HSBC profit drops on market volatility

HSBC on Tuesday said its net profit fell almost a fifth in the first quarter, with Europe's biggest bank hit by "extreme levels" of market volatility, while bad loans doubled. Equity and currency markets from Asia to the Americas were sent into meltdown at the start of the year as a growth slowdown in China and plunging oil prices fanned concerns about the world economy.

In comments included in the earnings statement, HSBC chief executive Stuart Gulliver said the group's performance in the January-March period "was resilient in tough market conditions that affected the entire banking sector".