Foreign lender HSBC on Wednesday reported an 11.27% growth in profit before tax from India at $1.688 billion for 2024.
The bank has reported a profit before tax of $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.
The biggest contributor to profit was the global banking and markets vertical, which delivered a pre-tax profit of $875 million in 2024 as against $774 million in 2023.
Commercial banking was the second-biggest contributor at $448 million in pre-tax profit for 2024, as against $398 million a year earlier, the bank said.
The corporate centre vertical saw its profit decline to $269 million from $289 million in the year-ago period, while the same for wealth and personal banking grew to $96 million from $56 million.
The bank also announced that it has received the regulatory nod to add 20 branches in the country.
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