HSBC Sees Pre-Tax Profit Drop 6% To £13.7bn

HSBC has announced a pre-tax profit of £13.7bn for 2012, down 6% on the previous year.

The figure was below City forecasts of around £15.6bn.

The banking group makes an estimated 90% of its money outside Britain and has benefited from its exposure to emerging markets in Asia.

Chief executive Stuart Gulliver was revealed to have been awarded a bonus of £1.95m.

On Saturday, Sky News City Editor Mark Kleinman reported Mr Gulliver was expected to receive a bonus of just under £2m.

His package of base pay, bonus and long-term share awards reached £6.2m, and with other benefits and pension contributions the package amounts to £7.4m.

His total pay and benefits package - equal to being paid £20,273 each day - compares with £8m a year earlier.

Mr Gulliver's bonus payment will be deferred and subject to possible clawback, while he will not be able to cash it in until he retires from or leaves HSBC.

The company's total bonus pot was £2.4bn, down from £2.8bn in the previous year.

More than 200 staff at the bank will be given pay and bonuses above £1m.

HSBC's Mexican operations were slammed by a US report into money-laundering

This comes despite HSBC having set aside a total of £1.5bn in total to cover the cost of mis-selling of payment protection insurance to UK customers.

It has also made provision to set aside £400 over mis-selling of complex rate swaps to small British businesses.

Last December the bank confirmed it would pay $1.92bn (£1.2bn) to settle a money-laundering probe by US authorities - the largest penalty of its kind ever paid by a bank.

The penalty related to financial transactions suspected of coming from Mexican drug cartels.

At the time of the fine Mr Gulliver said his firm accepted responsibility for its past mistakes.

"The HSBC of today is a fundamentally different organisation from the one that made those mistakes" he said in a statement.

US investigators also focused on the transfer of money on behalf of nations such as Iran.

The bank is listed on stock exchanges in both Hong Kong and London, and is Britain's biggest lender by market capitalisation,

In mid-morning London trading HSBC shares were down more than 2.6%.

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