Profit: HSBC India’s profit before tax rises nearly 19% to $766 million in January-June period

MUMBAI: Foreign lender HSBC on Tuesday reported an 18.75 per cent growth in its profit before tax at $766 million from India operations in the first half of 2023.

The lender, which has 26 branches in the country, had reported a Profit Before Tax (PBT) of $645 million in the January-June (H1) period last year.
The global banking and markets vertical contributed the most to the profits, delivering a PBT of $408 million as against $324 million in the year-ago period.

It was followed by the commercial banking side, where its PBT during the first half of 2023 rose to $209 million from $156 million.
The corporate centre, which includes balance sheet and treasury management, witnessed a decline in the pre-tax profit to $114 million as against $132 million in the year-ago period.
The wealth and personal banking vertical showed a marginal improvement in performance, with the PBT growing to $35 million from $33 million a year ago.
The bank’s overall wholesale lending book stood at USD 15.334 billion in H1, 2023, up from $13.319 billion in December 2022, the bank said.
Wholesale lending included a $10.323 billion exposure under the corporate and commercial book, $5.011 billion to non-banking finance companies and $1.868 billion to the real estate sector.
The personal lending book grew to $1.983 billion at the end of June, from $1.668 billion in December 2022, the bank said.
Residential mortgages formed the biggest part of the personal lending portfolio at $1.356 billion while credit card book was at $169 million, the bank said.
Globally, HSBC Group posted a $12.9 billion rise in PBT to $21.7 billion in the January-June period.
HSBC Chief Executive Officer Noel Quinn said there was broad-based profit generation around the world amid continued tight cost control.