Private banking was the fastest growing business at HSBC last year, according to its latest set of results. Profit before tax increased by 24 per cent over 2006 to $1.5 billion, with what the bank referred to as exceptional performance in Asia and record results in Switzerland, among others. The private bank generated $36 billion in net new client assets. Of that, $6 billion was directly referred from other HSBC customer groups. Client assets under management grew by 26 per cent in the year to $421 billion with strong demand for alternative assets and emerging market investments. During the year the bank launched new private client offerings in mainland China and Latin America. Its Global Wealth Solutions business, providing trust and family office services, saw client assets increase by 38 per cent to $79 billion. Overall, net operating income was up 13 per cent to $61.751 billion from $54.793 billion in 2006, and group pre-tax profit was up 10 per cent to $24.212 billion. Loan impairment charges and other credit risk provisions were $17.242 billion in 2007, $6.669 billion higher than 2006.