- LONDON: HSBC Holdings says its profit more than doubled last year to $13.2 billion as loan impairment charges dropped to the lowest level since 2006, but fell short of analysts’ forecasts.
The profit figure was up from $5.8 billion in 2009, as HSBC said it was profitable in every customer group and region for the first time since 2006.
The bank said loan impairment charges of $14 billion were $12.4 billion lower than a year earlier.
Pretax profit was up 169 percent to $19 billion.
The market nonetheless was disappointed, and HSBC shares fell 3.4 percent to 687.2 pence on the London Stock Exchange.