HSBC net prof­its drop by 17 per cent

The Pak Banker - - COMPANIES/BOSS -

LON­DON: The HSBC bank­ing group said Mon­day its ful­lyear net prof­its dropped by 17 per­cent in 2012 but re­mained high at $13.5 bil­lion as its Asian busi­ness con­tin­ued to per­form well. The fig­ures re­flect HSBC’s nearly $2 bil­lion in fines paid to set­tle a money-laun­der­ing case brought by U.S. of­fi­cials that dealt with drug money from Mex­ico. The net profit was also hurt by an ac­count­ing loss on the value of the bank’s own debt. The bank says its “un­der­ly­ing profit” be­fore tax — a mea­sure that does not count one-time charges — to­taled $16.4 bil­lion, an 18 per­cent in­crease over 2011, when it had booked heav­ier on-time charges on bad loans. Group Chief Ex­ec­u­tive Stu­art Gul­liver said the bank has made im­por­tant progress and is per­form­ing well. The bank in­creased its div­i­dend pay­out by 10 per­cent for the full year com­pared with 2011. The global bank­ing group earns roughly 90 per­cent of its rev­enue out­side of Bri­tain and has done well in grow­ing Asian mar­kets.

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