India is the second-highest contributor to the group’s profit in Asia, after Hong Kong.
During the year, the corporate and institutional banking segment, including cross-border transaction banking and capital markets, contributed the highest to PBT in India, at $1.5 billion.Also Read: IRFC shares in focus after government choses to not use oversubscription option in OFS
“In India, we reported a profit before tax of $1.9 bn and continued to be the largest foreign bank. We are the leading bank for multinational companies, of which around 50 per cent bank with us,” according to the annual report released by HSBC Plc.
The bank launched HSBC Innovation Bank with a $1 billion financing pool and launched new digital propositions in payments and trade.
During the year, the bank expanded to four new cities with wealth and international potential, remained the top wealth manager across foreign banks and was the first bank to launch international wealth solutions in GIFT City.
(Edited by : Juviraj Anchil)

