Asia-focused banking giant HSBC said Monday that its net profit more than doubled to $13.16 billion (9.56 billion euros) last year as bad debts plunged to the lowest level since 2006.

HSBC said in a results statement that pre-tax profits soared 170 percent to $19 billion in 2010, while loan impairments and other credit risk provisions dived 47 percent to $14.04 billion. Revenues rose 3.1 percent to $68.3 billion.

"Underlying financial performance continued to improve in 2010," HSBC chief executive Stuart Gulliver said in the results statement.

News: The Daily Star Bangladesh/ Mar-01-2011