British banking giant HSBC has reported a pre-tax profit of $18.87bn for the year ended 31 December 2015, a marginal rise compared with $18.68bn a year ago.
Adjusted pre-tax profit declined 7% to $20.4bn from $21.97bn in 2014 driven by higher costs and credit charges, while operating profit for the year was $16.3bn compared to 16.1bn a year ago.
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The bank's adjusted revenue for the year increased 1% to $57.7bn from $57.2bn in the previous year mainly in client-facing global banking & markets (7%), commercial banking (3%) and principal retail banking and wealth management (2%).
Adjusted operating expenses grew 5% to $36.2bn reflecting wage inflation, business growth and investment in regulatory programmes and compliance.
The group's total operating income was $71.9bn for full year of 2015, a decrease from $74.5bn a year ago. The bank's net interest income was $32.5bn for the year, down from $34.7bn a year ago.
The retail banking and wealth management business of HSBC posted a pre-tax profit of $4.96bn for the year ended 31 December 2014, compared to $5.58bn a year ago.
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By GlobalDataThe bank's global private banking business posted a pre-tax profit of $344m for the year compared to $626m in 2014.
HSBC Group CEO Stuart Gulliver said: "Targeted investment, prudent lending and our diversified, universal banking business model helped us achieve revenue growth in a difficult market environment, whilst also reducing risk-weighted assets. Strict cost management slowed cost growth and our cautious approach to credit helped keep loan impairment charges low."
