The pre-tax profit represented a US$3.2 billion decrease from the same period last year, with the firm attributing the drop mainly to disposals of its business in Canada and Argentina, a statement said.

Revenue in Q1 fell 15% year-on-year to US$17.6 billion – a drop also due in part to the business disposals, the firm said.

CEO Georges Elhedery acknowledged in the statement the current period of “economic uncertainty and market unpredictability”, which he said HSBC approaches “from a position of financial strength”.

In a section characterising the current outlook, HSBC noted “protectionist trade policies, creating volatility in both economic forecasts and financial markets”.

The comment was a thinly veiled reference to the onslaught of tariffs recently unleashed by US President Donald Trump on most countries around the world, including several of Washington’s key trading partners.

The uncertain macroeconomic environment is “adversely impacting consumer and business sentiment”, the HSBC statement said.

HSBC – Europe’s largest bank – generates most of its revenue in Asia and has spent several years pivoting to the region, vowing to develop its wealth business and target fast-growing markets.

In October, HSBC announced plans to simplify the London-based company’s structure and geographic set-up, an organisation that Elhedery said would make it more “dynamic and agile”.