BEIJING (AP) — HSBC Holdings PLC says its latest quarterly profit fell 18 percent from a year earlier due to global market volatility.

The London-based bank said Tuesday it earned $5.4 billion in the three months ending March 31 on revenue of $15 billion. It said revenue was down from $15.9 billion the same period a year earlier.

In a statement, chief executive Stuart Gulliver blamed "extreme levels of volatility" in January and February that he said hurt revenue in HSBC's markets and wealth management businesses.

Gulliver said despite that the bank increased revenue from savings accounts in Hong Kong and the United Kingdom and personal lending in Asia and Mexico.

HSBC is in the midst of a reorganization aimed at focusing on Asia, where it expects growing incomes to drive profits.