SINGAPORE: HSBC Holdings reported a 27% fall in quarterly profit on Tuesday, as the Asia-focussed bank suffered from decreased revenues and slowing growth in Hong Kong.

Europe’s largest bank with a market value of $130 billion posted a pretax profit of $4.2 billion for the first quarter ended March, versus $5.78 billion a year earlier.

The results were better than the $3.72 billion average estimate of 16 analysts compiled by HSBC.

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About two-thirds of the London-headquartered bank’s reported pretax profit comes from Asia.