HSBC annual pretax profit more than doubles, puts forward key goal

HSBC reports annual pre-tax profit more than doubled as the bank reversed hefty credit charges booked previously, saying it now expects to meet a key profitability goal a year ahead of schedule.

HSBC Holdings on Tuesday reported annual pre-tax profit more than doubled as the Asia-focused bank reversed hefty credit charges booked previously, saying it now expects to meet a key profitability goal a year ahead of schedule.

The lender reported pretax profit came in at $18.9 billion last year, up from the previous year's $8.8 billion but just below the $19.1 billion average of 17 analyst estimates compiled by HSBC itself. The bank said that if central bank interest rates rise worldwide as expected, the resulting improvement in its lending margins would mean it hits its goal of a double-digit return