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The bank's pretax profit for the year ending December 31 more than doubled from 2009 to $19 billion, but this figure came in below the average pretax profit forecast of $20 billion, according to analysts polled by Reuters Estimates.
HSBC said on Monday it had made a good start to the year but new chief executive Stuart Gulliver cut the bank's long-term return on equity (ROE) target to 12-15 percent from a previous 15-19 percent target.
HSBC shares, which had been trading up 2 percent before the results, fell back and were down 4.5 percent at 679.5 pence by 1005 GMT.
TOUGHER CAPITAL RULES
HSBC's shares were at their lowest level in nearly a month, and were the among the worst performers on Britain's benchmark FTSE 100 index, which was down by 0.6 percent.
HSBC also weighed on the European banking index, which fell 1.3 percent.
"The underlying pretax profit is significantly disappointing," said Canaccord Genuity analyst Cormac Leech.
Banks around the world are under pressure from regulators to raise capital to strengthen their balance sheets, in order to prevent a return of the 2008 credit crisis which resulted in the collapse of Lehman Brothers.
HSBC CEO Gulliver said he did not think that HSBC would need a rights issue to raise new capital.
However, its finance director Iain Mackay said the bank's new, scaled back return on equity target reflected the tougher capital requirements for banks, as well as global economic uncertainty, as highlighted by recent political tensions in the Middle East and north Africa.
"We've targeted 12 to 15 percent through the cycle for return on equity, principally taking into consideration what we view as a somewhat unstable and uneven economic recovery over the coming years as well as much higher capital requirements," said Mackay.
HSBC's decision to cut back its return on equity targets followed a similar move by rivals Barclays and Credit Suisse.
Both those lenders scaled back their profitability expectations, saying their returns would be held in check by regulatory requirements to hold more capital.
Gulliver took over as CEO from Michael Geoghegan at the start of the year. Gulliver, Chairman Douglas Flint and Finance Director Iain MacKay took the helm after a boardroom power struggle erupted in September.
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