HSBC posts 6% annual profit decline

4 March 2013

HSBC experienced a significant decline in profits last year, new figures have revealed.

Official data published by Britain's biggest bank this morning (4 March) has shown that the company's level of profit slipped to £14 billion ($20.6 billion) in 2012 due to a number of factors.

This represents a fall of six per cent on the profit recorded in 2011 and is also markedly below the figure of $23.4 billion previously estimated by the financier as it enters into the final stages of its restructuring process.

HSBC attributed this downward movement mainly to the fact it had to set aside large sums to deal with a number of issues, such as a debt accountancy write down of $5.2 billion and a payment of $1.9 billion in settlements for various allegations of money laundering.

However, despite this downbeat trend, chief executive Stuart Gulliver insisted the bank made "significant progress" in 2012.

By Gary Cooper

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