British banking group HSBC has posted pre-tax profit of $5bn for the first quarter of 2017, a slide of 19% over $6.10bn reported a year ago.

The bank attributed the decline in profit to adverse movements in significant items including fair value movements on its own debt from changes in its own credit spread in the prior year.

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The bank’s adjusted pretax profit for the period was $5.93bn, up 12% compared to $5.29bn in the first quarter of previous year.

Reported revenue dropped 13% year-on-year to $12.99bn, while adjusted revenue increased 2% year-on-year to $12.84bn.

Compared to the last year, operating expenses rose 0.7% to $8.33bn and adjusted operating expenses increased 3% to $7.20bn.

The banking group’s common equity tier 1 ratio and leverage ratio at the end of March 2017 stood at 14.3% and 5.5%, respectively.

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HSBC’s retail banking and wealth management arm reported adjusted pre-tax profit of $1.78bn for the first quarter of 2017, a surge of 46% compared to $1.21bn a year earlier.

Adjusted pre-tax profit at the bank’s global private banking unit was $70m, down 18% compared to $85m in the previous year.

HSBC group CEO Stuart Gulliver said: “This is a good set of results. The increase in adjusted profit was driven by strong performances in three of our four global businesses. Global Banking and Markets had a great quarter; Commercial Banking delivered higher revenue from our liquidity and cash management activities; and Retail Banking and Wealth Management was supported by rising interest rates and renewed customer investment appetite.

“In addition, we completed a $1bn buy-back, and made progress on our cost-saving programmes, giving us further confidence in our ability to hit the higher cost-saving target that we announced at our annual results.”