HONG KONG, Feb. 24 (Xinhua) -- HSBC announced Monday that its net profits rose 16 percent in 2013, partly due to cost cuts as it restructured the business.
Net profits stood at 15.63 billion U.S. dollars, according to a statement filed to the Hong Kong Stock Exchange. Pre-tax profits increased 9 percent to 22.6 billion U.S. dollars, which was below market expectation.
The bank sold or closed 20 non-strategic businesses last year as it streamlined the business. "The group today is leaner and simpler than in 2011, with strong potential for growth," chief executive Stuart Gulliver said in the statement.
The statement showed that the group's profits mostly generated from Hong Kong and Asia Pacific. The two regions reported a combined profit of 15.85 billion U.S. dollars, accounting for 70 percent of the bank's total profits.
HSBC also forecast that Chinese mainland's economic growth will reach 7.4 percent this year, while Britain, the U.S. and West Europe will see growth at 2.6 percent, 2.5 percent and 1.2 percent, respectively.
The bank dipped 0.59 percent lower to close at 83.85 HK dollars on Monday.
HSBC was founded in Hong Kong and sees Asia as its main market.