The aggregate pre-tax operating profit of retail banks fell by 26.1 percent in the first three quarters of 2020, from last year, due to a drop in net interest income and a surge in loan impairment charges, according to the Hong Kong Monetary Authority. The highly uncertain pandemic and economic outlook could continue to weigh on bank loan quality and profitability in the coming months, the HKMA said. Retail bank net interest margin narrowed to 1.24 percent in the first three quarters of 2020 from 1.64 percent in the same period of 2019.

Source: The Standard December 23, 2020 10:18 UTC