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China Bank grows profits in third quarter

The Sy-led lender netted P3 billion during the July-September period, up 21% year-on-year......»»

Category: financeSource: philstar philstarOct 29th, 2020

China economy grows 4.9% in Q3, extending virus recovery

China's economy grew 4.9 percent on-year in the third quarter, sustaining its rebound from bruising virus lockdowns and moving closer to pre-pandemic levels, official data showed Monday......»»

Category: financeSource:  thestandardRelated NewsOct 19th, 2020

Pandemic hammers HSBC profits in H1

HONG KONG (AFP) – HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions. The lender reported post-tax profits of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion. Chief executive Noel Quinn described the first six months of the year as ”some of the most challenging in living memory”. ”Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility,” he said in a statement to the Hong Kong stock exchange, Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid year. Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain’s departure from the European Union. The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash some 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe. The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic. But HSBC has a further headache — geopolitical tensions via its status as a major business conduit between China and the West. HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth.  Caught in crossfire As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington. The bank has tried to stay in Beijing’s good graces. It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests. The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing’s line. But that has not shielded it from Beijing’s wrath. Last month the bank was a subject of multiple reports in China’s state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant. HSBC released a statement on its Chinese Weibo accounts saying it had not ”framed” telecom giant Huawei or ”fabricated evidence” that led to the arrest of Meng. China’s internet censors blocked access to HSBC’s statement within hours of publication, without offering an explanation. Quinn referenced the bank’s growing political vulnerability in Monday’s statement. ”Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint,” he said. ”However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfill this role,” he added. The bank’s Asia operations continued to show ”good resilience”, Quinn said, with profit before tax of $7.4 billion. Earlier this year Quinn put some of the job cuts on hold as the pandemic struck. But in Monday’s statement he vowed to press ahead with the cost-cutting. ”As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us,” he said......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Income of Dubai& rsquo;s largest bank drops

Dubai, United Arab Emirates---Emirates NBD, Dubai’s largest bank, said on Monday its net profits plunged in the second quarter as it made huge provisions to counter the potential impact of the coronavirus crisis......»»

Category: financeSource:  thestandardRelated NewsJul 21st, 2020

Philippines bond market grows 8% in Q1

The domestic bond market grew by 7.9 percent in the first quarter as both government and corporate issuances rose on the back of positive investor sentiment prior to the declaration of a pandemic, according to the latest Asian Bond Monitor of the Asian Development Bank......»»

Category: financeSource:  philstarRelated NewsJun 25th, 2020

Singapore eases monetary policy, avoids recession

SINGAPORE – Singapore eased monetary policy for the first time in more than 3 years on Monday, October 14, as the United States-China trade war bites, while the export-reliant economy narrowly avoided recession in the 3rd quarter. The financial hub's central bank joins others around the world, from Europe ........»»

Category: newsSource:  rapplerRelated NewsOct 14th, 2019

Singapore eases monetary policy, avoids recession

Singapore eased monetary policy for the first time in over three years Monday as the US-China trade war bites, while the export-reliant economy narrowly avoided recession in the third quarter. The financial hub’s central bank joins others around the world, from Europe to the US, in loosening policy as fears mount of a global economic […] The post Singapore eases monetary policy, avoids recession appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsOct 14th, 2019

PSBanks Q1 2019 net profit grows to P680.73M

The Philippine Savings Bank (PSBank) grew its net profit by 10.32 percent year-on-year to P680.73 million in the first quarter of 2019. The post PSBanks Q1 2019 net profit grows to P680.73M appeared f.....»»

Category: newsSource:  philippinetimesRelated NewsMay 16th, 2019

Security Bank Q1 2019 profit grows to P2.38B

Key local lender Security Bank posted a 1.5% year-on-year growth in first quarter net profit to P2.38 billion, driven by higher interest earnings and treasury gains. The post Security Bank Q1 2019 pro.....»»

Category: newsSource:  philippinetimesRelated NewsMay 7th, 2019

China Bank profit up 24% to P1.9 B

China Banking Corp. recorded a 24 percent jump in net profit to P1.9 billion in the first quarter from P1.5 billion in the same quarter last year, driven by the continued robust growth of its core businesses......»»

Category: financeSource:  philstarRelated NewsMay 4th, 2019

China Bank income hits P1.9B

CHINA Banking Corp. (China Bank) reported on Friday that its net income rose to P1.9 billion in the first quarter of the year, driven by the continued robust growth of…READ The post China Bank income hits P1.9B appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsMay 3rd, 2019

Fast Q2 expansion leaves room for steady rates

THE STRONG 7% growth clocked last quarter that bested many key economies in Asia, including China, renders current monetary policy settings appropriate, a central bank official said, noting that increased public spending and ample liquidity should support.....»»

Category: newsSource:  bworldonlineRelated NewsAug 18th, 2016

Is a win-win solution in the South China Sea at hand?

We were skeptical when Energy Secretary Alfonso Cusi said recently that oil exploration firms are free to decide whether or not to resume their oil exploration activities at Reed Bank in the South China Sea (SCS)......»»

Category: newsSource:  inquirerRelated News18 hr. 31 min. ago

China: Someone to lean on

With the country facing a negative 11.5-percent growth rate in the third quarter of 2020, plus an unemployment rate of 39.5 percent or 23.7 million Filipino adults in the same period, this dreary reality does very little to lift our spirit as a nation......»»

Category: newsSource:  thestandardRelated NewsNov 23rd, 2020

Quo Vadis

The South China Sea, as we know, is of tremendous economic and geostrategic importance: it is where a quarter of international trade goes through and where more than half of the world’s oil tankers and merchant ships pass every year......»»

Category: newsSource:  philstarRelated NewsNov 19th, 2020

Quo vadis

The South China Sea, as we know, is of tremendous economic and geostrategic importance: It is where a quarter of international trade goes through and where more than half of the world’s oil tankers and merchant ships pass every year......»»

Category: newsSource:  thestandardRelated NewsNov 18th, 2020

Bank deposits up in June as Filipinos hold on to cash

Total deposits rose 2.5% quarter-on-quarter to P14.24 trillion as of the end of second quarter. These were contained in 76.3 million accounts......»»

Category: newsSource:  philstarRelated NewsNov 18th, 2020

BSP data: Strong dollar remittances in Sept keep PH economy from sinking

MANILA, Philippines — The Philippines’ estimated 10 million citizens abroad once more stepped in to buoy the local economy in the middle of a crisis, driving a late third quarter surge in dollar remittance that helped ward off a worst case scenario earlier feared by the central bank. In a statement, the Bangko Sentral ng […] The post BSP data: Strong dollar remittances in Sept keep PH economy from sinking appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsNov 16th, 2020

PSBank earnings plunge 95% in Q3

The earnings of Philippine Savings Bank plunged 95.5 percent to P36.77 million in the third quarter of the year from P813.03 million in the same quarter last year as provision for potential loan losses almost quadrupled due to uncertainties brought about by the global health pandemic......»»

Category: financeSource:  philstarRelated NewsNov 15th, 2020

Ayala Corp. profit falls 75% in 9 months

Listed Ayala Corp.’s net income plunged by 75 percent year-on-year to P11.4 billion in the first nine months of 2020 after its core businesses posted lower net profits in the period. Despite this, the diversified conglomerate reported in a disclosure late Thursday that for the third quarter alone, its bottomline more than doubled to P3.4 […].....»»

Category: newsSource:  manilatimes_netRelated NewsNov 14th, 2020

PNB turns in P2.5 billion income

Philippine National Bank recovered in the third quarter as earnings inched up by 2.9 percent to P2.51 billion from P2.44 billion in the same quarter last year as provision for potential losses arising from the impact of the global health crisis started to taper off......»»

Category: financeSource:  philstarRelated NewsNov 14th, 2020