HSBC India clocks dip in profit

UK-based global banking giant HSBC has seen its first-half profit from India business falling to $414 million in 2013, amid a decline of over $500 million in customer accounts since the beginning of this year.

According to the bank’s interim financial report, its customer accounts balance in India fell to $9.85 billion as on June 30, from $10.41 billion at the beginning of 2013.

HSBC’s global banking and markets business contributed more than half of the profits in India at $255 million, while retail banking and wealth management segment posted a small loss of $1 million in the first half of 2013.

In the first half of 2012, the bank had posted a profit of $35 million in retail banking and wealth management segment, while global banking and markets segment had also registered a higher profit of $306 million.

Its loans and advances to customers, however, rose to $6.8 billion in the first half of 2013, from $6.7 billion in the same period last year.

Overall, HSBC has reported a profit before tax of $14.1 billion, an increase of 10 per cent, for the first half of 2013. Its revenue, however, fell by 7 per cent to $34.4 billion.