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  1. Wealth
August 3, 2009

WBrief: HSBC PB 1H09 profits down 23%

By Spear's

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.

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.

To read the full story, visit wealthbriefing.com
 

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