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.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.