Hsbc India Profit After Tax Up 126%

HSBC's chief of Indian operations Zarir Cama said that applications for setting up a primary dealership and an asset management company were pending with the Reserve bank of India and the Foreign Investment Promotion Board respectively. "We hope to get the approvals in a short time. There are some clarifications that we have sought from them on the ownership structure and these should be sorted out soon," said Cama.

Total income from HSBC's Indian operations rose 31 per cent to Rs 1,248 crore, while operating expenditure rose 16 per cent to Rs 298 crore.

Deposits rose 37 per cent to Rs 8,755 crore, while total advances rose 54 per cent to Rs 4,302 crore. Total assets rose 38 per cent to Rs 1,2666 crore. The capital adequacy ratio rose from 9.31 per cent to 10.30 per cent.

 

Business per employee increased to Rs 4.7 crore from Rs 3.6 crore in 1998-99 while net profit per employee rose 109 per cent to Rs 4.4 lakhs from Rs 2.1 lakh the previous year. The return on total assets increased to 1 per cent from 0.6 per cent in 1998-99.

Speaking about the growth targets, Pranam Wahi, Senior Manager, Corporate and Institutional Banking said that HSBC was targetting a growth of 45 per cent per annum in income over the next two years in the areas of commercial and retail banking.