HSBC put more money aside to cushion the impact of Russia’s invasion of Ukraine during the first quarter of 2022, as profit within its global banking and markets unit slipped by 35% compared to a year earlier.

The UK lender said that pre-tax profit within its global banking and markets unit was $1.2bn in the first quarter, a decline of 35% as the conflict impacted investment banking activity and led it to put around $300m aside to cover potential loan losses. Revenue of $4bn in the division was down 4%.