HSBC has reported rising underlying profits in 2012, despite the cost of a regulatory fine for money laundering.
Overall profits before tax fell 6% to $20.6bn (£13bn), 10 times the $1.9bn fine the bank paid last year.
Its underlying profits - which ignore one-time accounting effects and the counter-intuitive impact of the bank's rising creditworthiness - rose 18%.
Business rose strongly in Hong Kong and the rest of Asia, and the bank said it saw a sharp turnaround in Europe.
The bank's results were strongly affected by a negative "fair value adjustment" to its own debt of $5.2bn in 2012, compared with a positive adjustment of $3.9bn the year before.
The adjustment is an accounting requirement that is largely ignored by financial analysts, and takes account of the price at which HSBC could buy back its own debts from the markets.
It has the perverse effect of flattering a bank's profits at a time when markets are more worried about its ability to repay its debts, and vice versa.
"HSBC made significant progress in 2012 despite a challenging operating environment characterised by low economic growth and a changing regulatory landscape," said chief executive Stuart Gulliver.
While, acknowledging the bank's past anti-money laundering and sanctions failings, he said the bank's performance had been strong enough that it could increase its dividend by 10%.
Mr Gulliver's own personal dividend also rose - his total remuneration for 2012 was some $7m, compared with $6.7m the year before.
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