HSBC India Profit Surges 25% to USD 1.5 Billion in 2023
By Rediff Money Desk, NEWDELHI Feb 21, 2024 19:58
HSBC Group reports a 25% rise in profit from India operations to USD 1.5 billion in 2023, driven by growth in wholesale banking and wealth management. The bank aims to continue expanding in India.
New Delhi, Feb 21 (PTI) HSBC Group on Wednesday posted a 25 per cent increase in profit from India operations to USD 1.5 billion for the financial year ended December 2023.
The bank, which follows the calendar year as its fiscal, had earned a profit of USD 1.2 billion in 2022, HSBC said in its annual report for 2023.
Countries, including India, Singapore, and Saudi Arabia, are the growing markets for the bank, it said.
This was again evident as all of them reported a significant increase in profits in 2023, with mainland China (excluding associates), India, and Singapore each contributing in excess of USD 1 billion of profits to the group, it said.
HSBC aims to continue growing its wholesale franchise by taking advantage of corporate supply chains in India, as per the annual report.
The bank is also tapping into the wealth pools of the Indian diaspora with the launch of onshore Global Private Banking, it said.
HSBC, which has 42,000 employees in India operations, said the economies of south and southeast Asia will carry good economic momentum into 2024.
"India and Vietnam are currently among the fastest growing economies in the world, benefiting from competitive labour costs, supportive policies, and changing supply chains," it said.
Chinese companies are among those increasingly looking towards these and other markets, as China's economic transformation towards high-quality growth and domestic consumption continues, it said.
The bank, which follows the calendar year as its fiscal, had earned a profit of USD 1.2 billion in 2022, HSBC said in its annual report for 2023.
Countries, including India, Singapore, and Saudi Arabia, are the growing markets for the bank, it said.
This was again evident as all of them reported a significant increase in profits in 2023, with mainland China (excluding associates), India, and Singapore each contributing in excess of USD 1 billion of profits to the group, it said.
HSBC aims to continue growing its wholesale franchise by taking advantage of corporate supply chains in India, as per the annual report.
The bank is also tapping into the wealth pools of the Indian diaspora with the launch of onshore Global Private Banking, it said.
HSBC, which has 42,000 employees in India operations, said the economies of south and southeast Asia will carry good economic momentum into 2024.
"India and Vietnam are currently among the fastest growing economies in the world, benefiting from competitive labour costs, supportive policies, and changing supply chains," it said.
Chinese companies are among those increasingly looking towards these and other markets, as China's economic transformation towards high-quality growth and domestic consumption continues, it said.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- IFL Enterprises
- 1.36 (+ 4.62)
- 96270207
- Franklin Industries
- 3.90 (+ 4.56)
- 27488423
- Vodafone Idea L
- 16.17 ( -3.69)
- 21236550
- Indian Renewable
- 259.85 ( -4.55)
- 14220958
- AvanceTechnologies
- 0.91 ( 0.00)
- 11517194
MORE NEWS
Indian Markets Turn Negative After Record Highs
Indian stock markets experienced volatility on Thursday, turning negative after...
ASK Property Fund Invests Rs 190 Cr in...
ASK Property Fund has invested Rs 190 crore in a real estate project being developed by...
Japan Trade Deficit Shrinks as Exports Rebound
Japan's trade deficit narrowed in the first half of 2023, driven by a recovery in...