HSBC’s profit before tax from India falls 12% to $335 million

Mumbai: Hong Kong and Shanghai Banking Corp Ltd (HSBC) on Monday said its profit before tax from India fell 12% to $335 million in the six months ended 30 June from $380 million in the corresponding period in 2014 as the bank earned less from its lending and fee businesses.

Profit after tax from its biggest division in India, called the global banking and markets division which includes earnings from investment banking and treasury, fell 20% to $195 million in the six months ended June from $243 million in the year earlier.

In India, the bank’s loan book increased to $8.46 billion from $7.05 billion in June 2014 led by an increase in its loan book to finance companies and international trade to $6.18 billion from $4.99 billion last year.