The global private banking arm of HSBC has reported a pre-tax profit of US$364 million for the first half of 2014, a surge of 237% compared to US$108 million a year earlier.
On a constant currency change basis, the private bank profit surged by 206%, the Hong Kong/London-listed group said in a statement.
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During the first six months of 2014, the division’s net interest income was US$536 million, a dip of 6.7% compared to US$575 million a year ago.
As of 30 June 2014, client assets at the private bank stood at US$384 billion, down from US$386 billion at the end of June 2013.
The retail banking and wealth management arm of the bank recorded pre-tax profit of US$3 billion for the first half of 2014, down 6.8% from US$3.24 billion a year ago.
Overall, the HSBC group reported a 12% fall in pre-tax profit to US$12.34 billion for the first half of this year.
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By GlobalDataThe group’s underlying revenue dropped 4% to US$31.36 billion from US$32.7 billion, while operating expenses increased 2% to US$18.2 billion.
Stuart Gulliver, group chief executive said, "These results demonstrate the resilience of our business model. Whilst regulatory uncertainty persists, our balance sheet remains strong and our continuing ability to generate capital supports both growth and our progressive dividend policy."
