HSBC's Jan-June pretax profits from India jump 22% to $644 million

Foreign lender HSBC on Monday reported a 22 per cent jump in its pre-tax profit from Indian operations at USD 644 million for the January-June period of 2022.

HSBC India had a profit before tax of USD 529 million in the year-ago period, the bank said in a statement.

The global banking and markets business, which helps the credit needs of Indian corporates having a worldwide footprint and also includes the debt and equity capital markets team, reported a profit of USD 324 million in January-June 2022 as against USD 317 million in the year-ago period.

The commercial banking PBT came at USD 156 million in the period against USD 146 million and the wealth and personal banking swung to black with a USD 33 million PBT as against a loss of USD 11 million.

The corporate centre, which includes balance sheet and treasury management, saw an increase in the PBT at USD 131 million from USD 77 million in the year-ago period.

In a statement, the bank said it has aggressive growth plans and is focused on customer acquisition and growth in both assets and liabilities here, and will be focused on growing in the retail and small business segments.

India continues to be the fourth largest contributor of profits for the bank group, trailing Hong Kong (USD 2.489 billion), UK (USD 2.27 billion) and mainland China (USD 1.94 billion), it said.