Profits were also held back by costs associated with the revaluation of the bank’s own debt. These reduced profit by $6.2bn last year, while the 2008 figure benefited from a $6.7bn gain.

Douglas Flint, HSBC finance director, said the figure was lower than in previous years due to strong growth at the group’s global banking and markets division. Profits at the business rose from $3.5bn to $10.5bn — more than 100 per cent of total profit — as other divisions, including its retail operations, suffered losses.

HSBC said it would pay tax on bonuses of about $400m.

The bank was profitable in all regions excluding North America, where losses narrowed from $15.5bn to $7.7bn.

Loan impairment charges were $26.5bn in 2009, $1.5bn higher than in 2008. Mr Flint said it was too early to say that impairments had peaked, although they were “broadly stable”.

There was a significant fall in loan impairment charges in the bank’s US consumer finance portfolios, which was offset by higher charges elsewhere.

Stripping out the goodwill impairment in North America Personal Financial Services, underlying pre-tax profit was $13.3bn, up 56 per cent on the 2008 figure of $4.7bn.

The bank’s results announcement was preceded by confirmation from Michael Geoghegan, chief executive, that he would be donating his bonus of up to £4m to charity over the next three years.

Geoghegan said he would accept the bonus — paid in deferred shares — to reflect a “significantly stronger” performance by HSBC last year.

“Provided that the stock is released I can confirm that between now and 2013 I will give up to £4m to charities around the world, including important causes in Hong Kong and in the UK, where I was a resident for six years until January this year.