The coronavirus pandemic is causing difficulty for HSBC as the London-based lender reported a 65% plunge in profits for Q2.

HSBC, which makes the bulk of its profit in Asia, had a net profit in the April-June quarter of $192 million, down from $4.37 billion reported in the same period a year ago, according to a report in CNN.

HSBC CEO Noel Quinn said U.S.-China tensions had no direct impact on the earnings report, but cautioned the mounting tensions between the two countries could create severe challenges moving forward.

"We will face any political challenges that arise with a focus on the long-term needs of our customers and the best interests of our investors," Quinn told CNN. "We will take what additional actions we need to take in light of the new economic environment to make HSBC a stronger and more sustainable business."

The bank's revenue spiraled down to 9% in the first half of 2020, seriously hurting profits. HSBC shares in Hong Kong closed down 4.4% following the earnings report to 33 Hong Kong dollars (about $4.3), its lowest price since March 2009, according to data provider Refinitiv. The company's London-listed shares fell 5.6%, and its stock in London and Hong Kong are both down more than 40% so far this year.

Prior to the pandemic, HSBC faced several difficult financial challenges. It announced in February, after profits had plunged by a third in 2019, a plan to cut 35,000 jobs and overhaul its business. Once the pandemic hit, the bank suspended its restructuring plans and warned credit losses for 2020 could hit as much as $13 billion this year.

The Chinese state media has also accused HSBC of colluding with the United States in its legal fight against Huawei, and hinted the bank could appear on a long-rumored list of "unreliable" foreign companies that China could blacklist.