The bank’s annual results show it made available £15bn of new mortgage lending last year, compared to £12.8bn in gross lending in 2008.
In its European arm, which includes the UK, the average LTV on new business was less than 55%.
Michael Geoghegan, group chief executive at HSBC, said: “These results were ahead of our expectations at the outset of the year, and they underscore the resilience of HSBC throughout the most difficult stages of the economic cycle. In particular, our improved underlying performance highlights the strength of our diversified business model.”