Image: Elliott Brown Image: Elliott Brown

HSBC has reported a 14% fall in profits for the first quarter of the year after "extreme levels of volatility".

The banking giant posted a profit of $6.1 billion (£4.17bn) for the three-month period, down $1bn from last year.

But chief executive Stuart Gulliver said the bank had been "resilient in tough market conditions", with analysts having forecast larger falls.

Revenues fell 4% to $13.9bn.

Despite the overall slowdown, HSBC said the development of its Asian business was going well "despite a challenging environment with key increases in market share in debt capital markets, China M&A and syndicated lending".