HSBC Holdings Plc on Monday reported a net loss of $1.3 billion in the fourth quarter of 2015, compared with total profit of $511 million during the same period last year.
"(The year) 2015 was marked by some seismic shifts in global economic conditions, most notably the continuation of a sharp decline in commodity and oil prices, in part attributable to growing concerns over China's slowing economic growth," said Douglas Flint, the chairman of the HSBC Group, in a statement.
The British-headquartered multinational banking company reported that it faced a $0.4 billion rise in bank levies that raised the company's adjusted operating expense, EFE news reported.
Meanwhile pre-tax profits for the year were worse than expected at only $18.85 billion.
To ease customer's concerns, the bank has announced it will increase dividends per share from $0.50 in 2014 to $0.51.
The results come just days after the bank decided to keep its headquarters in London rather than moving to Hong Kong, the hub which contributes to the majority of its profits.
