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HSBC Trinkaus & Burkhardt third quarter 2005 results
10 November 2005
HSBC Trinkaus & Burkhardt has announced a strong increase in its third quarter 2005 results.
Operating profit was up 21.0 per cent to EUR87.4 million in the first nine months of 2005, while profit after tax was up 31.2 per cent during the same period. Over the first three quarters of 2005, HSBC Trinkaus & Burkhardt’s results have shown continuous improvement. Return on equity before tax increased to 25.4 per cent.
The EUR15.2 million increase in operating profit for the first nine months of 2005 was reflected in all areas of the business. The third quarter delivered the strongest operating profit of the year and was up on the corresponding period last year.
Risk provisions remained low as a result of the bank’s continued stringent credit risk assessment criteria. A 31.2 per cent increase in profit after tax, up EUR18.9 million to EUR79.5 million, is particularly notable because last year’s results included a one-off gain due to the sale of an indirect shareholding in HSBC Guyerzeller Bank.
Return on equity increased to 25.4 per cent on an annualised basis in the first three quarters 2005, compared to 18.9 per cent in the previous year.
Interest income improved by 13.9 per cent to EUR57.5 million despite low interest margins. This was mainly due to high customer deposits which were re-invested in the inter-bank market.
Fees and commissions increased 18.5 per cent (EUR30.5 million) to EUR195.4 million. This was mainly as a result of an upturn in the financial markets. Origination and structured solutions also delivered much improved results.
Trading profits exceeded last year’s results by 3.0 per cent to EUR47.7 million. The increase was mainly a result of stronger numbers from equities, equity derivatives and foreign exchange. Fixed income sales slightly decreased.
Read the full media release. (3 page pdf 12k)
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