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India crosses China as HSBC's third-largest profitable business region

India crosses China as HSBC's third-largest profitable business region

India Blooms News Service | @indiablooms | 21 Feb 2024, 09:55 pm

HSBC Group Wednesday reported a 25% rise in earnings from its activities in India, reaching $1.5 billion for the fiscal year ending December 2023, media reports said.

According to HSBC's 2023 annual report, the bank, which aligns its fiscal year with the calendar year, had generated a profit of $1.2 billion in 2022.

HSBC, the largest bank by assets in Europe, revealed that its profit before tax in India increased by 19% to $1.51 billion in 2023, compared to $1.27 billion in the previous year. This growth occurred behind Hong Kong and the UK, which are the bank's two largest business regions, according to results released on Wednesday, Economic Times reported.

The bank highlighted India, Singapore, and Saudi Arabia among the burgeoning markets contributing to its growth.

This was once more apparent as all of them noted a substantial rise in profits in 2023, with mainland China (excluding associates), India, and Singapore each adding over $1 billion to the group's profits, as stated.

As stated in the annual report, HSBC intends to further expand its wholesale franchise by leveraging corporate supply chains in India.

Further, the bank disclosed its initiative to tap into the wealth pools of the Indian diaspora through the introduction of onshore Global Private Banking services.

With a workforce of 42,000 in its Indian operations, HSBC expressed optimism that the economies of South and Southeast Asia will maintain strong economic momentum throughout 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 increasingly turning their attention to these and other markets, reflecting China's ongoing economic shift towards high-quality growth and greater emphasis on domestic consumption, it noted.

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