HSBC sees profits double in 2010

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    28 February 2011
    Last updated at 04:04 ET

    HSBC, Europe’s biggest bank, has reported pre-tax profits of $19bn (£11.8bn) for 2010, more than double the $7.1bn figure for 2009.

    HSBC said it has been profitable in every customer group and region for first time since 2006.

    Stuart Gulliver, recently appointed as HSBC chief executive, said the bank had made “a good start to the year”.

    Unlike rival banks Lloyds and RBS, HSBC survived the financial crisis without receiving direct government support.

    HSBC did cut its return on equity target, a measure of profitability, citing tougher capital requirement regulations.

    “Overall, it’s a good set of numbers but on the net income figure, they came in a little shy on what analysts were expecting. The return on equity target is also a little light,” said Ion-Marc Valahu, a fund manager at ClairInvest.

    Earlier in February rival banking group Barclays reported pre-tax profits of £6.07bn for 2010.

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    HSBC sees profits double in 2010