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HSBC had a good year in India in 2023, with profits up by 19% to $1.51 billion, from $1.27 billion the previous year.

HSBC achieved robust growth in 2023 with net profit growing 26% to total $566 million, with growth coming from its commercial, wealth and personal banking businesses.

Throughout 2023, HSBC expanded its presence in the mainland Chinese market, strengthening its operations and advancing strategic initiatives across many sectors.

HSBC introduced initiatives to tackle parental leave, diversity in its hiring process and to improve support for its transgender employees in Hong Kong last year.

In 2023, HSBC further solidified its position as Hong Kong’s best bank under the leadership of Luanne Lim, HSBC Hong Kong’s chief executive. HSBC Group’s market profit before tax soared to $10.7 billion, representing 80% year-on-year growth and contributing 35.3% to the group’s overall pre-tax profit.

HSBC helped Singaporean companies like Next Gen Foods and Multiplier Technologies expand overseas in 2023. It also scaled up its support for local businesses expansion in the region by introducing a $1 billion ASEAN (Association of southeast Asian Nations) growth fund for digital platform businesses and a $150 million venture debt offering aimed at scaling high growth companies.

OCBC had a busy 2023, launching new FX features, application programming interface (API) integration and improvements to its online platform.

OCBC NISP proved an invaluable partner to its small and medium-sized enterprise clients in Indonesia throughout 2023 with the launch of its Nyala Bisnis 2.0 platform and initiatives to empower women-owned SMEs.

Tourism is central to the economy of the Bahamas and the country continued to recover from the pandemic-enforced lockdowns with strong GDP growth of more than 4% in 2023. Scotiabank’s business in the country similarly continues to improve from the Covid years and, in 2023, the bank achieved its highest profitability for 15 years with net income of $70.3 million, up by almost 46% year on year. The bank’s management attributes this to a range of initiatives executed in previous years, such as the branch network optimization strategy and revenue enhancement strategies to progressively lower operating costs and boost revenues.

There are many reasons why Citi wins this year’s award for Asia’s best digital bank. Above all, the bank has no peer when it comes to investing year after year in cutting-edge digital solutions that benefit all of its clients.

In a tumultuous year for China’s investment banks, marked by a muted IPO market and stricter regulatory oversight, CICC has emerged as the undisputed leader. While prominent Chinese investment banks, such as Citic, have faced investigation case filings from the regulator, CICC has solidified its position at the forefront of the industry, particularly in the domestic M&A space.

Baiduri Bank is again Brunei’s best bank, not just because of its impressive financial performance but also for its dedication to digital transformation.