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 economy and focus on emerging markets.

He added capital and funding strength will be the crucial decider in which banks will be successful and which will be left behind.

Release of HSBC's results starts a week of reporting for the banks with Lloyds, Barclays and RBS also forecast to post an upturn in profits.

However, Chancellor George Osborne stressed over the weekend, the banking community must do more to help small and medium sized businesses as the sector's profits improve.