HSBC has announced that profits have slumped by 82% after a year of ‘unexpected economic and political events’.
The London-based bank, which is Europe’s largest, said on Tuesday that net profit for 2016 slipped to £2 billion from £10.8 billion the year before.
Annual revenue fell 18.5% to £38.6 billion and in the most recent quarter, its net loss grew to £3.5 billion from £1 billion the previous year.
Douglas Flint, the group’s chairman, said: ‘2016 will be long remembered for its significant and largely unexpected economic and political events.
‘These foreshadowed changes to the established geopolitical and economic relationships that have defined interactions within developed economies and between them and the rest of the world.
‘The uncertainties created by such changes temporarily influenced investment activity and contributed to volatile financial market conditions.
‘Against this background, HSBC’s performance in 2016 was broadly satisfactory.’