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HSBC Holdings PLC reported better-than-expected quarterly profit and released $400 million it had set aside to cover pandemic-induced bad loans, as successful vaccine rollouts in the United States and Britain prompted a brighter economic outlook. HSBC cautioned, however, that uncertainty about the global recovery meant it was unlikely to sustain that level of reduction in the $3 billion bad debt provision it had set aside a year ago as the pandemic took hold. We are still being relatively cautious, and we ve retained about 70% of the reserve build up we did last year, Chief Financial Officer Ewen Stevenson told Reuters. Some of that you would expect to unwind over the next year or so, but we don t know we are going to see a repeat of what we just saw, Stevenson said.

United statesHong kongUnited kingdomCity ofNoel quinnEwen stevensonHargreaves lansdownHsbc holdingsLloyds banking groupNatwest group onFinancial officer ewen stevensonHong kong listedExecutive noel quinnSusannah streeterBanking groupStandard chartered