HSBC reports 9% rise in profit for 2013February 24, 2014 - 16:18 AMT PanARMENIAN.Net - 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, compared with $20.6bn in 2012, the bank said, according to BBC News. 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. 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. HSBC said Gulliver was awarded a total pay package of £8mln for 2013, up from £7.5mln 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 £1mln 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. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |