H1 2012 profit dip for HSBC Private Bank

H1 2012 profit for HSBCs Swiss private bank fell by 4.1% year-on-year as a crackdown on tax evasion is said to have hit margins with interest income also declining.

Verdict Staff

H1 2012 profits fell to CHF 187.8m ($197m) compared to CHF195.8m in H1 2011.

Net inflows for HSBC Private Bank also stood at CHF 6.6bn in H1 2012.

HSBC reportedly wants to change its target client base from smaller, offshore clients to ultra-high net-worth international and domestic customers.

This development, along with a review of certain client relationships, is said to have resulted in a loss of $1.7 billion of client assets in H1 2012.

Source: Private Banker International