HSBC net profit up 30 to Rs 1,988 cr

While pre-tax profit rose 29 percent to Rs 3,545 crore,its net non-performing assets ratio came down to 0.62 percent from 0.91 percent a year ago.

The bank saw its advances growing at a healthy 30 percent to Rs 35,512 crore during the period under review,up from Rs 27,401 crore the year-ago period,with the advance-to-deposit ratio increasing to 58 percent,reflecting the bank8217;s capacity to continue to support its customers going forward.

On the good numbers,HSBC India country-head and director for Asia-Pacific region Naina Lal Kidwai said,8221;with an increase of 30 percent in net profit,we have again put in a consistent performance,signifying the underlying strength of our business. India is an important part of our group strategy and with a strong franchise we will continue to build and strengthen our business here.8221;

Deposits of the bank rose 13 percent to Rs 61,423 crore,with the key cheap fund source of Casa ratio touching a healthy 47 percent.

Announcing the numbers,the recently appointed chief executive Stuart P Milne said,8221;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. We have very strong foundations to continue supporting our customers8217; needs,with ample liquidity and strong capital adequacy.8221;

Revenues grew at 18 percent,leading to a 2 percentage points improvement in the cost efficiency ratio to 40 percent,while operating expenses rose 10 percent.

Return on assets improved to 1.98 percent from 1.68 percent in the previous year. The capital adequacy ratio remained strong at 16.04 percent,but down from 18.03 percent a year ago.

HSBC India offers banking,investment banking and capital markets,asset management,insurance broking,life insurance,software development and global resourcing operations and employees over 30,000.