HSBC Trinkaus & Burkhardt, a subsidiary of HSBC Holdings, has reported a profit of E89.6m, a decrease of 37.8% compared to E144m in 2007.
The company has also reported a profit before tax of E138.2m, for the year ended December 31, 2008, a decrease of 33.3% compared to E207.2m in 2007.
The company has said that the 2008 pre-tax profit was impacted by impairments on available-for-sale assets. Operating profit for 2008 was E200.6m, a decrease of 2.3% compared to E205.4m in 2007.
Net interest income for 2008 increased 26.8% to E139.5m, from E110m in 2007. Net fee income for 2008 was E347.6m, an increase of 9.3% compared to E318.1m in 2007. Net operative trading income for 2008 was E98.2m, a decrease of 1.9% compared to E100.1m in 2007.
Customer deposits of the bank reached E11.6 billion in 2008, an increase of 12.7% compared to 2007. In the fourth quarter of 2008, the bank has reported an operating profit of E67m.
Total assets of the company at the end of 2008 were E22.21 billion, an increase of 5.4% compared to E21.07 billion in 2007.
