GZ Daily: The total assets of Chong Hing Bank exceeded HK$200 billion for the first time, Shanghai Branch has been approved for construction
Release Date:2019-08-26 14:43:18

On August 22, Chong Hing Bank released its first half of 2019 performance report. The report shows that the Bank's core business and financial situation grew steadily, with total assets of HK$202.9 billion, surpassing HK$200 billion for the first time.

In terms of financial data, Chong Hing Bank achieved operating income of HK$1.922 billion in the first half of the year, an increase of 8.6% over the same period of the previous year; net interest income of HK$1.545 billion, an increase of 13.6% over the same period of the previous year; net profit of shareholders of HK$905 million, increased by 5.9% over the same period of the previous year; the return on shareholders' equity was 7.96% (by year); the asset quality remained good with a non-performing rate of 0.47%. The company declared a mid-term cash dividend of HK$0.17 per share. As of the middle of 2019, Chong Hing Bank's total mainland assets exceeded 30 billion yuan, close to the median level of foreign-invested mainland corporate banks; deposits and loans increased by 8% and 11% respectively compared with the end of 2018.

The reporter learned that as a bank listed in Hong Kong, Chong Hing Bank intended to set up a Shanghai branch which has been approved by the China Banking Regulatory Commission and planned to open it within the year.

Zhang Zhaoxing, chairman of Chong Hing Bank, said: “In the first half of 2019, in the face of complex and severe external economic changes, Chong Hing Bank faced difficulties and achieved good results. In the second half of the year, Chuangxing Bank will further optimize its business structure and adhere to its positioning of cross-border business, while fully deploy the national market, promoting the overall business structure to achieve breakthrough again."

Regarding the next step of development, Chong Hing Bank Chief Executive Zong Jianxin pointed out: “Ching Hing Bank is advancing the five-year strategic plan in an orderly manner, continuously fostering the competitive advantages of cross-border business, and adding multiple front-line profit centers to promote diversified business development and provide customers with more high-quality and more competitive services and products. In the future, relying on the strong resources and regional network advantages of the major shareholder Yuexiu Group and strategic shareholder Guangzhou Metro, Chong Hing Bank will actively expand the relevant businesses in the Mainland under the premise of strictly controlling risks."

Guangzhou Daily Omni Media journalist: Zhang Zhongan
Guangzhou Daily Omni Media Editor: Chen Lili