China
Lower interest rates and property woes weigh on Bank of China’s profits
Lower interest rates and property woes weigh on Bank of China’s profits
Net interest margin fell, although at a lower decline than other Chinese megabanks.
China Merchants Bank says it’s “challenging” to achieve Q1 earnings growth
The bank is bracing for a margin squeeze and guided for tepid fee income.
Mandated property lending poses challenges for Agricultural Bank of China
ABC also faces a moderate decline in profits following recent rate cuts.
Tighter interest margins and rising bad loans weigh on CCB
The non-performing asset ratio is expected to rise to 4.48% in 2024.
Chart of the Week: 2 in 3 e-commerce transactions in China use alternative payments
Alternative payments make up 67% of the market share.
Hong Kong’s wealthy plan to spend HK$870,000 in 2024 travels
Tokyo is their top destination of choice.
Ping An Bank with enough capital for proposed higher dividends: analyst
The China-based bank has proposed to pay a 30% dividend in 2023.
Mastercard and Alipay enable real-time remittance in over 180 markets
Alipay’s 1 billion users in China can now transfer and pay with over 150 currencies.
Citi appoints Lin Hai as head of China commercial bank business
Lin was most recently head of corporate sales & solutions for China and HK.
Investor demand for China’s wealth management product still muted
Balance may grow in 2024, according to Fitch Ratings.
Ant Group raises transaction limits in China for foreign users
Ten partner wallets can now enjoy the increased limits.
China raises annual mobile payment limit of foreign visitors to $50,000
The single transaction limit has also been raised to $5,000.
Loan rate cut weighs on Chinese banks’ interest margins, profits
China Construction Bank, ICBC, and CITIC Bank will be most negatively affected.
Ant Group outbids Citadel for Credit Suisse’s China investment bank venture: report
But this faces a “thorough review” because China favors a foreign buyers, sources said.
Weekly Global News Wrap: HSBC gets approval to sell Russia unit; Chinese banks approve $17b property loans
And China cuts 25 basis points to five-year loan prime rate (LPR).
DBS China secures license to underwrite debt of non-financial companies
Non-financial firms can now work with DBS to enter the world’s second largest bond market.
China’s new bank loans hit record high in January: report
Officials are also rolling out more measures to support the economy.
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