HSBC reports 1% rise in pre-tax full-year profit to almost $19bn

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HSBC announced a 1 percent rise in pre-tax profit for 2015, as Europe’s biggest bank by assets deals with volatile markets, ongoing cost-cutting efforts, and leadership uncertainties. Before tax, full-year (FY) profits for last year came in at USD 18.8 billion, missing Reuters expectations for USD 21.8 billion. Adjusted revenue rose 1 percent in 2015 to USD 57.7 billion, little changed from USD 57.2 billion in 2014. Meanwhile, return on equity for the year stood at 7.2 percent, a smidgen lower than 7.3 percent in 2014.