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HSBC Holdings reported today pre-tax profit for the first quarter plunged by 48 percent, or US$3 billion, to US$3.2 billion due to higher credit losses and other credit impairment charges and lower revenue.

This result mainly reflects the global impact of the coronavirus global pandemic and weakening oil prices, the British bank said.

Group Chief Executive, Noel Quinn, said the economic impact of the coronavirus pandemic on the bank's customers "has been the main driver of the change in our financial performance since the turn of the year.''

The increase in expected credit losses in the first quarter contributed to a material fall in reported profit before tax compared with the same period last year, he said.

Revenue fell by 5 percent from the year before to US$13.68 billion, as a result of adverse market impacts in life insurance manufacturing and adverse valuation adjustments in global banking and markets. This offset a resilient revenue performance, notably in Asia, global markets, retail banking and global private banking, HSBC said.

At end March, the bank said its common equity tier 1 ratio was 14.6 percent, compared with 14.7 percent at end December 2019.

The liquidity coverage ratio was 156 percent.

Virus wrecks HSBC's first quarter, pre-tax profit dives by 48pc