HSBC says 2016 net profit plunged 82 per cent to USD 2.48bn

Global banking giant HSBC said today that net profit for 2016 fell 82 per cent from the previous year, calling it a period remembered for its "largely unexpected economic and political events".

The net profit of USD 2.48 billion compared with USD 13.52 billion recorded in 2015, with group chairman Douglas Flint saying geopolitical changes contributed to "volatile financial market conditions".