HSBC profits boosted by $362m release in legal provisions, annual report reveals

Bank's profits benefit from net release of $362m in "settlements and provisions in connection with legal matters"

HSBC added almost $400m to its profits last year from settlements and provisions connected to legal matters, according to the bank’s latest annual report.

The report, released today (20 February), reveals that the bank more than doubled reported profit before tax to $17.2bn last year, with operating expenses falling by 12%.

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