LONDON - The HSBC banking group says its full-year net profits dropped by 17 per cent in 2012 but remained high at $13.5 billion as its Asian business continued to do well.
The bank says its "underlying profit" before tax -- a measure that does not count one-time charges -- totalled $16.4 billion, an 18 per cent increase over 2011.
The figures reflect HSBC's nearly $2 billion in fines paid to settle a money-laundering case brought by U.S. officials that dealt with drug money from Mexico.
Group Chief Executive said Monday the bank has made significant progress and is performing well.
The global banking group earns roughly 90 per cent of its revenue outside of Britain and has done well in growing Asian markets.
