HSBC Trinkaus announced preliminary earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported pre-tax profit of €57.0 million, slightly lower when compared to the prior-year figure €58.8 million a year ago, primarily reflecting the impact of the decision, made in 2013, to withdraw from Luxembourg. Net profit was €38.3 million compared to €39.4 million in the same period in 2013. On a continuing basis, adjusting for the impact of the withdrawal from Luxembourg, operating revenues increased by 9.0% to €174.3 million compared to €159.9 million in the first quarter of 2014. Net interest income increased by €2.6 million from €39.3 million in the comparable period of 2013 to €41.9 million. This is primarily due to an increase in net interest income earned on higher volumes of client lending business, partially offset by lower levels of interest income from financial assets in adverse market conditions. Net fee income fell by €8.6 million to €93.2 million from €101.8 million a year ago. Net fee income from securities transactions was impacted by the withdrawal from Luxembourg and revenues in the fixed income business earned from institutional clients were lower than in the previous year owing to low returns in a difficult market environment.

A slight increase in total revenues is expected for 2014 despite the withdrawal from Luxembourg.