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HSBC reports 12% rise in gross mortgage lending in 2011

HSBC has reported gross mortgage lending of £13.2bn for 2011, up 12.2 per cent on the £11.8bn it lent in 2010.

The bank is claiming a market share of gross mortgage lending of 9.6 per cent, up from 8.75 per cent in 2010.

It has also reported a pre-tax profit of £1.5bn for its UK business in 2011, up 17.2 per cent on the previous year.

In addition, HSBC advanced £11.9bn to SMEs last year, a 15 per cent increase in 2010.

HSBC head of UK retail banking Joe Garner says: “Despite the ongoing challenging economic conditions, during 2011 HSBC used its unique international strength to lend record amounts to both UK businesses and individual customers, and critically our net lending to businesses grew against a backdrop of a shrinking market. 

“We remain fully committed to helping the UK economy continue to recover and we will continue to support our customers through the challenges ahead.”

HSBC has pledged to lend £15bn in mortgages in 2012, which would equate to an estimated market share of 11 per cent.

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