Hong Kong turmoil pushes HSBC’s credit loss charge higher

HSBC swallowed a $883 million charge to cover future expected credit losses (ECL) in the third quarter of this year, some of which was in response to the protests rocking Hong Kong.

The Q3 charge was 62% bigger than that taken in Q2 and is the largest since Q4 2018. The ECL charge for HSBC's Hong Kong operations was $207 million, up from $34 million in the prior quarter. This included a $90 million fee to reflect the darkening economic outlook for the country, which has been riven by protests

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