Global bank HSBC has released its H1 2019 results and its Retail Banking and Wealth Management division made $4.4bn in pretax profit.

In comparison, the arm only made $3.6bn in pretax profit at the same point last year. Retail Banking saw $7.8bn in the half, $781m higher year-on-year and a 10% increase.

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The group as a whole gained $12.4bn in pretax profit, a 15.8% increase year-on-year from $10.7bn.  Profit after tax was up 18.1% to $9.9bn.

HSBC Retail Banking and Wealth Management also gained 700,000 customers worldwide in H1 2019. The largest growths were seen in Mexico, Hong Kong and the UK.

Digital banking was a huge priority for HSBC in H1 2019 and it released over 90 new features for online and mobile banking. It also accelerated the deployment of its improved mobile banking app with launches in three new markets.

In addition, it increased its lending in the UK and Hong Kong by $10bn, and customer deposits by $11bn, compared with the end of 2018.

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Flint steps down

However, HSBC boss John Flint has stepped down after just 18 months in the role. Flint was promoted to the role in February 2018 and worked at the bank for 30 years.

Noel Quinn was appointed as interim Group Chief Executive and as a Director of HSBC Holdings.

Mark Tucker, Group Chairman of HSBC, said: “On behalf of the Board, I would like to thank John for his personal commitment, dedication and the significant contribution that he has made over his long career at the Bank. Today’s positive interim results particularly reflect John’s achievements as Group Chief Executive.

“HSBC is in a strong position to deliver on its strategy. In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”

Flint added: “It has been a privilege to spend my entire career with HSBC, rising from International Officer Trainee to serve as Group Chief Executive. I am grateful to my wonderful colleagues at the Bank for their support during my career, and I am proud of what we achieved together.

“I have agreed with the Board that today’s good interim results indicate that this is the right time for change, both for me and the Bank. After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the Bank’s stakeholders in the best possible way.”