HSBC bank says annual net profit jumps to $16.2 billion

Banking giant HSBC announced on Monday a 15.5-percent rise in annual net profit to USD 16.2 billion (11.8 billion euros).

London: Banking giant HSBC announced on Monday a 15.5-percent rise in annual net profit to USD 16.2 billion (11.8 billion euros).

The company`s performance in 2013 compared with profit after tax of USD 14.03 billion in 2012.

That was when HSBC had been hit by high fines and other one-off provisions, the British bank said in an earnings statement.

"Our performance in 2013 reflects the strategic measures we have taken over the past three years," said HSBC chief executive Stuart Gulliver, referring to the bank`s cost-cutting programme which has reduced the number of staff by 41,000 since 2011.

"Today the group is leaner and simpler than in 2011 with strong potential for growth," he said in comments included in the bank`s earnings statement.