Australia's top bond issuer, HSBC Bank Australia, has reported a surge in first-half profit before tax despite a slump in its personal financial services division.
For the first-half of 2008, the group reported an increase in profit before tax of 96 per cent to US$100 million, up from US$51 million in the last corresponding period.
The company attributed the advance in profit to stronger performances within its commercial and global banking divisions.
However, HSBC Bank Australia's personal financial services profit before tax for the period slumped 21 per cent to US$15 million.
The fall in profit came amid global stock market volatility which caused equity markets from Australia, the United States, Germany and Korea to enter bearish territory.
The group has been expanding its presence amongst Australian financial planners and their clients, by forming a new wholesale wealth management business to distribute its global suite of products.
The group also launched a structured product in June which gave investors exposure to Brazil, Russia, India and China (BRIC).
It was HSBC Bank Australia's first structured product and part of its so-called 100+ series of structured investments.
HSBC Bank Australia is owned by London-based HSBC Holdings, Europe's largest lender by market value.
