HSBC reports retail growth
(2 March 2010 – Australia) HSBC, the world’s largest bank, has reported a 12 percent increase in its net profit from A$251 million to A$282 million for 2010.
The bank’s retail division was responsible for much of the increase, jumping 69 percent to A$64 million, while the bank’s global banking and markets business recorded a A$72 million fall in profit.
The bank attributed the fall profit in the global banking and markets division to volatile world finance markets.
Paulo Maia, HSBC’s Australian chief executive, said that the bank was keen to grow its retail banking business, centred on its high-net-worth premium customers.
'We have also grown our mortgage book quite substantially,' Mr Maia said.
'We used last year to grow when the market was struggling with funding costs. We are still in a relatively comfortable position from a funding perspective. We'd be even better off if the withholding tax on parent funding for international banks were removed."
'There is still room for us to grow, maybe not as aggressively as we have, particularly as we are seeing the other banks trying to gain market share.'
The bank opened three new Australian branches in its network of 27 branches in capital cities, and plans a more extensive rollout this year.
The bank attributed the fall profit in the global banking and markets division to volatile world finance markets.
Paulo Maia, HSBC’s Australian chief executive, said that the bank was keen to grow its retail banking business, centred on its high-net-worth premium customers.
'We have also grown our mortgage book quite substantially,' Mr Maia said.
'We used last year to grow when the market was struggling with funding costs. We are still in a relatively comfortable position from a funding perspective. We'd be even better off if the withholding tax on parent funding for international banks were removed."
'There is still room for us to grow, maybe not as aggressively as we have, particularly as we are seeing the other banks trying to gain market share.'
The bank opened three new Australian branches in its network of 27 branches in capital cities, and plans a more extensive rollout this year.
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