HSBC Trinkaus & Burkhardt, which operates in Germany, has announced that its operating profit increased by 33.4 per cent to e137.4 million last year.

This performance is encouraging given the double-digit growth in operating income already achieved in 2003 and 2004. In 2005, the bank improved results significantly in all lines of business. It grew the total number of clients as well as the range of products and services offered.

Net fees and commissions, which are the most important contributor of the bank’s profits, improved by 16.8 per cent from e226.4 million to e264.4 million.

Net interest income rose by 7.6 per cent from e69.3 million to e74.6 million. Trading profits advanced by 36.6 per cent from e54.4 million to e74.3 million.

Risk provisions in the lending business were reduced in 2005 while the bank continues to adhere to its traditionally conservative credit policies. Alongside a reduction in provisions, significant reversals were realised as several commitments, for which loan loss provisions had been made, had performed more positively than originally expected.

“In the first two months of 2006 there was more than Lm35 million worth of business conducted between Malta and Germany.

As one of our main trading partners, having an HSBC presence in both markets is a great advantage in helping businesses to operate, strengthen contacts or develop new business lines.

The strong performance in Germany reflects the fact that the bank is committed to the same winning philosophy wherever it operates,” said HSBC Bank Malta’s Chief Executive, Shaun Wallis.

HSBC Trinkhaus & Burkhardt has a total of twelve offices in Germany employing some 1,600 staff.