British banking giant HSBC has reported a pre-tax profit of $17.2bn for the year 2017, a surge of 141% on the equivalent figure for 2016.

Adjusted pre-tax profit for the year ended 31 December 2018 was $21bn, an increase of 11% compared to $18.93bn a year ago.

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Compared to the previous year, the bank’s reported revenue rose by 7% to $51.44bn and adjusted revenue increased 4.5% to $51.52bn.

Net interest income declined to $28.17bn from $29.81bn last year. Total operating expenses dropped to $34.88bn from $39.81bn a year ago.

The banking group’s common equity tier 1 ratio at the end of December 2017 was 14.5% as against 13.6% a year earlier.

HSBC’s retail banking and wealth management unit reported adjusted pre-tax profit of $6.48bn for the year 2017, compared with $5.25bn last year.

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Adjusted pre-tax profit at the bank’s global private banking division rose to $296m from $272m a year ago.

Commenting on the performance, HSBC group chief executive Stuart Gulliver said: “These good results demonstrate the strength and potential of HSBC. All our global businesses grew adjusted profits and we concluded the transformation programme that we started in 2015. HSBC is simpler, stronger, and more secure than it was in 2011.

“It has been my great privilege to lead HSBC for the last seven years, and in handing over to John I am confident the organisation is in great hands.”

HSBC group chief executive designate John Flint said: “These results and the achievements of the last couple of years give us a great platform to build on. I am working with the management team and the Board to evolve our strategy and execute it at pace, and I will update shareholders on this work by our half year results.

“The fundamentals of HSBC will remain the same as they always have – strong funding and liquidity, strong capital, and a conservative approach to credit.”