HSBC’s profits fall

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Banker HSBC has reported a six per cent fall in pre-tax profits to $20.6 billion, despite a record year for its commercial banking arm, where profits rose by seven per cent to $8.5 billion

Chief executive Stuart Gulliver, said: “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.”

Mr Gulliver said the bank, which has major operations in Sheffield, had made its business easier to manage and control by disposing of non-core businesses and surpassed its sustainable savings target.