HSBC’s profits rose 16% during chief executive John Flint’s first year at the helm, but a difficult fourth quarter and slumping fixed income revenues meant it missed analyst expectations.

The UK bank made a pre-tax profit of $19.9bn in 2018 — below the $21.3bn predicted by banking analysts tracked by Refinitiv, the data provider. A 5% increase in group revenues, to $53.8bn, was also below consensus.