HSBC's profits rise falls short of expectations

By The Newsroom
Published 22nd Feb 2016, 07:59 BST
Updated 22nd Feb 2016, 09:00 BST
A sign outside a HSBC branch Photo: Joe Giddens/PA WireA sign outside a HSBC branch Photo: Joe Giddens/PA Wire
A sign outside a HSBC branch Photo: Joe Giddens/PA Wire
HSBC has reported worse-than-expected pre-tax profits, as it braces itself for a 'bumpier' ride amid slowing economic growth in China.

Europe’s largest bank saw annual pre-tax profits rise 1% to 18.9 billion dollars (£13.2 billion), but fell short of analyst expectations of 21.8 billion US dollars (£15.2 billion).

The lender came in shy of full-year predictions after posting a fourth quarter loss of 858 million US dollars (£604 million).

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The bank - which gets a large slice of its profits from Asia - said its full-year performance was hampered by “seismic shifts” in the global economy, triggered by a sharp drop in oil prices, slowing economic growth in China and low interest rates in developed economies.

HSBC’s London listed shares were down 4% in early trading.