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HSBC Made $120 Million in One Day During Turkish Currency Rout

  • Bank discloses exceptional profit from lira bet in summer 2018
  • Currency win was biggest one-off trading gain for the lender
Photographer: Anthony Kwan/Bloomberg
Updated on

HSBC Holdings Plc earned about $120 million in a single day during Turkey’s financial crisis as it profited from the collapse of the lira, according to a regulatory disclosure made by the bank.

The Turkish currency’s collapse over the summer hit trading profits at some investment banks with exposure to the country, such as Barclays Plc. HSBC, however, benefited from the fall in the lira’s value.