BOCHK outperforms as lending grows 3.9pc

Business | Winnie Lee 18 May 2021

BOC Hong Kong's (2388) loan business in the first quarter grew by 3.9 percent year-on-year, compared to the market average growth of 2.4 percent, deputy chief executive Wang Bing said.

Among them, loans related to property investment and stocks outperformed, as personal housing mortgages are also growing 0.8 percentage point faster than the market, the lender said at its annual general meeting yesterday.

The bank's asset quality is expected to remain healthy in the first half since the industries pushing the growth of loan business were not affected much by the Covid-19 pandemic.

The bank will balance the increase in loans in China, Hong Kong and Southeast Asia, and believes that the full-year loans growth will reach mid to high single digits, Wang said.

Deputy chief executive Yuan Shu said the group increased its share of yuan bond investments in the first quarter as the current appreciation of the yuan is the fastest in recent years. The bank also focused on promoting yuan products in the Southeast Asia, and investment businesses related to exchange and bonds have developed significantly.

BOCHK hopes to assist in the development of yuan business by preparing input personnel, bond reserves and the cross-border wealth management connect and southbound bond connect systems.

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