HSBC has reported a nine percent increase in adjusted profit before tax for its global private banking unit in its annual results for 2017 with profit now standing at $296 million due in the main to a reduction in operating expenses which was partly offset by lower revenue. 

Adjusted revenue was three percent lower than in 2016 registering at $1.7 billion, reflecting the continued impact of client repositioning according to the bank. Revenue from the markets targeted for growth increased by 10 percent. This was mainly in Hong Kong, due to growth in investment revenue reflecting increased client activity, and higher deposit inc...