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The largest bank in Europe said its net profit rose 30% in 2018 compared with the previous year to reach $ 12.6 billion.
The London-based bank, whose profits come mainly from Asia, said its revenue had grown 5% over the previous year, reaching $ 53.8 billion.
Pre-tax earnings increased 16% to $ 19.9 billion, but lagged analysts' estimates. For the fourth quarter, adjusted pre-tax earnings were $ 3.4 billion, also below expectations.
Market corrections at the end of 2018 have had a negative impact on HSBC and many other banks. Net profit from October to December amounted to $ 1.5 billion.
HSBC has embarked on a redesign of its business to increase profitability by focusing on its fast-growing Asian markets, while leaving its businesses and workers in other countries. Asia accounted for 89.5% of pre-tax profit in 2018.
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