HSBC India pre-tax profit grows 11 pc to USD 1.69 bn for 2024

Foreign lender HSBC on Wednesday reported an 11.27 per cent growth in profit before tax from India at USD 1.688 billion for 2024. The bank has reported a profit before tax of USD 1.517 billion in 2023 from its India operations, where it operates 26 branches. The bank said it has 44,000 employees in the country - the highest anywhere in the world. It also operates a back office in the country that supports global operations.

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The biggest contributor to profit was the global banking and markets vertical, which delivered a pre-tax profit of USS 875 million in 2024 as against USD 774 million in 2023.

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Commercial banking was the second-biggest contributor at USD 448 million in pre-tax profit for 2024, as against USD 398 million a year earlier, the bank said. The corporate centre vertical saw its profit decline to USD 269 million from USD 289 million in the year-ago period, while the same for wealth and personal banking grew to USD 96 million from USD 56 million.

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The bank also announced that it has received the regulatory nod to add 20 branches in the country.

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