hsbc: HSBC Bank Australia
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HSBC Bank Australia saw its annual 2009 pre-tax profit jump by 25 per cent to $251 million despite a halving of profits from its commercial banking arm.Chief executive Paulo Maia said: "These results can be attributed to ... HSBC's strategic focus on international connectivity, our relationship banking business model and importantly, our financial strength."
The Australian operations of Europe's biggest bank, HSBC Holdings plc, attributed the profit rise to diversified earnings streams, strong liquidity and a solid capital position.HSBC Australia's personal banking division was the standout performer in 2009, with pre-tax profits surging 81 per cent to $38 million as the bank grew its mortgage portfolio by over 25 per cent and expanded its mass affluent customer base by almost 60 per cent.
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The Australian operations of Europe's biggest bank, HSBC Holdings plc, attributed the profit rise to diversified earnings streams, strong liquidity and a solid capital position.HSBC Australia's personal banking division was the standout performer in 2009, with pre-tax profits surging 81 per cent to $38 million as the bank grew its mortgage portfolio by over 25 per cent and expanded its mass affluent customer base by almost 60 per cent.
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