HSBC India's profit before tax jumps 15% to $ 1.277 billion

22 Feb 2023 , 10:57 AM

HSBC reported a 15.04% increase in pre-tax profit from operations in India to USD 1.277 billion for 2022, on Tuesday. In 2021, the bank reported a pre-tax profit of USD 1.11 billion from its operations in India, which remains the fourth-largest contributor to group profits.

It added 1,000 employees to its India workforce in 2022, bringing the total number of employees to 39,000, the highest in any market. The bank, like many other foreign lenders, has extensive back-office operations in India.

According to a statement, the bank has become the country’s largest foreign lender by advances and deposits as of March 2022. It also manages 9% of traded forex and 15% of foreign investor custody assets.

As per the company’s statement, the profits generated from the wealth and personal banking division skyrocketed to USD 45 million in 2022 from USD 20 million, indicating a significant increase of more than 100%. Additionally, the ‘corporate center’ segment contributed to the overall profit growth, as the profit rose to USD 306 million from USD 232 million.

The bank stated that its GIFT City International branch has a USD 3.5 billion balance sheet, placing it among the top three foreign lenders operating from India’s international financial service centre.

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