Mubasher: HSBC reported full-year earnings for 2020 that exceeded expectations and announced a dividend payout for the first time since the Covid-19 pandemic, CNBC said on Tuesday.

The annual profit before tax of Europe’s largest bank by assets slid by 34% annually to $8.78 billion, beating analyst expectations of $8.33 billion.

Reported revenue was $50.43 billion for the year, a drop of 10% from 2019.

“The pandemic inevitably affected our 2020 financial performance. The shutdown of much of the global economy in the first half of the year caused a large rise in expected credit losses, and cuts in central bank interest rates reduced revenue in rate-sensitive business lines,” said HSBC’s group chief executive, Noel Quinn.

HSBC’s board announced an interim dividend of 15 cents per share, its first payout since the third quarter (Q3) of 2019.