Overseas banks in China record sharp business growth
Sunday, 19 August 2007
BEIJING, Aug 18 (Xinhua): Overseas banks incorporated in China's mainland have mostly recorded sharp growth in both business scales and profits, according to their newly released half-year reports.
HSBC's deposits and total assets in China's mainland rose 50 per cent and 26 per cent, respectively, while its pre-tax profit rose 69 per cent to 473 million US dollars.
Standard Chartered doubled its business income in the mainland, with pre-tax profit rising 30 per cent to 1.98 billion US dollars.
Hang Seng Bank's loans and deposits went up 50.4 per cent and 93.9 per cent, respectively, and its pre-tax profit from the Chinese mainland accounted for 5.9 per cent of its total, higher than the 4.3 per cent recorded in the same period last year.
An analysis Saturday's Shanghai Securities News attributed the good business performance to these banks' traditional financing advantages. Statistics show that the number of their individual financing clients have risen by 35 per cent to nearly 60 per cent.
HSBC's deposits and total assets in China's mainland rose 50 per cent and 26 per cent, respectively, while its pre-tax profit rose 69 per cent to 473 million US dollars.
Standard Chartered doubled its business income in the mainland, with pre-tax profit rising 30 per cent to 1.98 billion US dollars.
Hang Seng Bank's loans and deposits went up 50.4 per cent and 93.9 per cent, respectively, and its pre-tax profit from the Chinese mainland accounted for 5.9 per cent of its total, higher than the 4.3 per cent recorded in the same period last year.
An analysis Saturday's Shanghai Securities News attributed the good business performance to these banks' traditional financing advantages. Statistics show that the number of their individual financing clients have risen by 35 per cent to nearly 60 per cent.