HSBC’s wealth and personal banking (WPB) arm delivered net new invested assets totaling $91 billion since September 30 last year, according to the bank’s earnings release for the third quarter of 2022, citing investments in Asia as a top driver.

As a result, the investments also contributed to a 2 percent increase in adjusted operating expenses to $200 million in the first nine months of 2022.

Overall, the WPB unit registered a net operating income of $6.29 billion in the third quarter, up 25 percent year-on-year. Year-to-date, the WPB unit generated $17.21 billion in net operating income, up 7 percent compared to the same period in 2021. The global private banking business contributed $525 million (up 19 percent) and $1.47 billion (up 9 percent) of net operating income for the third quarter and the first nine months of 2022, respectively.