Excluding the impact of disposals and changes in the value of its own debt, HSBC reported an underlying profit of $5.0 billion, up from a revised $2.2 billion a year earlier. The bank's underlying operating expenses increased by 16 percent, due to higher compliance and regulatory costs. Chief Executive Stuart Gulliver expects to surpass his target of cutting annual costs by $3.5 billion, after saving $3.1 billion already, in a three-year restructuring plan.