HSBC Bangladesh profit crosses Tk1,000cr mark for first time in 2024

TNC Desk

Published: May 7, 2025, 04:18 PM

HSBC Bangladesh profit crosses Tk1,000cr mark for first time in 2024

HSBC Bangladesh has reported a historic achievement in 2024, as its net profit crossed the Tk1,000 crore mark for the first time, reaching Tk1,086 crore — a 9% increase from the previous year. The bank‍‍`s record-breaking performance was driven by a significant rise in interest income, a reduction in borrowing costs, and higher returns on investments.

According to HSBC‍‍`s financial statement, the core income from interest surged by 39% year-on-year, totaling Tk1,293 crore. At the same time, interest paid on deposits and borrowings dropped by 20% to Tk615 crore. Additionally, interest income from loans saw a 12% increase, reaching Tk1,908 crore.

The bank also earned Tk992 crore from government securities, including capital gains, which rose by 23% due to increasing interest rates on Treasury bonds, which hit a decade-high of around 13%. As of 2024, HSBC Bangladesh‍‍`s total loans and advances amounted to Tk18,928 crore, while total deposits stood at Tk22,696 crore.

Despite ongoing sectoral challenges, HSBC Bangladesh successfully reduced its classified loans by 54% to Tk319.57 crore, bringing its non-performing loan ratio down to 1.68% — significantly lower than the industry average.

HSBC, which opened its first branch in Dhaka in 1996, is part of HSBC Holdings PLC, headquartered in England. With total assets of $3.098 trillion as of September 2024, HSBC ranks as the largest Europe-based bank by assets, the third-largest non-state-owned bank globally, and the seventh-largest bank worldwide, just behind Bank of America.

Link copied!