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HSBC's annual profit falls 34% as COVID-19 takes toll

HONG KONG/LONDON, Feb 23 (Reuters) - HSBC Holdings PLC on Tuesday reported 34% drop in annual profit, slightly better than expectations, after a year in which its global business took a hefty blow from the COVID-19 pandemic.

Europe’s biggest bank by assets, which makes the bulk of its revenue in Asia, reported profit before tax of $8.78 billion for 2020 versus $13.35 billion a year earlier.

The profit was higher than the $8.33 billion average of analysts’ estimates compiled by the bank. (Reporting by Alun John and Lawrence White; editing by Shri Navaratnam)

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