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HSBC underlying profits rise

Despite fines HSBC reports a good year.

HSBC has reported a rise in profits over the last year, even taking into account fines for money laundering.

Overall profits before tax fell 6 per cent, and the underlying profits rise 18 per cent.

The bank said that performance in Europe, Hong Kong and the rest of Asia had been strong.

Stuart Gulliver, the chief executive, said in a statement:

HSBC made significant progress in 2012 ... We’ve made the business easier to manage and control by disposing of non-core businesses and surpassed our sustainable savings target. We also agreed a settlement with the US and UK authorities in respect of our past anti-money laundering and sanctions failings.

Based on our current understanding of the capital rules we are extremely well-placed with regard to Basel III compliance, re-establishing our position as one of the best capitalised banks in the world. This provides a firm base on which to keep growing the business organically and allows us to increase dividends to $8.3bn.