HSBC's profits for the first half of this year have plunged 65% as it battles the coronavirus downturn.

The UK's biggest bank posted pre-tax profits of $4.3bn (£3.3bn), compared to $12.4bn for the same period last year.

The fall was much larger than analysts had forecast as HSBC was hit by loans turning bad and interest rates remaining low.

HSBC said it has set aside $8bn to $13bn this year for bad loans as it expects more people and businesses to default on their repayments.

This is higher than previously budgeted for, taking into account the effects of the economic downturn.

The bank said it has given more than 700,000 payment holidays on loans, credit cards and mortgages, providing more than $27bn in customer relief.

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