HSBC profit increases 9% but misses forecasts; shares slump

|About: HSBC Holdings PLC (HSBC)|By:, SA News Editor

HSBC's (HSBC) 2013 pretax profit rose 9% to $22.56B but fell short of consensus of $24.6B.

Underlying revenue grew to $63.3B from $61.6B, while underlying operating costs dropped 6% to $38B.

Q4 pretax profit fell to $3.96B from $4.43B a year earlier.

HSBC increased its dividend to $0.49 a share from $0.45.

However, the bank warned of "choppy markets" this year as emerging economies adjust to "changing economic circumstances and sentiment."

Shares are -4.2% in London. (PR)