Tuesday, March 2, 2010

HK/China Banks Daily News Highlights

• HSB 2009 Net Profit Down 6.2%, Eyes China Investments – HSB reported
Monday a 6.2% drop in its 2009 net profit, as a decline in net-interest and fee
income more than offset higher trading gains during the period. "The low
interest rates that are likely to persist until at least the second half of this year
and keen competition in the financial sector will continue to put pressure on
margins," HSB Chairman Raymond Chan said in a statement, adding he is
"cautiously optimistic" about the bank this year. The bank also cut its 4Q
dividend by 37% to HK$1.9 from HK$3.0 to preserve capital. (WSJ, HKEJ

• HSBC's Net Rises 1% - HSBC reported a net profit for 2009 of US$5.83bn, up
from US$5.73bn in 2008, helped by its investment-banking division, but baddebt
charges continued to rise and its Asian operations disappointed analysts.
On a region-by-region basis, HSBC said, PBT from Europe was down 63% at
$4bn, while HK posted an 8% drop to $5.03bn.
The rest of the Asia-Pacific
region reported a PBT of $4.2bn, down 11%. The bank's bad debts dropped
16% yoy in loan impairments within the U.S. consumer-finance unit. (WSJ)

•  China banking industry to work out feasible capital supplementary plans -
China's banking industry will work out feasible capital supplementary plans this
year to push forward the construction of risk management system, said Liu
Mingkang, chairman of the CBRC. (Xinhua)

• China to keep control of lending pace, official says - China will continue to
control the pace of lending based on demand from the real economy and
prudent supervision requirements, according to Liu Mingkang, chairman of the
CBRC. The regulator will “reasonably” set the speed of asset expansion on and
off lenders' books to balance their business growth and ability to manage risk,
Liu said in a speech yesterday, posted on the regulator's website. (China Post)

•  ICBC NPL ratio drops in 2009 and offshore units all profited in 2009 – ICBC
said that its NPL ratio stood at 0.56% in 2009, down from 2.29% the previous
year. Its offshore assets reached US$49.182 billion, up by 22.89% yoy; and all
of its offshore units realized profit in 2009, 7 of which saw their profit more than
double, and 4 units’ profits were more than tripled. (Oriental Daily, Xinhua)

HK/China Banks Daily News Highlights

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