HSBC's profit before tax from India rises marginally to USD 1.11 bn
Zee News
Courtesy back-office operations, India retains the top ranking in terms of employees but the number of people employed declined by 1,000 to 38,000.
New Delhi: Foreign lender HSBC's profit before tax (PBT) from India rose marginally to USD 1.11 billion in 2021.
The bank's PBT had stood at USD 1.024 billion in 2020.
The country is the fourth biggest profit centre for the UK-headquartered lender, after Hong Kong, the UK and Mainland China, according to an official statement.
Courtesy back-office operations, India retains the top ranking in terms of employees but the number of people employed declined by 1,000 to 38,000. The total number of employees had declined by 1,000 in 2020 as well.
Among its business lines, the commercial banking segment showed one of the fastest growth at nearly 42 per cent to deliver a profit before tax (PBT) of USD 265 million as against USD 187 million in the year-ago period.
