HSBC announced on Tuesday a fall of 89.67 per cent in net profit for 2016, amounting to $1.3 billion, a statement said.

Its pre-tax profit was down by 62.3 per cent to $7,122 million, the company added in the statement, Efe news reported.

The bank’s revenues during the 2016 financial year were $47.966 billion, 19.79 per cent less than 2015.