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Forex earnings boost HSBC India net profit

Forex earnings boost HSBC India net profit
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First Published: Mon, Jun 29 2009. 08 14 PM IST
Updated: Mon, Jun 29 2009. 08 14 PM IST
Mumbai: Hongkong and Shanghai Banking Corporation Ltd (HSBC) India increased its net profit for the financial year ended March 2009 to Rs1,291 crore, which is 8% more than the Rs1,192 crore it made last fiscal.
The jump came from growth in fee and interest income, and higher foreign exchange earnings. Total revenue of the bank was up 27% to Rs9,026 crore from Rs7,096 crore. The growth in income was primarily in trade and credit facility fees, higher foreign exchange income and higher net interest income primarily on account of higher interest free current account balances and improved asset margins, the bank said in a statement on Monday.
Expenses, including provisions and contingencies, increased 31%. Provisions for bad debts rose 65% on account of the deteriorating credit environment, the bank said.The bank’s deposit base was up 17% to Rs49,970 crore at the end of March, against Rs42,620 crore last fiscal. The advances portfolio dipped 8% to Rs27,588 crore from Rs29,944 crore. The bank’s asset base was up 25% to Rs94,620 crore, against Rs75,921 crore the previous fiscal The bank’s capital adequacy ratio, or capital divided by the risk (assets) it takes on, stood at 15.31. The higher the CAR, the better the cushion available to absorb losses without affecting depositors.
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First Published: Mon, Jun 29 2009. 08 14 PM IST