The pre-tax profit at HSBC Private Bank, part of the UK/Hong Kong-listed banking giant, fell to $632 million in the six months to 30 June from $822 million in the same period a year ago.
The pre-tax profit at HSBC Private Bank, part of the UK/Hong Kong-listed banking giant, fell to $632 million in the six months to 30 June from $822 million in the same period a year ago.
Net operating income at the private bank fell to $1.575 billion from $1.92 billion, HSBC said in a statement today.
The private bank’s revenues were reduced by lower values of funds under management, reflecting lower market turnover and drops in equity markets and preference by clients for lower-risk assets. In addition, disposal gains recorded in 2008 did not recur, the firm said.
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Client assets held steady at $345 billion. Net new money fell during the period, although there were net inflows from Asia and Latin America, while intra-group referrals generated more than US$2 billion of net new money, HSBC said.
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