Financial Results
HSBC's Private Bank Reports Stronger H1 Profit
The UK/Hong Kong-listed bank reported half-year results.
HSBC today reported that
private banking’s adjusted pre-tax profit for the half year to 30
June stood at $190 million, up from $144 million in the same
period a year ago. In total, the UK/Hong Kong-listed group’s
profit was $12.129 billion for the six-month period, down a touch
from $12.364 billion.
Private banking net operating income was $929 million, up from
$874 million; its adjusted cost/income ratio was 80 per cent,
tightening in from 83.4 per cent a year ago, it said today.
Total operating costs at the private bank were $743 million in the half-year, from $729 million a year before.
The private bank accounted for 1.6 per cent of its parent bank's
adjusted profit in the latest reporting period, up from 1.2 per
cent.
“Global private banking enjoyed a successful six months, growing
adjusted revenue and attracting net new money through
collaboration with our other global businesses,” John Flint,
group chief executive, said.
The group reported a common equity tier 1 ratio, or CET1 ratio –
a common measure of a bank’s capital buffer – of 14.2 per
cent.
The lender is the latest UK-headquartered lender to have reported results, following Standard Chartered, Royal Bank of Scotland, Barclays and Lloyds Banking Group in recent days.
