HSBC the UK’s biggest bank has today announced that it has made pre-tax profits of around £7bn.
The bank also reported that they were profitable in every other other region in the World except North America where they saw a loss of around $80m.
The rise in profits in the UK is up around 26% from last year and gives other banks who will be releasing their figures later this week a benchmark.
Shareholders in the bank will receive dividends of around $1.4bn, this is on top of the announcement earlier this year.
Other encouraging news is that monies set aside to cover bad loans has fallen to its lowest since the financial crisis began.
Investors hailed the news from the bank as shares went up across the board, Lloyds and RBS both reported a rise of more than 5%.
Despite this many have warned for the bank to make a complete recovery in the US market would depend on the recovery of the US housing market.
Also lending in the UK is still down at £500m a month compared to £900m two years ago.