HSBC profits fall sharply as global volatility hits bottom line

Britain's biggest bank hails 'resilient performance' amid challenging market conditions as dividend policy is questioned

Profits at HSBC fell in the first three months of 2016 as a result of volatility on the global markets in January and February, raising questions about the dividend policy at Britain's biggest bank.

Statutory pre-tax profits in the three months to the end of March fell by 14% to $6.1bn (4.2bn), which the bank described as "a resilient performance despite challenging market conditions". If currency movements and other one-off items were excluded, profits fell by 18% to $5.4bn.

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