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HSBC announces record results

28 February 2011
Written by rosalind renshaw

HSBC has today announced record  pre-tax profits of £11.8bn for 2010 – more than double its profits for the previous year.

The figures show the financial strength of the banking giant, in contrast to the position of the UK’s three other major banks.

Last week, RBS announced a loss of £1.1bn and Lloyds reported a £2.2bn profit – its first since the takeover of HBOS in 2008 – while Barclays made a profit of £6.1bn.

Stuart Gulliver, the new chief executive of HSBC, presented the bank’s results for the first time.

Many staff will have received massive bonuses, especially those working in the bank’s Asian businesses.

HSBC makes around 80% of its profits overseas.

The Government’s new bank levy could cost HSBC – which did not need a bailout from taxpayers – about £1bn a year.

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