HSBC'S 1% profits rise falls short of expectations

HSBC has reported worse-than-expected pre-tax profits, as it braces itself for a "bumpier" ride amid slowing economic growth in China.

Europe's largest bank saw annual pre-tax profits rise 1% to 18.9 billion dollars (€17bn), but fell short of analyst expectations of 21.8 billion US dollars (€19.6bn).