HSBC announced a 1 percent rise in pretax 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 profits came in at $18.8 billion, missing Reuters expectations for $21.8 billion. Adjusted revenue rose 1 percent in 2015 to $57.7 billion, little changed from $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.
For the last three months of 2015, the lender recorded a net loss of $1.3 billion, compared with a net profit of $511 million a year ago.
HSBC's Hong Kong-listed shares traded 1.5 percent higher following the results, with its London shares falling 2.3 percent in the first few hours of European trading.
"HSBC is better balanced, better connected and better placed to capitalize on higher return businesses than it was 12 months ago," the bank said Monday.
"All of our initiatives to reduce costs are underway and we expect further progress in 2016," the bank said on Monday. It expects to deliver further reductions in risk-weighted assets this year, in addition to a decrease of around $33 billion from the sale of its Brazilian business.
Full-year earnings per share and dividends per ordinary share were $0.65 and $0.51, respectively.