HSBC Trinkaus & Burkhardt AG announced consolidated earnings results for the six months ended June 30, 2018. For the period, net fee income was EUR 210.8 million, net interest income was EUR 103.0 million, pre-tax profit was EUR 83.6 million and net profit was EUR 55.0 million against net fee income of EUR 259.2 million, net interest income of EUR 101.5 million, pre-tax profit of EUR 153.2 million and net profit of EUR 102.3 million for the same period a year ago. Return on equity before tax was 8.3% against 14.6% a year ago. The lower result for the first six months of the year reflects a high level of investment as well as losses in the traditionally strong fee-based business in particular. Net interest income improved slightly as it was only possible to replace maturing bonds with bonds offering a comparable risk profile and a far lower coupon, interest income from financial assets fell once again.