The bank increased its risk-management probability of an intensified global trade war from 10 to 15 per cent — a scenario it models would result in five years of below 1 per cent average annual GDP growth for the US and China — and raised its credit provisioning for such a scenario by $23mn to $66mn.

The Asia-focused lender revealed its pre-tax profits grew by 12 per cent at constant currency rates to $2.1billion (£1.5billion) in the three months ending March,

The bank's Wealth Solutions division was a standout performer during the quarter, posting a 28% year-on-year increase in operating income.