Banking giant HSBC has reported a 14% drop in profits for the first quarter following “extreme levels of volatility” in financial markets at the start of the year.
Profit before tax came in at $6.1bn (£4.17bn) for the three months to March, down from $7.1bn a year ago.
However, analysts had expected a far steeper fall in profits.
HSBC chief executive Stuart Gulliver said the bank had been “resilient in tough market conditions”.
Adjusted pre-tax profits, including currency effects and one-off items, fell 18% to $5.4bn (£3.7bn).
