HSBC Holdings PLC released their fourth-quarter pre-tax profit report on Thursday, revealing that their profits had exceeded expectations.

The bank reported a pre-tax profit of $5.2 billion for the fourth quarter of 2020, up from $3.3 billion in the same period the year before. This was higher than the $4.4 billion estimated by analysts.

The bank attributed the strong results to its cost-cutting efforts, as well as its focus on digital banking and increased customer deposits.

HSBC’s full-year pre-tax profit also increased, from $9.2 billion in 2019 to $13.7 billion in 2020. The bank also reported a return on tangible equity of 8.1%, up from 6.7% in 2019.

HSBC’s CEO Noel Quinn said in a statement: “We have made good progress in 2020, despite the significant challenges posed by the global pandemic. We have taken decisive action to improve our financial performance, while continuing to serve our customers and support our communities.”

The bank also announced plans to increase its dividend for the first time since 2016, with a proposed payout of $0.10 per share.

Overall, HSBC’s strong fourth-quarter results demonstrate the bank’s resilience in the face of the pandemic, and its ability to adapt to the changing market conditions.