HSBC says 2016 net profit plunged 82% to $2.48billion

Hong Kong: Global banking giant HSBC said Tuesday that net profit for 2016 fell 82 percent from the previous year, calling it a period remembered for its "largely unexpected economic and political events".

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