New York, March 01: HSBC has gained profit more than doubled last year, but that it expects new capital rules to weigh on the bank’s return on equity. Profit rose to $13.2 billion last year from $5.8 billion in the year before, as two units returned to profit and loan losses almost halved. But the earnings missed some analyst expectations, and HSBC said that new regulation that requires banks to hold more capital would lead to a return on shareholders’ equity of between 12 percent and 15 percent in the long-term — less than previously estimated. The shares dropped 3 percent in early trading in London. HSBC’s chief executive, Stuart Gulliver said.
—-Agencies—-