HSBC India: Profitable Growth Spurt in 2024

HSBC reported an 11.27% increase in profit before tax from India, reaching USD 1.688 billion for 2024. The bank, which operates 26 branches in India, saw significant contributions from its global banking and markets vertical. Meanwhile, commercial banking and wealth sectors also showed growth.

Foreign lender HSBC reported an impressive 11.27% growth in profit before tax from its Indian operations, reaching USD 1.688 billion for 2024. This growth comes a year after the bank posted USD 1,517 billion in 2023, underscoring its expanding presence in the country.

HSBC's 26 branches in India form a critical part of its global strategy, bolstered by a workforce of 44,000 employees, the highest in any country. The bank also runs a significant back office in India supporting its global operations, further cementing its commitment to the region.

The bank's global banking and markets vertical emerged as the top contributor, with a pre-tax profit of USD 875 million, up from USD 774 million last year. Commercial banking followed with USD 448 million, while wealth and personal banking profits increased from USD 56 million to USD 96 million in 2024. HSBC plans to expand further with regulatory approval for 20 additional branches in India.