of living crisis

Profits at HSBC tumbled nearly 30% in the first quarter due to fears of a surge in defaults linked to inflation and the devastating consequences" of the war in Ukraine.

The London-headquartered bank said profits fell to $4.2bn (3.3bn) from $5.8bn a year ago, as it put aside $642m to cover potential defaults on loans in the first three months of the year.