HSBC global private banking division reported net operating income of $437m in the first quarter 2013, dropping 46% from $787m in the fourth quarter of 2012 and $820m the same period last year.

The bank reported a year-on-year pre-tax loss of $125m from $286m.

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The cost efficiency ratio in the division skyrocketed to 127.5 % in the first quarter, from 64.8% year-on-year.

Overall, HSBC group almost doubled pre-tax profits to $8.4bn in the first three months of 2013.

Costs in the first quarter were down 10% from a year ago, and now consist of about 53% of income.

 

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