HSBC and Hang Seng show support for SMEs

Business | Avery Chen 29 Aug 2019

The Hongkong and Shanghai Banking Corporation and Hang Seng Bank (0011) have announced new measures to help small and medium-sized enterprises in Hong Kong tackle challenges from trade and retail sales slumps amid a struggling economy.

The two banks are offering a six-month interest rebate (from March to August) on loans approved under the SME Financing Guarantee Scheme or SME Loan Guarantee Scheme, capped at HK$20,000 per customer.

Meanwhile, Dah Sing Bank does not have plans to cut jobs and will continue to support SMEs despite increasing economic uncertainties, managing director Harold Wong Tsu-Hing said.

The bank has adopted a more cautious view for the second half, as market uncertainties, including the Sino-US trade war and Brexit, will put more pressure on its net interest margin and loan growth, Dah Sing Financial (0440) executive director Gary Wang Pak-Ling said.

Dah Sing Financial's first-half net profit rose 7.02 percent year-on-year to HK$1.11 billion, and it declared an interim dividend of 39 HK cents. Basic earnings per share was HK$3.41.

Dah Sing Banking (2356) reported a 0.6 percent growth in first-half net profit to HK$1.35 billion, mainly attributable to a lower impairment charge on its investment in Bank of Chongqing. It declared an interim dividend of 13 HK cents. Basic earnings per share was 96 HK cents.

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