27 July 2005
HSBC Trinkaus & Burkhardt, which is approximately 73.5 per cent indirectly owned by HSBC Holdings plc, reported operating profits of EUR48.9 million, slightly higher than the strong result reported in the first half of 2004 (EUR48.8 million).
The increase in operating profit reflected an expansion of customer business resulting in both higher net fees and commissions and net interest income. However, trading profits were lower than in the comparable period in 2004.
Net profit after tax fell in the first half of 2005 to EUR40.7 million; 13.6 per cent lower than the comparable period last year. This fall is mainly due to the impact of disposing of the indirect holding in HSBC Guyerzeller Bank in 2004 which contributed EUR18.5 million.
Highlights
- Net fees & commissions increased by 12.4 per cent to EUR123.5 million in the first six months of 2005; net interest income rose by 10.3 per cent to EUR35.4 million.
- Operating profit of EUR48.9 million was slightly higher than the strong performance reported in the first half of 2004 (EUR48.8 million).
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This autumn, T-Systems International GmbH will acquire 49 per cent of International Transaction Services GmbH, creating a new joint venture designed to acquire increasingly high quality mandates in securities processing.
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