The net profits of HSBC
Bank sank 16.5 percent to $14.03 billion in 2012, hit by US
money-laundering fines, mis-selling scandals, rising taxation and a huge
accounting charge.
The profit after tax fell to an amount equivalent to 10.78
billion euros last year, compared to $16.8 billion in 2011,
London-headquartered HSBC
said while unveiling its statement. Meanwhile, the pre-tax profits of the bank
slid six percent to $20.65 billion.
HSBC's performance was hit by a $1.9-billion fine to settle
US allegations of money laundering that were said to have helped Mexican drug
cartels, terrorists and Iran.
HSBC's annual results were spoiled by a vast $5.2-billion
charge against the value of its own debt and it set aside another $1.4 billion
to cover compensation in Britain for mis-selling scandals.
Pretax profit from its commercial banking increased 7
percent to $8.5 billion.
A 41 percent drop in loan-impairment charges at the consumer
banking and wealth-management unit helped pretax profit rise to more than
double to $9.58 billion.
The bank’s underlying revenues for the group rose 7 percent
to $63.5 billion, global banking and markets 10 percent to $18.2 billion,
commercial banking 8 percent to $15.9 billion, retail banking and wealth
management 6 percent to $27.7 billion, more than half of the Group’s underlying
revenue from the faster-growing regions.
However, the lender's capital position improved following a
string of asset sales, including its stake in Chinese insurance giant Ping An.
As a result, the bank pledged to pay out more in shareholder dividends this
year.
HSBC
said it would increase dividend payments to $8.3 billion, or 45 cents per
share, a 10 percent boost from last year.
The bank
planned to raise the first three interim dividends for 2013 to $0.10 for each
of the ordinary shares, a 11 percent further from the previous year.
News source:
Daily Sun Bangladesh
Dated:- 5-Mar-2013
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