VICTORIA CITY: Pre tax profits at Hong Kong banks were 15.8 per cent higher in 2017, as the pace of growth accelerated from the previous year’s 8.3 per cent, according to the Hong Kong Monetary Authority, the city’s de facto central bank and banking regulator.The banks meted out more loans last year, which grew 16.1 per cent from 2016, and earned higher margins. Their net interest margin the difference between the interest income earned from loans and the interest paid out for deposits was 1.45 per cent last year, compared to 1.32 per cent. Net interest margin is an important factor in a bank’s profitability. Hong Kong banks will report their individual 2017 results in late February and March. Loans to property developers were 28 per cent higher in 2017 than 2016, Yuen said. The increase was despite a rule change last year designed to restrict the amount of money developers can borrow from banks. Earlier in January, the US Office of the Comptroller of the Currency also highlighted cybersecurity risks and anti-money-laundering among its major risks for US banking system. Yuen said that cybersecurity was a particular risk for online-only banks, as customers would not be able to fall back on visiting a branch.
Ogra allows Cnergyico to export 40,000 tonnes furnace oil in April as surplus builds
ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has approved export of up to 40,000 metric tonnes of furnace oil for...
