HSBC’s global private banking (GPB) division has reported a 15 percent increase in profits in 2023.

Pre-tax profits in the division grew from $535 million to $619 million at the 31 December 2023.

Meanwhile, GPB revenues grew 12 percent year-on-year from $2.02 billion to $2.25 billion.

The banking giant attributed this growth to rising interest rates and deposit growth of $11 billion or 15 percent.

Operating expenses did increase by 10.16 perce...