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HSBC’s reported pre-tax profits fell 34% to $8.8 billion as an increase in investment banking revenues failed to offset the impact of lower interest rates and higher loan loss provisions.
Management abandoned its goal to achieve a return on tangible equity of between 10-12% by 2022.
HSBC announced a 15-cent per ordinary share interim dividend with respect to the 2020 financial year, and intends to rebase future dividend payments at a sustainable level.