HSBC said market volatility in the beginning of 2016 crimped its performance as it reported a 18.2% decline in net profit in the first quarter of this year.

The British bank has been grappling with a falling share price and concerns from investors over its strategy in Asia. HSBC's share price on the Hong Kong stock exchange is down about 32% from a year ago. Shares in Hong Kong on March 3 rose by as much as 1.3% to HK$52.40, recovering from a 1.4% loss before the earnings release.