post-title HSBC shares slide after 62% profit fall

HSBC shares slide after 62% profit fall

HSBC shares slide after 62% profit fall

Shares in HSBC have fallen after the bank reported a steeper-than-expected fall in annual profits.

It reported a $7.1bn (£5.7bn) pre-tax profit for 2016, down 62% on the $18.9bn reported a year earlier.

HSBC attributed the fall to a string of one-off charges, including the sale of its operations in Brazil.

HSBC said its performance had been “broadly satisfactory” given “volatile financial conditions” but warned a rise in global protectionism was a concern.

The bank also announced a smaller-than-expected share buyback. That also helped undermine shares, which were down by 5% in London.

“It’s a bank that is still in transition after the crisis,” said banking analyst Chris Wheeler from Atlantic Equities.

However, he thinks this could be the last set of results that include big one-off charges, for reorganising the business and writing-down the value of assets.

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