HSBC's India PBT up 22% at $743 mn

Global banking giant HSBC’s profit before tax (PBT) from India rose 22 per cent to $473 million in the year ended December 2016, from $606 million in 2015. The tidy contribution by global banking and markets stream as well as the commercial banking segment supported the bottom line.

HSBC, which treats its Indian operations as a priority, saw global banking and markets report PBT of $355 million in 2016 from $321 million in 2015, according to HSBC Holdings Plc’s annual report for 2016.

Commercial banking activity contributed PBT of $123 million, sharply up from $79 million in 2015.

The retail banking unit in India managed a turnaround in 2016. It was back in profits, with PBT of $15 million against a loss of $25 million in 2015.

The corporate segment earned a PBT of $240 million, up from $217 million in 2015, according to the annual report.

The bank paid $315 million as taxes in India in 2016, up from $285 million a year ago. Taxes paid by HSBC relate to HSBC’s own tax liabilities, including profits earned, employer taxes, bank levy, and other duties and levies such as stamp duty. Numbers are reported on a cash flow basis.