LONDON (AP) — HSBC, one of the world’s largest banks, warned Monday that fragile growth in the global economy and rising geopolitical tensions will keep it from taking on greater investment risks.

In its earnings update, HSBC said its net income fell 5.4 percent to $9.46 billion in the first half of the year. The bank, which earns nearly two-thirds of its profit in Asia and is closely watched as a barometer of growth in the region, saw its pre-tax profit fall there by 15 percent.