HSBC India Profit For First Half 2022 Rises 22% - The Economic Times

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Read Today's Paper HSBC India profit for first half 2022 rises 22%SECTIONSHSBC India profit for first half 2022 rises 22%By Joel Rebello, ET BureauLast Updated: Aug 01, 2022, 08:54:00 PM ISTRate StoryGoogle LogoWhatsapp Follow ChannelFollow usShareFont SizeAbcSmallAbcMediumAbcLargeSavePrintCommentSynopsis

Profit before tax increased to $644 million in the six months ended June 2022 from $529 million a year ago led by a 70% increase in the profit from the bank's corporate centre division, which provides support services to the bank globally increased to $131 million in the first six months of 2022 from $77 million a year ago.

HSBC India profit for first half 2022 rises 22%ETtech
Hong Kong and Shanghai Banking Corp Ltd (HSBC) Europe's second largest bank by assets reported a 22% rise year-on-year in net profit from India in the first half of 2022 led by its corporate centre division, which provides support services to the bank globally. Wealth management and personal banking also turned profitable from a loss last year.Profit before tax increased to $644 million in the six months ended June 2022 from $529 million a year ago led by a 70% increase in the profit from the bank's corporate centre division, which provides support services to the bank globally increased to $131 million in the first six months of 2022 from $77 million a year ago.Profit from the bank's global banking & markets division (GBM) the largest revenue for the bank which services large corporations and also includes treasury income increased 2% to $324 million from $317 million a year ago while commercial banking division which serves small and medium enterprises (SMEs) recorded a 7% increase to $156 million from $146 million. Wealth and personal banking rebounded to make a profit of $33 million from a loss of $11 million. CEO Hitendra Dave said the underlying theme was an average 20% growth with retail business showing strong recovery post Covid.ET logo

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"We have seen growth across all segments especially personal banking with wealth, insurance, mortgages and client acquisitions all doing well. Unlike last year the GBM business did not have the buoyancy in the equity and debt capital markets with revenues coming from business as usual segments like cash management, advisory, working capital and lending," Dave said.A drop in provisions for bad loans especially in the personal banking business also helped profit. Provisions for expected credit losses in the personal banking and wealth management segment fell to $30 million in June 2022 from $58 million a year ago.India's remains the fourth largest profit centre for the bank globally behind Hong Kong, UK and China."HSBC India has aggressive growth plans and is focused on customer acquisition and growth in balance sheet (assets and liabilities)...and is looking to meaningfully grow the number of customers across all segments and plans to double, triple or quadruple its customer base across segments" the bank said in a statement.In December it announced the acquisition of L&T Mutual Fund for which it is awaiting final SEBI approval. It is also looking to increase its stake in Canara HSBC Life Insurance Co to 49% from 26%, valuation exercise for which is still ongoing. Add ET Logo as a Reliable and Trusted News SourceGoogle Logo Add Now! Read More News onhsbc resultshsbc earningshsbchsbc indiahong kong and shanghai banking corp

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