SINGAPORE (April 28): HSBC Holdings reported a 48% y-o-y decline in profit before tax to US$3.2 billion from higher expected credit losses (ECL), other credit impairment charges and lower revenue. The reduction primarily reflected the global impact of the Covid-19 outbreak and weakening oil prices, the banking behemoth said. Profit after tax was down 49% y-o-y to US$2.5 billion.

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