HSBC India’s profit crossed $1 billion in the fiscal year ended December, the bank’s annual report shows. Profit before tax for the full year was $1 billion against $825 million in 2018.
The global banking and markets segment contributed to $466 million in profits, against $387 million in 2018.
The retail banking and wealth management segment of the bank contributed to $48 million, against $20 million in 2018. Commercial banking for HSBC India resulted profits of $181 million, and the corporate centre yielded profit of $311 million.
In Asia, India contributed the third-most profit for the bank after Hong Kong ($12.049 billion) and mainland China ($2.877 billion).