Kleinwort Hambros Bank made a £35 million pre-tax loss in 2019, mostly the result of a coronavirus-related goodwill impairment.

Operating income at the bank – which includes Kleinwort Hambros Group’s private banking and wealth management activities in the UK – fell 6.2 percent from £84.9 million (2018) to £79.6 million in the full-year 2019.

This income dip reflected lower interest rates and lower AUM, however operating expenses contracted 12.8 percent to £79 million, the result of tighter cost control, the bank said.