HSBC Q1 net profit falls 18% to US$4.3b

Hong Kong

HSBC's net profit fell by a fifth in the first quarter as it was hit by "extreme levels" of volatility in world markets over January and February, with bad loan costs almost doubling.

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.