London-based HSBC saw strong growth in invested assets in Asia with the addition of more than $50 billion in the first six months of 2024.
HSBC’s invested assets in Asia reached $607 billion at the end of June 2024, according to the presentation of the bank's financial results, marking a 21 percent year-on-year growth and a $58 billion increase compared to end-2023. The figure includes contributions from retail banking, private banking and third party asset management distribution.
This was driven in part by net new invested assets of $38 billion in the first six months of the year, compared to $28 billion during the same period last year. Globally, invested assets rose 16 percent to $1.27 trillion with $33 billion of net new invested assets.
Private Banking Highlights
Within the global private banking arm, HSBC posted a 23 percent increase in invested assets in Asia to $185 billion. The regional business also saw particularly strong revenue growth from non-interest income.
«Over the last five years, we have taken a number of actions to reduce our sensitivity to interest rates and create the bank of the future,» commented group CEO Noel Quinn. «Building our wealth business, especially in Asia, to capitalize on increasing affluence has been one of the key priorities.»
