HSBC's profits more than doubled in 2010, with the bank announcing pre-tax profits of $19bn (£11.8bn) last year, up from $7.1bn in 2009.

The bank said it had made profits in every customer group and region for the first time in four years.

HSBC chief executive Stuart Gulliver said HSBC, which survived the financial crisis without receiving government support, had made "a good start to the year."

The bank has however cut its return on equity target due to more stringent capital requirement regulations.

The news follows Barclays' announcement earlier this month that it had made pre-tax profits of £6.07bn in 2010.