UK/Hong Kong-listed HSBC said pre-tax profits for its global private bank fell in the third quarter and in the first nine months of 2011 from their comparable periods a year ago, with revenue rises more than offset by rising Swiss franc-denominated operating costs, rising regulatory burdens, and more hires
UK/Hong Kong-listed HSBC said pre-tax profits for its global private bank fell in the third quarter and in the first nine months of 2011 from their comparable periods a year ago, with revenue rises more than offset by rising Swiss franc-denominated operating costs, rising regulatory burdens, and more hires.
Pre-tax profits for the nine months to 30 September were $800 million, down from $830 million a year ago; in the three months to end-September, the figure was $248 million, down from $274 million a year before.
At the end of September, HSBC’s private bank had a cost-efficiency ratio of 67.4 per cent, up from 63.7 per cent a year before. This ratio is still some way below the global average in wealth management of almost 80 per cent, according to latest industry figures (Source: Scorpio Partnership).
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