The group’s wealth revenue fell 9% to US$1.9 billion in Q3 22 year-on-year (YoY) mainly due to adverse insurance market impacts of US$375m and lower investment distribution.

Wealth balances posted a 10% decline YoY, reaching US$1.47 trillion as of the end of Q3 22. On a quarterly basis, this was a 5.6% decrease, according to HSBC’s latest earnings presentation. Within wealth and personal banking (WPB), revenue rose 25% to US$6.3 billion driven by personal banking from July to September, which was up 51% to US$4.3 billion YoY ‘primarily from interest rate rises and global balance sheet growth,’ stated the presentation. We maintained our strong mo

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