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.