HSBC’s new bosses got a frosty reception to their first market update as investors showed no signs of being won over by plans for $2bn (£1.5bn) worth of share buybacks.

The global bank, which is listed in London and Hong Kong, reported 6pc growth in revenues to $13.7bn in the three months to March amid higher deposits for its retail banking and wealth management arms.

But pre-tax profits dropped 4pc to $4.8bn on the back of a 13pc surge in operating expenses as HSBC invested in growing its business, including higher spending on digital technology.

The surprise dip sent its Hong Kong shares down around 2.5pc on Friday morning UK time.

John Flint, who took over from Stuart Gulliver as chief executive in February, said: “Our global businesses performed well in the first quarter, maintaining momentum from the end of 2017.

Mr Flint said his primary aim was to “grow the businesses safely”, adding: “We have increased investment to deliver that aim.”

HSBC said the buyback would be the only one this year, “in light of the growth opportunities that we currently see”.