Home
HSBC India focuses on organic growth
New Delhi News.Net
Thursday 7th August, 2008 (IANS)
Organic growth would remain the focal point of Hong Kong and Shanghai Banking Corp (HSBC) India's operations for the time being, said a top official here Thursday.
'Organic growth remains a high priority for us,' HSBC India head Naina Lal Kidwai told reporters.
She added that the loan waiver environment created by the government was encouraging borrowers to default on their payments, which is hurting the banking sector.
'Loan waiver has created a tendency among borrowers to default, specially when the elections are around the corner, and this is hurting the industry,' Kidwai said.
Small and medium enterprises (SMEs) would remain the thrust area for the bank in the current fiscal.
HSBC India posted a 50 percent increase in total income and 41 percent in net profit for the year ended March 31, 2008. Total income rose to Rs.70.96 billion from Rs.47.20 billion in 2006-07. During the same period, net profit rose to Rs.11.92 billion from Rs.8.46 billion.
Kidwai said it would not be very difficult for the company to maintain the same growth level in the current fiscal.
 Email this story to a friend
Have your say on this story
|
 |
 |
- Question marks over Sidebottom's durability and future
Kanpur, Nov.20 : Question marks have surfaced about England fast bowler Ryan Sidebottom's durability and future in the game after he was ruled out of the third one-day international against India being played here today. [read story]
- Fire engulfs house, seven die
Nagpur, Nov 20 (IANS) Seven members of a family, including four children, were burnt alive when their house in village Gondi Mohgaon of Maharashtra was engulfed in a fire even as they slept early Thursday, police said. [read story]
- Where was the doctor, ask parents of eating contest victim
Gurgaon, Nov 20 (IANS) A day after a MNC employee died here after a pastry eating contest, his grief stricken parents Thursday hoped that a repeat of their story would be avoided by medical supervision of all such contests. [read story]
- Government clears Rs.12 bn Idukki package to bring relief to farmers
Idukki (Kerala), Nov 20 (IANS) Hopes have brightened for farmers in Kerala's hill district of Idukki, as the central government Thursday cleared the much-awaited Rs.12-billion package to give a huge boost to the crisis-stricken agriculture sector. [read story]
- Modi's temple demolition irks VHP, Congress alike
Gandhinagar, Nov 20 (IANS) The Narendra Modi government's drive against temples encroaching streets in this Gujarat capital and elsewhere has invited the wrath of the opposition Congress and Vishwa Hindu Parishad (VHP) alike. [read story]
|
|
 |
 |
|
|
