(Hong Kong) – Hong Kong middle ranked lender Wing Hang Bank has seen its first half net profit drop 14 percent reflecting the market’s economic problems and growing bankruptcy levels.The territory’s 9th biggest bank has delivered a HK$371.55 million (US$47.63 million) net profit for the first half of 2002, relative to a profit of HK$432.64 million for the six months ended June 2001.
Wing Hang notes that it has seen no growth in overall loan demand in the first half, although saw charges for bad and doubtful debts rise 22 percent to HK$220 million, nearly half of which related to credit card and personal lending. Only 3.5 percent of its book, however, have been noted as non-performing loans, a slight reduction on the same period last year.