Securities services revenue up 13 percent at HSBC

Securities services revenue at HSBC in the first quarter of this year is 13 percent higher than in the same period a year ago.

The figures are tucked away in the 30-page document setting out the global bank's results. They show that the division accounted for just over 10.4% of HSBC's global banking and markets net operating income, earning US$405 million out of a total of $1,934 million.

They pale into insignificance, however, when measured against total group revenue of $12,993 million, a figure down 13 percent on a year earlier. The bank makes the point that this is due largely to a change in the accounting treatment of the fair value on its own debt.

HSBC performed well, says Stuart Gulliver, group chief executive, as the bank continues its pivot to Asia.