Europe's largest bank posted HSBC’s profits have slumped by 62% in a year, blaming "significant and largely unexpected economic and political events". The bank posted an annual pre-tax profit of $7.1bn (£5.7bn, €6.7bn), far lower than the $18.9bn (€17.8bn, £15bn) it reported a year ago.
HSBC - reported pre - tax profits of £ 5.7bn ( $ 7.1bn ) , down 2 % overall , exceeded expectations . The report blamed " significant and largely unexpected economic and political factors " for the drop in profits .