HSBC In­dia’s H1 Profit be­fore Tax Up 14%

The Economic Times - - Finance & Commodities - Joel.Re­bello@ times­

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.

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