Bank of China says it would keep headcount and salaries steady to help staff pull through Hong Kong’s worst economic slump
- The bank’s 2019 net profit rose 4.3 per cent to HK$34.07 billion at its slowest annual growth in three years
- Net interest income grew 8.4 per cent to HK$43.1 billion on the back of improving net interest margin and growth in average interest-earning assets
Bank of China (Hong Kong) Limited, a victim of vandalism and arson during the city’s anti-government protests last year, said it would keep headcounts and salaries steady to help its 14,668 employees survive the global economic slump caused by the coronavirus pandemic.
“We will not lay off anyone, or freeze salaries at this difficult time,” said the bank’s vice-chairman and chief executive Gao Yingxin, during a press conference. “We are very grateful to all of our employees in the past year when our bank was hit” by the city’s protests, he said, adding that salaries will be raised in line with business and market conditions.
The bank’s 2019 net profit rose 4.3 per cent to HK$34.07 billion at its slowest annual growth in three years. Net interest income grew 8.4 per cent to HK$43.1 billion on the back of improving net interest margin and growth in average interest-earning assets, the bank said. Total deposits by customers increased 5.9 per cent to HK$2 trillion while loans expanded 10.2 per cent to HK$1.4 trillion.
“The overall market environment will remain extremely challenging, as the [coronavirus] pandemic becomes a key factor affecting the global economy,” Gao said. “It has also taken a toll on Hong Kong.”