HSBC Bangladesh profit crosses Tk1,000cr mark for first time in 2024
HSBC Bangladesh's net profit crossed the Tk1,000 crore mark for the first time in its history, reaching Tk1,086 crore in 2024 — a 9% increase from the previous year.
According to the bank's financial statement published on its website, the record-breaking performance was driven by higher interest income, a reduction in borrowing costs, and a significant rise in investment returns.
In a statement to The Business Standard, HSBC said, "Our strategy is working, and our strong performance over the last year is evidence of this. HSBC is a highly connected, global business — and this remains our biggest strength."
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The bank's core income from interest surged by 39% year-on-year to Tk1,293 crore. Meanwhile, interest paid on deposits and borrowings fell by 20% to Tk615 crore. Interest income from loans rose 12% to Tk1,908 crore.
HSBC also earned Tk992 crore from government securities, including capital gains — up 23% from the previous year — boosted by rising interest rates on Treasury bonds, which reached a decade-high of around 13%.
As of 2024, total loans and advances stood at Tk18,928 crore, while total deposits amounted to Tk22,696 crore.
Despite ongoing sectoral challenges, HSBC Bangladesh reduced its classified loans by Tk380 crore, or 54%, to Tk319.57 crore, bringing its non-performing loan ratio down to 1.68%—well below the industry average.
HSBC opened its first branch in Dhaka in 1996. Its parent company, HSBC Holdings PLC — named after The Hongkong and Shanghai Banking Corporation — is 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 seventh overall worldwide, just behind Bank of America.
