# The FTSE 100 giant recorded a pre-tax profit of $9.4bn (£6.5bn) This figure is also down $100m on the sum recorded for the same period last year.

*fintech · news · 2026-05-05 · City A.M.*

## Key points

- HSBC recorded a $1.3bn credit charge in Q1 2024, a major jump from $400m last year.
- Around $300m of HSBC's new credit charge was attributed to the Middle East conflict.
- HSBC upgraded its 2026 net interest income target to $46bn from 'at least $45bn' previously.
- HSBC's UK fraud-related credit charge reached $400m, but the company involved was not disclosed.
- Major UK banks, including HSBC, Barclays, and Lloyds, all sharply increased loan loss provisions this quarter.

**Companies:** HSBC, Barclays, Lloyds, Standard Chartered, Natwest
**Countries:** UK, Iran

[Read the full story on City A.M.](https://www.cityam.com/hsbc-profit-drops-after-iran-war-and-private-credit-charges-bite/)

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