HSBC Group pre-tax profit more than doubled to US$19bn in 2010

PanARMENIAN.Net - HSBC’s universal banking model delivered profit in every customer group and region, including North America, for first time since 2006.

According to 2010 annual results, underlying pre-tax profit up by almost US$5bn or 36% to US$18.4bn; Pre-tax profit more than doubled to US$19bn on a reported basis; Profit attributable to shareholders rose to US$13.2bn (2009: US$5.8bn); Loan impairment charges down US$12.4bn to US$14bn, lowest since 2006; Earnings per share up 115% to US$0.73 (2009: US$0.34); Dividends declared in respect of 2010 totaled US$6.3bn, or US$0.36 per ordinary share, with a fourth interim dividend for 2010 of US$0.12 per ordinary share.

“In 2010, all segments and regions of HSBC Group presence secured profit, the biggest contribution being from Asia,” Chief Executive Officer of HSBC Bank Armenia, Ms. Astrid Clifford said.

She also emphasized that the Group continues to pursue a client-oriented policy.

“Summarizing the results, we can say that HSBC strengthened its position at the market. The current year offers good opportunities conditioned by Chinese economy growth and economic globalization, what will guarantee greater demand for banking services,” Ms. Clifford said.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,500 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,455 billion at 31 December 2010, HSBC is one of the world’s largest banking and financial services organizations. HSBC is marketed worldwide as ‘the world’s local bank’.