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HSBC announces profits of $19bn last year
Business digest: Europe's largest bank manages to more than double its profits
HSBC has reported pre-tax profits of $19bn for 2010, nearly three times its $7.1bn profits in 2009. The new chief executive, Stuart Gulliver, was paid £6.2m, a figure which includes a £5.2m bonus.
Losses from bad debts fell by nearly half, from $26bn in 2009 to $14bn in 2010. Gulliver said it was a "good start to the year".
Europe's biggest bank has a greater market value than Barclays, Lloyds and RBS combined. Unlike its rivals, HSBC managed to survive without a bail out.
HSBC said it would pay 12 cents per share for the last quarter of 2010, a 2 cent increase on dividends from the same time last year. Analysts say that the profits are still not as good as expected.
Read a full report at the BBC News. ·
