HSBC Sees Pre-Tax Profit Drop 6% To £13.7bn

Written By Unknown on Senin, 04 Maret 2013 | 16.08

HSBC has announced a pre-tax profit of £13.7bn for 2012, down 6% on the previous year.

The figure was below City forecasts of around £15.6bn.

The banking group makes an estimated 90% of its money outside Britain and has benefited from its exposure to emerging markets in Asia.

HSBC said only 26% of its revenue comes from European operations.

Chief executive Stuart Gulliver was revealed to have been awarded a bonus of £1.95m.

On Saturday Sky News City Editor Mark Kleinman reported Mr Gulliver was expected to receive a bonus of just under £2m.

His total pay and benefits package is worth £7.4m.

The overall figure, which compares with £8m a year earlier, includes his base salary of £1.25m, around £1.2m of benefits including pension entitlement, plus long-term share incentive awards worth £3m.

Mr Gulliver's bonus payment will be deferred and subject to possible clawback, while he will not be able to cash it in until he retires from or leaves HSBC.

Last December the bank confirmed it would pay $1.92bn (£1.2bn) to settle a money-laundering probe by US authorities - the largest penalty of its kind ever paid by a bank - over deals with Iran.

It was also discovered to be involved in suspected laundering of Mexican drug cartel funds several years ago, and physically transported $7bn in cash over a two-year period across the border into the US.

The bank is listed on stock exchanges in both Hong Kong and London, and is Britain's biggest lender by market capitalisation,

In early London trading HSBC shares were down more than 2.3%.

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