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HSBC Trinkaus reported operating profit of €200.6 million in 2008
2 April 2009
The following text is the English version of a news release issued in Germany by HSBC Trinkaus & Burkhardt, a 78.6 per cent held subsidiary of HSBC Holdings plc.
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Operating profit of €200.6 million for the year ended 31 December 2008, 2.3 per cent lower than the record levels in 2007.
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Customer deposits reached a record level of €11.6 billion in 2008, up 12.7 per cent compared to 2007.
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Net interest income increased by 26.8 per cent to €139.5 million.
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Net fee income increased by 9.3 per cent to €347.6 million.
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Net operative trading income fell by 1.9 per cent to €98.2 million.
In an extremely difficult economic and financial market environment, HSBC Trinkaus recorded operating profits of €200.6 million for the year ended 31 December 2008, slightly lower than the record level of €205.4 million achieved for the same period in 2007.
In the fourth quarter of 2008, the bank reported its best quarterly performance for the year, with an operating profit of €67 million.
At €138.2 million, profit before tax for the year ended 31 December 2008 was 33.3 per cent lower than for the same period in 2007, impacted by impairments on available-for-sale assets. The bank has not taken advantage of the new, more flexible IFRS reclassification options which came into effect in October 2008. Despite the drop in profit, the 2008 figures represent a solid result for the bank in the German banking market. Return on equity before tax stood at 15.2 per cent.
HSBC Trinkaus' traditional strong liquidity position improved considerably in the difficult market conditions showing the confidence of depositors in the bank. In January 2009, Fitch Ratings agency confirmed HSBC Trinkaus' AA rating, making it the best-rated private commercial bank in Germany.
In a difficult market environment, HSBC Trinkaus' sustainable business and HR strategy, together with its proven relationship management and heightened risk awareness, is a clear strength. For the bank, conscientious management means being aware of and managing risks both in difficult as well as in good times. HSBC Trinkaus seeks to grow with its clients, not by increasing its risks. Gearing our business model towards sustainability has paid off in the crisis.
HSBC Trinkaus continues to pursue its customer-oriented strategy in this challenging economic environment successfully. With a clear focus on client service and a strong balance sheet, we will seek to gain further market share.
The full text of the news release can be downloaded using the link on the right.
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