The 160-year-old international financial institution, which just lately received central financial institution approval to develop its geographic attain in India past the customary metropolitan bailiwicks, mentioned it’s nicely positioned to benefit from each private banking and company banking alternatives domestically.
India was the fourth largest revenue contributor outdoors its residence marketplace for the UK-based financial institution in 2024, behind its Asian base Hong Kong ($11.88 billion), Canada ($4.72 billion) and mainland China ($3.22 billion).
To make certain, China’s revenue additionally included a share of income from its affiliate, Financial institution of Communications. It additionally included one-off good points from the sale of its enterprise in that nation. Revenue from the UK operations was at $6.79 billion.
Revenue earlier than tax from India was led by a 13% development in its international banking and markets division, which is the financial institution’s fundamental enterprise centre and providers giant companies and contains treasury operations, to $875 million from $774 million a yr in the past. Revenue earlier than tax from the financial institution’s wealth and private banking division rose 74% to $96 million from $56 million a yr in the past, which CEO Hitendra Dave mentioned is a results of the deal with rich residents and non-resident Indians.
Wealth Impact “That is our technique not solely in India but in addition globally and issues are falling in place superbly for us as wealth will increase within the nation,” Dave mentioned.The industrial banking division, which serves small and medium enterprises (SMEs) additionally reported a 13% improve in revenue earlier than tax to $448 million from $398 million a yr in the past. The financial institution mentioned it goals to proceed rising its wholesale franchise in India by making the most of company provide chains.
Dave mentioned the financial institution’s presence in transaction banking, international trade providers, capital markets and a robust stability sheet places it in a superb place to serve company shoppers.