The venerable Duesseldorf-based arm of HSBC saw profit after tax increased to E32.1 million in the first quarter of 2006, compared to E19.5 million in the first quarter of 2005, an increase of 64.6%.
<p>The bank – which specializes in corporate, private and institutional banking services and is one of the longest-standing members of the HSBC group – saw operating profit increase to E52.2 million in the first quarter of 2006 compared to E26.8 million in the first quarter of 2005, an increase of 94.8%. Net fee income increased to E72.9 million in the first quarter of 2006, an increase of 18.7% compared to the first quarter of 2005, it said in a statement.<br /><br />All business segments experienced a positive market environment in the first quarter of the year. Trading performance in equities, equity- and index-derivatives and fixed- income and fixed income derivatives was particularly strong.<br /><br />Corporate and institutional clients also benefited from close co-operation between HSBC Trinkaus & Burkhardt and the rest of the HSBC group. In addition, the private banking business experienced strong growth in assets under management, the bank added.</p>