HSBC's profits slump over Brexit and China's economic worries

HSBC has reported a 29% slump in pre-tax profits for the first half of 2016. Credit: Joe Giddens / PA Wire

HSBC has reported a 29% slump in pre-tax profits for the first half of 2016.

The profits slide at Britain's biggest bank has been blamed on concerns over the UK's decision to leave the European Union and the weak economic outlook in China.

HSBC saw annual pre-tax profits drop to £7.2 billion ($9.7 billion), compared with £10.2 billion ($13.6 billion dollars) in the same period in 2015.

Pre-tax profit in the second quarter plummeted 45% to £2.71 billion ($3.61 billion).

Group chairman Douglas Flint said the results come amid a "turbulent period" for the bank.