Home Business NewsFinance HSBC reports 9% rise in annual profits to $22.6bn

HSBC reports 9% rise in annual profits to $22.6bn

by LLB Editor
24th Feb 14 10:40 am

HSBC has reported a pre-tax profit was $22.6bn (£13.6bn), a rise of 9% compared to $20.6bn in 2012.

“The group today is leaner and simpler than in 2011, with strong potential for growth,” said chief executive Stuart Gulliver.

Earnings from Hong Kong and Asia Pacific accounted for a chunk of the bank’s profits.

Operating expenses fell by 6% over the year. Bonus pool for staff increased to $3.9bn, a rise of 6% on the year. Also, 239 of its staff were paid £1m or more.

HSBC also became the first UK bank to side-step the restriction on bonuses imposed by Brussels. It awarded Gulliver a £1.7m “fixed pay allowance” on top of his £1.2m salary.

His total pay package for 2013 was £8m, up from £7.5m the previous year.

Over the past three years, HSBC cut its full-time staff equivalent numbers by 41,000 to 254,000. It also sold or closed 20 non-strategic businesses last year.

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