HSBC profits double to £7bn

HSBC reported profits doubled to £7bn for the first half of the year, with gains in every region apart from North America.

The group's strongest growth was in Asia, where lending grew by 15%. Overall, the bank made a profit before tax of $11,104m - an increase of $6,085m, or 121%, compared with the first six months of last year. Total assets for the bank at 30 June were US$2,418bn, an increase of US$54bn, or 2.3% since 31 December 2009. The group also said shareholders will receive a second dividend this year totalling $1.4bn. The jump in profits comes as group chief executive Michael Geoghegan said the bank has a "clear and distinctive strategy" to rebalance the company towards a fast-changing global ...