HSBC announce 56% rise in profit

HSBC boss Michael Geoghegan confirmed today that he will hand up to £4m (€4.45m) of his bonus payouts to charity as the banking giant reported a 56% rise in annual profits.

The group said it made $13.3bn (€9.7bn) in underlying pre-tax profits last year, up from an adjusted $8.6bn (€6.3bn) in 2008.

Its chief executive said he would pass on his £4m (€4.45m) bonus entitlement - which will be paid in deferred shares – to charities around the world over the next three years.