Hsbc Holdings reports pre-tax profit of $19,037 million

HSBC Holdings plc, one of the world's largest financial services organisations, has announced its 2010 annual results today. In a robust demonstration of financial strength and performance, the HSBC Group made a profit before tax of US$19,037m in 2010, an increase of US$11,958m, or 169%, compared with 2009. Net operating income before loan impairment charges and other credit risk provisions of US$68,247m was US$2,066m, or 3.1%, higher than 2009. Total operating expenses of US$37,688m rose by US$3,293m, or 9.6%, compared with 2009. On an underlying basis operating expenses were up 8% compared with 2009. The core tier 1 ratio and tier 1 ratio for the Group remained strong at 10.5% and 12.1%, respectively, at 31 December 2010. The Group's total assets at 31 December 2010 were US$2,455bn, an increase of US$91bn, or 3.8%, since 31 December 2009.