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Tuesday, Jun 15, 2004

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Money & Banking - Financial Performance
Corporate Results - Foreign Banks

HSBC (India) net up 32 pc on higher income, cost cuts

Our Bureau

Mumbai , June 14

HIGHER operating income and the bank's ability to contain costs have helped The Hong Kong and Shanghai Banking Corporation (HSBC) in India report a 32 per cent rise in net profit for the year-ended March 31, 2004.

Net profit increased to Rs 197.8 crore from Rs 150.3 crore in the previous year.

According to Mr Niall S.K. Booker, CEO, HSBC (India), the bank's strong performance was driven mainly by business opportunities arising from the growth in the Indian economy as well as from increased emphasis on sales and marketing. The bank could achieve a 32 per cent rise in net profit even after a VRS outgo of Rs 196 crore during the year.

This was possible because of strict vigil on costs which have gone up only by 2 per cent while the net operating income increased by 29 per cent to Rs 1,396.6 crore from Rs 1,084 crore.

Bank's deposits rose by 27 per cent to Rs 16,269.9 crore (Rs 12,801 crore) and advances by 17 per cent to Rs 9,628.1 crore (Rs 8,202.1 crore).

The home loan portfolio doubled to Rs 2,000 crore. Total assets rose by 21 per cent to Rs 25,356.9 crore (Rs 20,909.7 crore).

The bank's net NPA declined to 0.70 per cent during the year from 1.03 per cent in 2002-03. Last year, 514 employees opted for VRS.

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