HK bank expects to grow amid measures
By Zhang Fengming |
May 11, 2011, Wednesday
|
Print Edition
Print Edition
HANG Seng Bank (China) Ltd hopes to continue to grow this year despite the Chinese government's tightening measures, its chairwoman said in Shanghai yesterday.
The bank has also met the regulatory requirement to cap its loan-to-savings ratio under 75 percent and is confident that it will be able to maintain the level, said Margaret Leung, its chairwoman.
"We do face more challenges this year against a tighter macro-policy and the uncertainties in the US and Europe," said Leung, who is also vice-chairwoman and chief executive of Hang Seng Bank Ltd. "But we do believe that China can still achieve a gross domestic growth of 8 percent to 9 percent this year, laying a solid ground for our bank" to expand.
Hang Seng China also plans to boost productivity to maintain its growth, Leung said.
Hang Seng China is the Hong Kong bank's local incorporation on the Chinese mainland, with 38 outlets on the mainland.
Locally-incorporated overseas banks must meet the requirement by the end of this year.
Hang Seng China grew its customer base by 15 percent in 2010 and its pre-tax profit, excluding foreign exchange losses, soared 140 percent.
The bank's net interest income rose 8 percent last year while lending jumped 28 percent annually. Its mortgage lending fell 3 percent on tighter controls over the real estate sector.
Its non-interest income more than doubled in 2010. The bank's priorities in China include expanding wealth management and cross-border trade yuan settlement.
The bank has also met the regulatory requirement to cap its loan-to-savings ratio under 75 percent and is confident that it will be able to maintain the level, said Margaret Leung, its chairwoman.
"We do face more challenges this year against a tighter macro-policy and the uncertainties in the US and Europe," said Leung, who is also vice-chairwoman and chief executive of Hang Seng Bank Ltd. "But we do believe that China can still achieve a gross domestic growth of 8 percent to 9 percent this year, laying a solid ground for our bank" to expand.
Hang Seng China also plans to boost productivity to maintain its growth, Leung said.
Hang Seng China is the Hong Kong bank's local incorporation on the Chinese mainland, with 38 outlets on the mainland.
Locally-incorporated overseas banks must meet the requirement by the end of this year.
Hang Seng China grew its customer base by 15 percent in 2010 and its pre-tax profit, excluding foreign exchange losses, soared 140 percent.
The bank's net interest income rose 8 percent last year while lending jumped 28 percent annually. Its mortgage lending fell 3 percent on tighter controls over the real estate sector.
Its non-interest income more than doubled in 2010. The bank's priorities in China include expanding wealth management and cross-border trade yuan settlement.
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