But JP Morgan warns the net interest margin of HSBC's Hong Kong business fell deeper than other markets and may drop further given the declining Hong Kong Interbank Offered Rate in the third quarter. HSBC and Standard Chartered backed the Hong Kong national security law, sparking criticisms from foreign politicians. In the first quarter, China Construction Bank Corporation (0939) and Bank of China (3988) provision recorded double-digit percentage rise. The provision of Agricultural Bank of China (1288) and Industrial and Commercial Bank of China (1398) also recorded a single-digit increase. In the first quarter, those banks' net profit grew not more than 4 percent.

Source: The Standard August 09, 2020 19:18 UTC