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Banks in Hong Kong are faced with two quarters of slow loan growth and declining asset quality due to the coronavirus outbreak’s impact on consumer banking.
The Asian financial hub, including HSBC and Standard Chartered, are experiencing low demand for mortgages, corporate loans, and credit card usage.
Hong Kong has its biggest exposure to China in Asia, accounting to 29.4% of its banking system assets in the previous year’s first half.
Some banks began to stress test areas in China and Hong Kong businesses as market fears over the virus grow.
Sonny Hsu, senior credit officer for financial institutions group at Moody’s Investors Service said that some companies in Hong Kong are “hanging by a thread” due to the recent civil unrest and the virus spread.
If economic activities continue to be disrupted by the virus’ impact, banks’ asset quality and profitability would weaken, and will become credit negative.
A senior banker at a large global bank in Hong Kong said that the trade finance volume is currently down at 15% to 30% in Hong Kong and China.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
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