Home / Companies / Company Results /  HSBC India reports 15% rise in pre-tax profit

Mumbai: Global banking major HSBC on Tuesday said its India operations reported $1.28 billion in profit before tax in 2022, up 15% from the year-ago period.

India was the fourth-largest contributor to HSBC Holdings Plc.’s profit, after Hong Kong at $6.2 billion, and Mainland China and the UK at $3.4 billion each.

HSBC, in a statement, said that it was now the largest foreign bank in India by advances as well as deposits, and the sole international group offering full range of financial services, including banking, asset management, insurance and securities.

“HSBC is amongst top three banks at GIFT City International Branch with an over $3.5 billion balance sheet as of December," it said in a statement, adding that the bank was also one of the largest multinational corporation financial services employers in India with around 39,000 people across banking and teams in its global technology and servicing centres.

In an interview to Mint in November, HSBC India chief executive Hitendra Dave had said India was the number one priority for HSBC. “My entire management team, the global board, can see that India in the next 10 years could be as good as we have ever been. All this is based on data," Dave had said.

Globally, HSBC’s profit before tax fell $1.4 billion to $17.5 billion in 2022, including an impairment on the planned sale of its retail banking operations in France of $2.4 billion.

“We are on track to deliver higher returns in 2023 and have built a platform for further value creation. With the delivery of higher returns, we will have increased distribution capacity, and we will also consider a special dividend once the sale of HSBC Canada is completed," Noel Quinn, group chief executive, HSBC Holdings Plc, said in a statement on Tuesday.

Shayan Ghosh
Shayan Ghosh is a national writer at Mint reporting on traditional banks and shadow banks. He has over a decade of experience in financial journalism. Based in Mint’s Mumbai bureau since 2018, he tracks interest rate movements and its impact on companies and the broader economy. His interests also include the distressed debt market, especially as India’s bankruptcy law attempts recoveries of billions worth of toxic assets.
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