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.

Search Archive

Advanced Search
February 2020

Today's Standard

Yearly Magazine

Yearly Magazine