Friday, July 10, 2020
Martin Hennecke

BOCHK to up provisions for loans
<p>BOC Hong Kong (2388) expects to increase provisions for loan losses this year, but it is confident it will reach its target of an annual mid-to-high single-digit loan growth.</p><p>Deputy chief executive Wang Bing revealed that BOC Hong Kong recorded loan growth of 5.1 percent in the first quarter from the end of last year, while its market share rose 29 basis points to 3.26 percent.</p><p>Meanwhile, chief financial officer Sui Yang said BOC Hong Kong will look at various factors to balance shareholders&#39; interest, profitability and long-term development, and plans for capitalization and dividend policy when asked whether the pandemic will affect dividend payout.</p><p>Elsewhere, a number of management team members at Livi Bank, a virtual bank backed by BOC Hong Kong, resigned before its trial run, local media reported.</p>
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