HSBC's pre-tax profit from India rises 22%
Mumbai: Robust growth in Asian countries like India has helped the largest European bank HSBC Holdings to report its second record pre-tax profit in 2011 at USD 21.9 billion, up 15 percent over 2010.
The pre-tax profit from its India operations rose over 22 percent to USD 813 million, up from USD 679 million in 2010, the bank said on Monday.
This makes India the sixth largest profit centre for the London-headquartered HSBC after Hong Kong, China, Britain, Brazil, and Canada. Last year too, India was the sixth largest profitable business for the group.
HSBC India chief executive Stuart A Davis said,"India's impressive economic growth last year, achieved despite headwinds blowing in from the US and Europe, helped HSBC's global banking and markets and commercial banking businesses sustain their upward trajectory."
HSBC India profit was boosted by a major gain at its retail banking wealth management business where it narrowed loss to just USD 14 million against USD 83 million in 2010, while commercial banking profit rose to USD 122 million against USD 71 million in 2010.
The HSBC Group, which has around 7,200 offices spanning 80 countries and makes over three-quarters of its pretax profit outside Europe and North America, said it expects Asia, Latin American and Middle Eastern markets to continue growing strongly in 2012,albeit more moderately than in 2011.