The run of banks announcing their yearly financial results continued today, with HSBC reporting a pre-tax profit of £17 billion for 2012, a 6% fall compared with the previous year's results.
Underlying pre-tax profits came out at £16.4 billion, however, reflecting an 18% increase from 2011.
The bank's fall in profits is believed to be a result of a number of fines incurred last year, including a £1.2 billion penalty imposed by US regulators in relation to money laundering offences.
A total provision of £1.3 billion, set aside by HSBC to deal with compensating customers who were mis-sold payment protection insurance (PPI), is also thought to have contributed towards the dip in profits.
Despite the lower than anticipated results, HSBC's chief executive, Stuart Gulliver, has reportedly received a £1.95 million bonus.
In a statement, Mr 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," he added.
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