Thursday, March 4, 2010

HK/China Banks Daily News Highlights $hkma 03.04.10 [citibank capital markets] $C

•StanChart net jumps 4.7% - Standard Chartered recorded a 4.7% increase in annual net profit on the back of strong income growth in wholesale banking. Profit for the year to December was US$3.28bn, up from US$3.13bn a year ago. The lender will pay a dividend of 66.03 US cents, up 7% yoy. Impairment losses and other provisions rose 51.4% to US$2 billion. Impairment losses in the Middle East and South Asia more than trebled to US$811m. StanChart aims to list in Mumbai soon to raise between US$500m and US$800m. (Standard)

• HKMA steps in to stop rate war; Guidance floor set on mortgage prices - Hong Kong's banking watchdog has acted to head off a damaging mortgage price war by setting guidance floors on mortgage rates, and warning lenders of default risks in a property market correction. HKMA warned that unlike the 1997-98 Asian financial crisis, when declining interest rates reduced default risks, this "might not repeat itself when the next decline in the property market takes place". (SCMP)


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