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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/hsbc-profits-more-than-doubled.jpg"><img class="alignnone size-full" title="HSBC has reported its profits more than doubled in 2010 to 19 billion US dollars (£11.8 billion)" src="http://londonglossy.com/wp-content/uploads/2011/02/min-hsbc-profits-more-than-doubled.jpg" alt="HSBC has reported its profits more than doubled in 2010 to 19 billion US dollars (£11.8 billion)"/></a></p>
<p>Banking giant HSBC has revealed its annual profits have more than doubled, with results recovering to levels not seen since before the financial crisis.</p>
<p>The group posted pre-tax profits of 19 billion US dollars (£12 billion) last year, up from 7.1 billion dollars (£4.4 billion) in 2009.</p>
<p>Its 2010 haul &#8211; the biggest of the UK players &#8211; marks a return to pre-crisis profits, coming close to the 24.2 billion dollars (£15 billion) seen in 2007.</p>
<p>HSBC revealed its highest paid banker, who was not named, was paid between £8.4 million and £8.5 million for 2010 &#8211; more than the chief executive&#8217;s package.</p>
<p>The bank said the compensation ratio of its Global Banking and Markets (GBM) investment banking division &#8211; given as a percentage of revenues &#8211; remained unchanged at 23%, despite a 9% drop in the division&#8217;s profits.</p>
<p>However, HSBC said its GBM global bonus pool was down 10% and added UK bonuses were 15% lower, although it did not provide figures.</p>
<p>Despite the hefty rise in profits last year, shares fell 5% as the figure came in shy of the 20 billion dollars (£12.3 billion) expected.</p>
<p>In the UK, profits edged higher to 2.4 billion dollars (£1.5 billion) from 2.1 billion (£1.3 billion) a year earlier. On an underlying basis, HSBC said group-wide profits rose 36% to 18.4 billion dollars (£11.4 billion).</p>
<p>As with many of its rivals, the group&#8217;s figures were helped by significant falls in bad debt losses, almost halving to 14 billion dollars (£8.6 billion) in 2010.</p>
<p>But HSBC&#8217;s new chairman Douglas Flint said the group will &#8220;not forget&#8221; the financial crisis and support provided by governments around the world, adding the group entered 2011 &#8220;with humility&#8221;.</p>
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