A general view of Russell Street in Causeway Bay, once the world's most expensive shopping street, on Christmas Eve, 2020. Photo: Sun Yeung
Hong Kong’s banks are having their worst time since 2008 as profits plunge while bad loans soar amid city’s recession
- The average pre-tax profit among the city’s retail banks fell for the second year in 2020, plunging by 29.4 per cent, according to the Hong Kong Monetary Authority (HKMA)
- The ratio of bad and doubtful loans, known as classified loans ratio in Hong Kong, jumped to a four-year high of 0.84 per cent at the end of September
A general view of Russell Street in Causeway Bay, once the world's most expensive shopping street, on Christmas Eve, 2020. Photo: Sun Yeung
