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HSBC announces increased profits

HSBC announces increased profits

Category: Banking

Updated: 14/12/2012
First Published: 28/02/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

HSBC has announced pre-tax profits of $19 billion (£11.8 billion) for 2010, more than double the figures reported in 2009.

The bank – which was one of the few financial institutions in the UK not to receive any direct financial help from the Government during the economic crisis – made a pre-tax profit of $7.1 billion in 2009.

Last year's figures were boosted as a result of HSBC making a profit in every customer group and region for the first time since 2006.

Losses at the bank from bad debts fell significantly last year, down from $26 billion in 2009 to $14 billion.

Highlights for the bank included securing a record share of the UK mortgage market.

In addition, new loans to small and medium sized businesses increased by 19% up to £2.4 billion, although total lending to SMEs fell by 1.6% as businesses paid back more than they borrowed.

HSBC said that it helped 2,400 businesses a week start-up in the UK.

The chief executive of HSBC, Stuart Gulliver, said that the figures represented a good start to the year for the group.

Last week, a number of other banks announced their 2010 results, with profits of £2.21 billion announced at Lloyds Banking Group and a loss of £1.13 billion posted at Royal Bank of Scotland.

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