HSBC unit up 25pc
HSBC Americas, the North American arm of HSBC Holdings which owns Marine Midland, has reported a 25 per cent jump in third quarter net income to US$101 million, against $81 million last year.
The group, which has recently expanded vigorously in the US, with the acquisition of First Federal Savings Bank and JP Morgan's US dollar clearing business, said its core business was good and the acquisitions had enhanced its revenue stream.
Return on common equity grew 22.09 per cent, and the group's cost-to-income ratio had fallen further to 53 per cent from 55 per cent.
In the nine months to the end of September, net income was up 26 per cent to $276 million and cost-to-income had dropped to 52 per cent from 56 per cent. The recent purchases by the bank led to an 11 per cent increase in assets to $22.2 billion.
HSBC Americas chief executive officer James Cleave said the acquisitions would not lead to a corresponding rise in costs.
