The India branches of Hong Kong and Shanghai Banking Corporation (HSBC) Ltd on Monday reported a 64 per cent rise in the net profit at Rs 846 crore for the year ended March 31, 2007 as compared to Rs 515 crore in the previous year.
“The continuing growth in profits has been driven by the strong performances across business lines. The additional investment into the Indian operation is a clear reflection of the HSBC Group’s desire to aggressively grow its Indian franchise,” said a HSBC statement issued here quoting its India Group General Manager & CEO Naina Lal Kidwai as saying.
In 2006-07, HSBC invested a further Rs 1,437 crore in the bank, comprising of fresh infusion of Rs 904 crore as well as profit retention of Rs 533 crore, which is in addition to Rs 523 crore reinvested in the bank during 2005-06.