Profits at HSBC’s investment bank more than doubled in the third quarter, compared to a year ago, thanks in large part to strong performance from the bank's credit trading desk.

HSBC this morning reported third-quarter pre-tax profits of $2.2bn from its Global Banking and Markets unit. This figure was more than double the $1bn reported in the same period in 2011, and up slightly on the $2bn from the previous quarter.