LONDON (dpa-AFX) - HSBC Trinkaus & Burkhardt AG, an 80.6% indirectly owned unit of HSBC Holdings plc (HSBA.L, HBC), posted 18.0% lower pre-tax profit of 108.1 million euros in the first half of 2014, compared with last year's 131.9 million euros. Half-yearly net profit slid to 72.6 million euros, from 88.5 million euros last year, due to the bank's withdrawal from Luxembourg, which is near completion, as well as the cost of investment in infrastructure to implement the growth initiative in Germany.
On the other hand, for the first six months of 2014, operating revenues were 0.5% higher at 347.5 million euros, compared with adjusted 345.8 million euros, in the first half of 2013. Six-month net interest income increased year-on-year to 87.6 million euros, from 81.4 million euros, due to an improvement in net interest income earned in the client lending business, partially offset by lower levels of interest income from financial assets as a result of adverse market conditions.
Copyright RTT News/dpa-AFX