HSBC India pre-tax profit rises 4% in first half of 2024

Hong Kong and Shanghai Banking Corp Friday said profit from its Indian operations increased 4% year-on-year in the six months to June 2024, led by an identical 7% growth in both its global banking & markets division and commercial banking business. Profit before tax from India rose to $798 million from $766 million a year ago.

The bank said profit at its global banking and markets (GBM) division, which services large corporations and includes treasury operations, grew 7% to $436 million in the first six months of 2024. Profit from the GBM business was $408 million a year-ago.

Commercial banking , which serves small and medium enterprises (SMEs), remained the second largest profit division for the bank, also reporting a 7% increase in profit before tax to $224 million from $209 million a year ago.