HSBC posts falling 2012 profits after troubled year | Bangkok Post: news

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HSBC posts falling 2012 profits after troubled year

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Asia-focused bank HSBC said Monday that net profits sank 16.5 percent to $14.03 billion in 2012, due to US money-laundering fines, mis-selling scandals, rising taxation and a huge accounting charge. 

People use ATM machines at an HSBC branch in Hong Kong on March 4, 2013. Asia-focused banking giant HSBC announced on Monday that net profits sank by 16.5 percent to $14.03 billion (10.78 billion euros) in 2012 compared with the previous year.

Profit after tax fell to the equivalent of 10.78 billion euros last year, compared with $16.8 billion in 2011, London-headquartered HSBC said in a results statement.

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