HSBC’s wealth unit registered more than $90 billion in net new invested assets in the past year, driven in no small part by its efforts in Asia.
HSBC’s wealth and personal banking (WPB) arm delivered net new invested assets totalling $91 billion since September 30 last year, according to the bank’s earnings release for the third quarter of 2022, citing investments in Asia as a top driver.
As a result, the investments also contributed to a 2 percent increase in adjusted operating expenses to $200 million in the first nine months of 2022.
Overall, the WPB unit registered a net operating income of $6.29 billion in the third quarter, up 25 percent year-on-year. Year-to-date, the WPB unit generated $17.21 billion in net operating income, up 7 percent compared to the same period in 2021. The global private banking business contributed $525 million (up 19 percent) and $1.47 billion (up 9 percent) of net operating income for the third quarter and the first nine months of 2022, respectively.
