February 24, 2014 / 8:32 AM / 4 years ago

HSBC sees choppy markets ahead as profit hits $22 bln

LONDON, Feb 24 (Reuters) - HSBC said there could be “choppy markets” this year as emerging markets adjust to changing economic circumstances after Europe’s biggest bank reported a 9 percent rise in annual profit, falling short of analysts’ expectations.

HSBC said on Monday it remained optimistic about the long-term prospects of emerging markets but said there could be increased volatility this year as adjustments are made to changing economic circumstances and sentiment.

The bank reported a 2013 pretax profit of $22.6 billion, up from $20.6 billion in 2012, as operating expenses fell. HSBC had been expected to report a profit of $24.3 billion, based on the average forecast from analysts polled by Thomson Reuters .

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