News Column

HSBC Posts Net Profit of $15 Billion

March 4, 2013

Europe's largest bank, HSBC, on Monday reported net profit of 15.3 billion dollars for 2012, a 14.5-per-cent decrease from 2011 levels. Net profit for 2011 was 17.9 billion dollars.

The bank noted that some of the decline was due to a 1.92-billion-dollar fine paid to the US government for providing financing services to terrorist organizations and drug cartels. It has also had to compensate clients who have claimed they received bad advice on credit default swaps.

"Banking has been given a huge wake-up call and we are determined to play our part in restoring its reputation and, thereby, regaining society's trust," said chairman Douglas Flint.

He said this has also led to restructuring that would shore up the business economically, but also help it build up trust with customers, the media and governments.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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