Big companies feed growth in loans at DBS

Business | Tracy Hu 9 Feb 2018

Sebastian Paredes, chief executive of DBS Bank Hong Kong, expects moderate growth of five to 10 percent in the bank's loan volume in the city for 2018 after it posted a 16 percent year-on-year growth in loan volume in 2017, driven by large corporate business.

Net interest margin last year increased to 1.74 percent from 1.73 percent the previous year.

Net interest income increased by 10 percent to HK$8.2 billion, helped by increased loan volume and a 19 percent growth in deposit franchise.

Revenue from its wealth management services DBS Treasures Private Client and DBS Treasures improved 30 percent last year.

The bank saw its net profit in Hong Kong jump 41 percent in 2017 on a total income of HK$12.6 billion.

On the recent virtual banking consultation by the Hong Kong Monetary Authority, Paredes said the bank has not planned to apply for a license but will further develop its digital business.

Meanwhile, Manulife (0945) yesterday posted a net loss of CAD$1.61 billion (HK$9.94 billion) in the fourth quarter of 2017, compared with a net profit of CAD$63 million during the same time in 2016.

Its whole-year net profit dropped 28 percent year-on-year to CAD$2.1 billion. The Canadian insurer said earnings per share were 59 Canadian cents in the final quarter of 2017, compared with 63 Canadian cents in the same period the previous year.

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