Updated from 3:38 a.m. EST
HSBC said underlying pretax profit rose 56% to $13.3 billion, while on a reported basis pretax profit fell 24% to $7.1 billion.
HSBC said loan impairment charges and other credit risk provisions were $26.49 billion in 2009, $1.55 billion higher than in 2008, and "we believe this was acceptable given the severity of the global recession and the rise in unemployment in most developed markets," said CEO Michael Geoghegan, in a statement.Loan impairments fell by 16% at HSBC's U.S. consumer finance run-off business in 2009 from 2008. The bank's core tier 1 ratio was 9.4% at Dec. 31. HSBC said it was profitable in all regions except North America. HSBC said its global banking and markets division had 2009 pretax profit of $10.5 billion, compared with $3.0 billion in 2008. Geoghegan confirmed Monday he would give his bonus to charity. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV