15:03 04 March 2013
One of the UK’s biggest banks HSBC has reported a fall in full-year profits on Monday, 4th March, 2013. The group’s profits for last year dropped by 6per cent to $20.6billion US dollars (£13.7billion), which was well below some analysts’ expectations.
The news comes following the firms heavy fine, as HSBC were to pay-out $1.9billion US dollars (£1.2billion) in 2012 following an investigation into money laundering.
The firm, who are widely recognised on Britain’s High Street, sees most of its business carried out abroad. It is understood that business has been promising in Asia in particular.
HSBC’s Chief Executive Stuart Gulliver said: “We increased revenues, performed well in most faster-growing markets and enjoyed a record year in Commercial Banking.
“We’ve made the business easier to manage and control by disposing of non-core businesses and surpassed our sustainable savings target.”
He also told the BBC that: “HSBC made significant progress in 2012 despite a challenging operating environment characterised by low economic growth and a changing regulatory landscape.”
HSBC also had to set aside $1.4billion US dollars in order to accommodate for mis-selling, in particular with regards to the mis-selling of payment protection insurance (or PPI).
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