HSBC has warned over a potential hit to revenues and rising bad debts in the event of significantly higher tariffs worldwide as it posted lower quarterly profits and forecast lending will remain muted in 2025.
The UK’s largest bank, which is heavily exposed to Chinese and Asian markets, said in the “plausible downside” scenario of surging tariffs, it could face a “low single-digit percentage” impact on its revenues and around an extra 500 million US dollars (£372.8 million) in bad debts.
