HSBC Holdings
Rank: 20
Profits ($millions): $19,133
Change from 2006: 21.2%
Ticker: HBC
Net income was up 21% to $19.1 billion in 2007, led by strong growth in emerging markets, which sent Europe's biggest bank up five places from last year on Fortune's global most profitable list.
Profits were split 60:40 between the emerging and developed markets, with earnings from China adding more than $1 billion to the firm's bottom line for the first time.
A turnaround in the faltering Latin America business generated profits before taxes in excess of $2 billion.
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Last updated July 09 2008: 8:24 AM ET
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