HSBC profits fall amid $400m fraud-related charge and Iran war

London-headquartered bank’s shares slide as it sets aside an extra $300m to cover effects of Middle East conflict

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HSBC has suffered a $1.3bn (£961m) hit to profits, fuelled by the fallout from the US-Israel war on Iran and fraud in the troubled private credit sector.

The London-headquartered bank said profits fell 4% in the first three months of the year, dropping $100m to $9.4bn, compared with the same period in 2025. Revenue increased 6% to $18.6bn.