Business Daily from THE HINDU group of publications
Tuesday, Jun 26, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jun 26, 2007 ePaper |
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Money & Banking
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Financial Performance Corporate Results - Foreign Banks HSBC posts 64% rise in net profit Our Bureau
Mumbai June 25 The Hongkong and Shanghai Banking Corporation Ltd India has reported a 64 per cent rise in net profit at Rs 846 crore for the year ended March 31, 2007 against Rs 515 crore in the previous year. The bank's total income during the year increased 51 per cent to Rs 4,720 crore from Rs 3,130 crore in the year ago period, said a press release. Total assets increased 47 per cent to Rs 54,987 crore from Rs 37,473 crore. During 2006-07, the bank grew its deposit base by 40 per cent to Rs 34,825 crore, while advances rose 38 per cent to Rs 23,142 crore. HSBC invested a further Rs 1,437 crore in the bank in 2006-07, comprising fresh infusion of Rs 904 crore as well as profit retention of Rs 533 crore. The bank's Capital Adequacy Ratio is 11.06 per cent as on March 31, 2007 compared with 10.61 per cent as on March 31, 2006. The press release quoting Ms Naina Lal Kidwai, Group General Manager and CEO, HSBC India said, "The continuing growth in profits has been driven by strong performances across business lines. The additional investment into the Indian operation is a clear reflection of the HSBC Group's desire to aggressively grow its Indian franchise." As of March 31, 2007, the HSBC Group has employed over 27,000 staff in India and invested about $1.7 billion in its various businesses across India. HSBC India has 25 lakh customers and has 47 branches and 170 ATMs.
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