The UK’s biggest bank HSBC has reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 – more than double its profits for the same time last year.

The bank said it was profitable in every region, except for North America where it saw losses of $80m.

In the UK, profits totalled $2.1bn – a rise of 26%.

The UK’s other major banks Lloyds, Barclays and RBS are due to report their results later this week.

In a sign of the improving conditions in the banking sector, it said the amount of money set aside to cover bad loans had fallen to $7.5bn – the lowest level since the financial crisis began in 2008.