HSBC 2015 Profit Nearly Flat, Sees Bumpier Environment Ahead

Feb 22, 2016, 11:54

HSBC said the SEC is examining its hiring of candidates "referred by or related to government officials or employees of state-owned enterprises" in the Asia-Pacific region.

In the 12 months to 31 December 2015, the FTSE 100 lender said its profit before tax stood at $18.87bn (£13.22bn, €17bn), higher than the $17.68bn it recorded in the previous year, but comfortably below analysts' expectations for a $21.80bn figure.

The bank also confirmed being among a number of financial institutions under investigation by the U.S. Securities and Exchange Commission (SEC) over recruitment practices in Asia.

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Gulliver had said in November that disposal of its business in Turkey will take a little longer.

Earnings in the fourth quarter, however, could fall over 60 percent year on year to a US$2 billion. Pretax profit rose 1% to almost $18.9 billion. HSBC said in an earlier update that the process will likely cost US$2 billion.

HSBC, which just over a week ago decided not to move its headquarters to Hong Kong, said it would raise its total annual dividend to $0.51 per share from $0.50, a relief to investors who had anxious the lender's more constrained capital position would cause it to abandon its goal of dividend growth.

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The year was marked by "seismic shifts in global economic conditions, most notably the continuation of a sharp decline in commodity and oil prices, in part attributable to growing concerns over China's slowing economic growth", Chairman Douglas Flint said. Not all the disposals have gone to plan, though.

"Targeted investment, prudent lending and our diversified, universal banking business model helped us achieve revenue growth in a hard market environment, whilst also reducing risk-weighted assets", said group chief executive Stuart Gulliver.

HSBC has previously said its Hong Kong entity will likely bear the most of the brunt, having to raise up to US$14 billion in debt to meet the shortfall.

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