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Gulliver receives £2m bonus as HSBC profits dip 6%
by Dylan Lobo on Mar 04, 2013 at 09:32
HSBC chief executive Stuart Gulliver has received a bonus of £1.95 million despite a fall in pretax profit at the banking giant.
Pretax profits for 2012 fell 6% to $20.6 billion to £13 billion, which include $5.2 billion of adverse fair value movements on its debt.
Underlying pretax profit stood at £16.4 billion, a rise of 18%. This was powered by a record year for commercial banking, which posted a 7% increase in profit to $8.5 billion.
'HSBC made significant progress in 2012. First and foremost, we grew our business. We increased revenues, performed well in most faster-growing markets and enjoyed a record year in commercial banking,' Gulliver told the stockmarket.
'We've made the business easier to manage and control by disposing of non-core businesses and surpassed our sustainable savings target. We also agreed a settlement with the US and UK authorities in respect of our past anti-money laundering and sanctions failings.'
Investors saw the update as an opportunity to take profit, with shares losing 22.2p, or 3.05% by 9.35am to stand at 705.9p.
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