The wealth and personal banking unit of HSBC recorded strong growth across the board, especially in Asia.
Globally, fee and other income at HSBC’s wealth and personal banking (WPB) unit increased 14 percent to $1.8 billion in the first quarter of 2024, according to the bank’s presentation to investors and analysts. This included strong growth across the board in asset management (8 percent increase), life insurance (3 percent), private banking (34 percent) and investment distribution (14 percent).
Asia performed notably well with strong brokerage and trading within the private bank as well as strong sales of mutual funds, structured products and bonds within investment distribution. In terms of net new invested assets, the region accounted for $19 billion out of the global total of $27 billion. Overall, the bank’s pre-tax profit fell 1.8 percent to $12.7 billion in the first quarter.
