Seeking Alpha

HSBC profit increases 9% but misses forecasts; shares slump

  • 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)
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