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| HSBC profits rise for 2013 thanks to cost-cutting | HSBC profits rise for 2013 thanks to cost-cutting |
| (about 1 hour later) | |
| HSBC has reported a 9% rise in profit for last year, boosted by cost cuts as it restructured the business. | HSBC has reported a 9% rise in profit for last year, boosted by cost cuts as it restructured the business. |
| Reported pre-tax profit was $22.6bn (£13.6bn), compared with $20.6bn in 2012, the bank said. | Reported pre-tax profit was $22.6bn (£13.6bn), compared with $20.6bn in 2012, the bank said. |
| The bank sold or closed 20 non-strategic businesses last year as it streamlined the business. | The bank sold or closed 20 non-strategic businesses last year as it streamlined the business. |
| "The group today is leaner and simpler than in 2011, with strong potential for growth," said chief executive Stuart Gulliver. | "The group today is leaner and simpler than in 2011, with strong potential for growth," said chief executive Stuart Gulliver. |
| Hong Kong and Asia Pacific were responsible for the bulk of the group's profits. | |
| The banking group said it had cut its full-time staff equivalent numbers by 41,000 to 254,000 over the past three years. | |
| Operating expenses also fell by 6% over the year, but the fall was less than analysts had forecast. | |
| Pay and bonuses rise | |
| HSBC said Mr Gulliver was awarded a total pay package of £8m for 2013, up from £7.5m the previous year. | |
| HSBC said it had also increased its bonus pool for staff to $3.9bn last year, a rise of 6% on the year. | |
| It also revealed that 239 of its staff had been paid £1m or more. | |
| The bank also warned that it expected "greater volatility" and "choppy markets" this year. | |
| "Overall, we remain optimistic about the longer-term prospects of emerging markets," it added. | |
| Shares fell more than 4% in early trading. |