Bank strengthens reserves

LIU Chong Hing Bank saw profits jump 31.1 per cent to $207.3 million for the year ended December 31, 1992, compared with $158 million for the same period a year earlier.

The strong profits helped reserves climb 24.6 per cent to $1.1 billion from $884.6 million.

The bank saw the value of its investments drop 9.1 per cent to $388.4 million from $422.1 million due mainly to a 40 per cent decline in the value of certificates of deposit, floating rate notes and bonds maturing in more than one year.