Hong Kong and Shanghai Banking Corp Ltd (HSBC), Europe’s largest bank by assets, said its India profit had risen 15% year on year amidst all round growth across businesses even as provisions for expected credit losses fell.
Profit before tax rose to $1.28 billion in the year ended December 2022 from $1.11 billion a year ago. CEO Hitendra Dave said the bank will continue to expand its balance sheet in the country and look for new customers as more and more companies as well as individuals look abroad for growth.