(Hong Kong) – Profits at Hong Kong’s listed banks fell 11.1 percent in the first half of this year compared with the same period in 2001, according to KPMG.The audit firm, which works with six of the 11 banks included in the survey, says net profits fell despite a 9.9 percent growth in trade finance portfolios, and a 3.1 percent growth in loan books. After provisions, profits were down by just 2.5 precent.
KPMG said the outlook was brighter for the second half, as many banks had taken their provisioning hits already this year.