The boss of HSBC has announced he is unexpectedly retiring after five years in the job.

Noel Quinn will remain in place until the bank finds a successor, with Europe’s largest bank considering candidates from inside and outside the lender.

The news came as the lender reported that pre-tax profits in the first quarter fell by $200m (£160m) to $12.7bn (£10.1bn).

The profit reflected a $4.8bn gain after HSBC completed the sale of its Canada business but it was partly offset by a $1.1bn impairment from the planned sale of its Argentina operations, the bank said.

The banking giant announced Mr Quinn informed the board of his intention to retire from the role, with HSBC group chair Mark Tucker thanking him for leaving the bank in a “strong position”.

“Noel has had a long and distinguished 37-year career at the Bank and we are very grateful for his significant contribution to the Group over many years,” Mr Tucker said.

“He has driven our transformation strategy and created a simpler, more focused business that delivers higher returns. The Bank is in a strong position as it enters the next phase of development and growth.”

Mr Quinn said it had been a “privilege” to lead the company and said it is now the “right time” for him to retire from the company and lead a more balanced life.

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