HSBC posts 19% rise in profit from India operations to USD 1,517 million in 2023

HSBC Group on Wednesday posted a 19 per cent increase in profit from India operations to USD 1,517 million for the financial year ended December 2023.

The bank, which follows the calendar year as its fiscal, had earned a profit of USD 1,277 million in 2022, HSBC said in its annual report for 2023. Countries, including India, Singapore, and Saudi Arabia, are the growing markets for the bank, it said.

This was again evident as all of them reported a significant increase in profits in 2023, with mainland China (excluding associates), India, and Singapore each contributing in excess of USD 1 billion of profits to the group, it said.

HSBC aims to continue growing its wholesale franchise by taking advantage of corporate supply chains in India, as per the annual report. The bank is also tapping into the wealth pools of the Indian diaspora with the launch of onshore Global Private Banking, it said.

HSBC, which has 42,000 employees in India operations, said the economies of south and southeast Asia will carry good economic momentum into 2024.

"India and Vietnam are currently among the fastest growing economies in the world, benefiting from competitive labour costs, supportive policies, and changing supply chains," it said.

Chinese companies are among those increasingly looking towards these and other markets, as China's economic transformation towards high-quality growth and domestic consumption continues, it said.