HSBC’s pre-tax profits fall 29% amid Brexit concerns

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>HSBC has reported a 29&percnt; fall in pre-tax profits for the first half of 2016 as revenue fell 11&percnt; amid concerns over the EU referendum&period;<&sol;p>&NewLine;<p>Europe&&num;8217&semi;s largest bank saw annual pre-tax profits decrease by &dollar;3&period;9bn to &dollar;9&period;7bn compared with &dollar;13&period;6bn in the same period in 2015&period;<&sol;p>&NewLine;<p>In interim results released on Wednesday&comma; HSBC said revenue had fallen from &dollar;32&period;9bn in the first half of 2015 to &dollar;29&period;5bn in the first six months of 2016&period;<&sol;p>&NewLine;<p>Group chairman Douglas Flint said the falls came amid a &&num;8220&semi;turbulent period&&num;8221&semi; for the bank&period;<&sol;p>&NewLine;<p>He said&colon; &&num;8220&semi;Concern over the sustainable level of economic growth in China was the most significant feature of the first quarter and&comma; as this moderated&comma; uncertainty over the upcoming UK referendum on membership of the European Union intensified&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The results cover from the start of 2016 up to one week after the June 23 referendum&period;<&sol;p>&NewLine;<p>&&num;8220&semi;The period ended with exceptional volatility as financial markets reacted to the UK referendum decision to leave the EU&comma; a result that had not been anticipated&comma;&&num;8221&semi; Mr Flint said&period;<&sol;p>&NewLine;<p>The bank saw demand for credit investment fall as a consequence of uncertainty during the first half of the year&comma; and a chill in equity market activity was exacerbated by factors including a crash in the price of oil&comma; he said&period;<&sol;p>&NewLine;<p>The vote to leave the EU means the UK and UK business are entering a &&num;8220&semi;new era&&num;8221&semi;&comma; Mr Flint said as he warned that negotiating Brexit and new global trade deals will be complex and time-consuming&period;<&sol;p>&NewLine;<p>He called for calm and careful consideration as to how prosperity&comma; growth and a &&num;8220&semi;dynamic economy&&num;8221&semi; for the EU and UK can be ensured after an &&num;8220&semi;orderly transition period&&num;8221&semi;&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Critical elements include securing the best possible outcome on continuing terms of trade and market access&comma; and ensuring the UK remains attractive for inward investment and has access to all the skills necessary to be fully competitive&comma;&&num;8221&semi; said Mr Flint&period;<&sol;p>&NewLine;<p>HSBC relied on open trading relationships&comma; from individuals to nations&comma; he explained&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We believe that such an open trading relationship must be at the centre of the new relationship between the UK and the EU&comma; and indeed the rest of the world&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We aim to do our part in making the transition for our customers to the new arrangements as smooth as possible&period;&&num;8221&semi;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed11f5697ca">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; 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