The London-based lender said that pre-tax profit in the first half of the year fell 65% to $4.3 billion compared to the same time last year as revenue fell and as credit losses were worse than expected.

“Our first half performance was impacted by the Covid-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility,” CEO Noel Quinn said in a statement.

The bank added that expected credit losses for 2020 could hit as much as $13 billion this year, worse than earlier estimates “given the deterioration in consensus economic forecasts.”

The company also disclosed a $1.2 billion writedown due to an “impairment of software intangibles, mainly in Europe.”

Falling income didn’t help either. The bank’s revenue tumbled 9% in the first half versus the same time last year, hurting profits even more.

Read more: CNN

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