HSBC India posts robust growth in full-year net profit

MUMBAI: British financial services company HSBC India reported a robust growth of 30 per cent in its net profit at Rs 1,988 crore for the previous financial year (2011-12) on account of overall improvement in its operations and a reduction in bad loans.

As on March 2012, the capital adequacy ratio was 16.04 per cent against 18.03 per cent as on March 2011.

“HSBC India, with an increase of 30 per cent in net profit, has again put in a consistent performance, signifying the underlying strength of our business,” Naina Lal Kidwai, Director, HSBC Asia-Pacific and Country Head, India said.

Newly appointed chief executive Stuart P Milne said, “We are happy with our strong performance here. We are focused on being the leading international bank, leveraging our global connectivity to support our customers in a market with huge potential and growing international trade flows.”