SP Hinduja Bank Privée on Friday (20) announced strong results for 2021 and delivered good returns for clients and continued operational growth under CEO Karam Hinduja, the bank said in a statement.
The operational profitability increased by 30 per cent and total assets under management (AUM) increased by over $699 million (£560m) over the period, the bank said.
The firm added that the positive performance continues in the first quarter of 2022.
The bank has generated a gross internal rate of return (IRR) of 63 per cent and net IRR of 44 per cent on pre-IPO private market investments for its clients from January 1, 2021 to March 31, 2022, according to the statement. It maintains capital adequacy, a measurement of a bank’s available capital expressed as a percentage of a bank’s risk-weighted credit exposures, at 38 per cent.
“Today’s results show that a new, progressive leadership approach is enabling SP Hinduja Bank Privée to go from strength to strength, delivering strong returns for our clients and investors,” said Hinduja, who took charge in March 2020.
“We have started off 2022 extremely well with a host of new initiatives in the pipeline that will further benefit our clients. I will continue to open pathways for growth previously out of reach to private banks.”
The bank has given an average of 13.5 per cent annual yield across private debt investments, including in sustainable energy & infrastructure, for clients between February 2021 and February 2022, the statement further said. Advisory mandate portfolios generated clients up to 20 per cent yield for 2021.
The bank said that after taking over, Hinduja focused on client service and returns. Now the bank has experts in asset management, venture capital and other verticals, putting it at the forefront of new-age Swiss banking services, it added.