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06

HSBC Downgraded by JPMorgan as Bad Loans in Asia Set to Surge

By Tony Seruga

Bank will underperform European peers, cut to underweight
HSBC non-performing loans in Asia seen reaching $5.4 billion

HSBC Holdings Plc will be one of the worst performers among European banks this year as waning growth in emerging markets more than doubles the bank’s bad loans in Asia, according to analysts at JPMorgan Chase & Co.

HSBC’s non-performing loans in the region, which accounts for about 39 percent of HSBC’s lending, may jump to $5.4 billion by year-end from $2.2 billion in June, analysts led by Raul Sinha wrote in a note on Wednesday, when downgrading the stock to underweight from neutral. In a tougher scenario, the lender’s bad debts in the region could surge to $15.3 billion, according to the note…

HSBC Downgraded by JPMorgan as Bad Loans in Asia Set to Surge

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