HSBC India’s H1 Profit before Tax Up 14%
Mumbai: Hong Kong and Shanghai Banking Corp (HSBC)’s profit before tax in India rose 14% to $460 million in the six months ended June 2017 from $402 million in the corresponding period of 2016, aided by higher income from the bank’s corporate and commercial banking divisions.
Profit from the bank’s so-called corporate centre division, which lends to large companies in India, rose 38% to $167 million from $121 million in 2016. Profit from the commercial banking division, which lends to small and medium enterprises, also increased 39% to $96 million from $69 million in 2016, figures released on Monday by the bank showed.
HSBC is Europe’s largest bank, with $2.37 trillion in assets. Globally, its profit before tax increased 5% to $10.2 billion in the six months ended June 2017. The bank’s revenue dropped 11% to $26.2 billion, mainly due to currency translation differences, HSBC said. No HSBC official was available for comment.
Profit from the bank’s largest division in India, the global banking and markets division, dropped 4% to $187 million from $195 million a year earlier. However, the rise in profit from the commercial banking and corporate centre made up for the profit drop in global banking and markets.