LONDON—HSBC Holdings PLC said its net profit for the first quarter sank as Europe’s largest bank by assets significantly raised provisions against losses from borrowers hit by the coronavirus.

The U.K.-based, Asia-focused bank set aside $3 billion to cover potential loan losses in the first quarter of the year, five times the amount it estimated would be needed in February, when the disease was mainly affecting Asia. Provisions in the first quarter of last year were $585 million.

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