Hongkong and Shanghai Banking Corporation Limited’s (HSBC) India operations reported an 8% jump in profit before tax to $1.11 billion in the year ended 2021 led by growth in income from its commercial banking business.
The bank had reported profit before tax of $1.02 billion in 2020.
The profit before tax from its commercial banking business, which includes lending to medium and small companies, rose 42% to $265 million in the year ended 2021 from $187 million in 2020. The income from global banking and markets, which is the biggest revenue contributor, however remained flat at $593 million in the year ended 2021.
HSBC’s corporate loan book has grown at a compounded rate of 16% in the last five years led by a tripling in loans to SMEs. The bank’s SMEs book tripled to $ 1bn in 2021 from $ 300mn in 2018.
India is the fourth largest contributor to the bank’s…