The Hong Kong-based bank reported a pre-tax profit of HK$10.62 billion (US$1.37 billion) in the first half of the year, a 33.19% decline from a year earlier, as net income fell 20.42% to HK$17.43 billion.
The tumble resulted from the Covid-19 pandemic, evolving US-China trade tensions, low interest rates and social unrest in Hong Kong, which led to the bank’s expected credit losses and other impairment charges of HK$1.76 billion, over three times H1 19’s number, and a net deficit on property revaluation compared with a net surplus last year. Hang Seng Bank posted a net interest income of HK$14.79 billion and a net fee income of HK$3.18 billion, a decrease of 6.69% and 8.9% year-on-ye
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