HSBC reported a rise in pre-tax profits of 37%, posting a figure of £9.6bn ($17.6bn) to the investment markets.

This represents the largest profit recorded from any UK banking company.

It is the latest in a series of high profit reports from UK banks in what are otherwise reported as "favourable" global economic conditions for banking and investment.

Earlier this month Barclays Bank reported pre-tax profits up 20% to £4.6bn. This was later followed by the Royal Bank of Scotland reporting an increase in pre-tax profits of 14%, to almost £7 billion.

Earlier this month, Barclays reported pre-tax profits of £4.6bn, up 20% on the year before.

This was followed a couple of weeks later by Royal Bank of Scotland, which reported a 14% rise in annual pre-tax profits to nearly £7bn.

The profit report underlines the success of the UK banking groups in an otherwise strong global economy.

However, the chain of record profits has lead to consumer groups to call for a reduction in fees and trade unions have called for improved increases to staff salaries.