HSBC USA Inc. said first-quarter profits rose 31%, to $159 million, as the acquisition of Republic New York Corp. boosted fee income from private banking and other activities.

The acquisition, which was completed in December, more than doubled the asset size of New York-based HSBC USA, to $86.4 billion. It also made the company the third-largest depository institution in New York State, with $54.2 billion of deposits, two million retail customers, and 120,000 commercial and institutional customers.

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