Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: empanelment :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: articles on VAT and GST in India
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

HSBC eyes $1-bn profit before tax from India ops
May, 14th 2011

Hong Kong and Shanghai Banking Corporation (HSBC) expects the profit before tax from its business in India to cross $1 billion in the medium term. The British banks profit before tax from its India operations stood at $700 million in 2010.

Asia has emerged as the growth engine of the world, and within Asia, India is a key component. Despite inflationary pressures the GDP (gross domestic product) growth of India is estimated at 8 per cent in the current financial year, said HSBC India Chief Executive Officer, Stuart A Davis. This economic prosperity is fuelling growth across segments from large corporates to the increasing mass-affluent segment. We are well poised to leverage this growth and are confident we would be able to meet our groups and shareholders expectations, he said.

The groups Asia strategy reaffirms the groups confidence in emerging markets. The India story is about potential and performance. HSBC India recorded its highest profits ever in 2010 and would work towards improving its performance in India, said Naina Lal Kidwai, group general manager and country head, HSBC India.

In India, HSBC plans to focus on financing top domestic and international companies. The lender would also target the affluent Indian population overseas to increase its wealth management business.

Davis said HSBC expected the share of revenues from commercial and retail banking to rise in India over the next few years. The proposed acquisition of Royal Bank of Scotlands commercial and retail banking operations in India would strengthen HSBCs position in these businesses, he said.

The transaction is expected to be completed by the end of this calendar year, subject to regulatory approvals. It would help us increase our distribution in India, Davis said.

HSBC Chief Executive Officer (Asia-Pacific) Peter Wong said the bank would increase its presence in key Asian markets, including India, Hong Kong, mainland China, Singapore, Malaysia and Indonesia. The bank expects its profit before tax from its Asia business to cross $5 billion in the medium term. The profit before tax would be aided by the rise in pre-tax profits in India, Singapore, Malaysia and Indonesia.

The banks profit before tax is already over $1 billion in Hong Kong and mainland China, where HSBC is the largest foreign bank, with over 270 branches. In Hong Kong, the bank enjoys the largest market share in deposits, credit cards, mortgages and local bonds.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions