SQUAWK BOX, TUESDAY 28TH APRIL, 2020

HSBC’s first quarter profit slumps 48 per cent as it warns the Coronavirus crisis will have a material impact on capital and liquidity. CFO Ewen Stevenson, however, says it is starting to see some signs of recovery in China. Swiss lender UBS has posted a 40 per cent rise in Q1 net profit thanks to lower loan loss provisions and higher trade revenue. CEO Sergio Ermotti says its clients have remained active. Santander creates a €1.6bn reserve pot to mitigate the virus fallout after it sees Q1 profit nosedive by 82 per cent. And in Switzerland, industrial giant ABB warns the group will be significantly challenged by a sharp drop in demand due to the lockdowns.