By Daniel Hunter

HSBC have declared a fall in their profits, following a revaluing of their debts.

Pre-tax profit for the first three months of the year was $4.3bn (£2.7bn), down 12% on the $4.9bn the bank made a year earlier.

However, revenue increased sharply and the bank said it had made a "good start to the year".

"We have had a good start to the year," Group Chief Executive, Stuart Gulliver, said.

"Reported profit before tax for the quarter was US$0.6bn, driven by increased revenues in Global Banking and Markets and Commercial Banking. We also increased Retail Banking and Wealth Management revenue in faster-growing regions."

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