HSBC, StanChart results to show Hong Kong protests are starting to gnaw

1 Oct 05:49 Key points summarised by AI

Hong Kong's ongoing political turmoil is set to significantly impact HSBC and Standard Chartered's financial performance, as the city represents their largest profit center.
Both banks anticipate a decline in credit growth and asset quality, with retail banking suffering from reduced demand for wealth management products and commercial banking facing slower revenues due to disrupted tourism and retail sectors.
Key indicators like credit card transactions are down by 15-30%, and rising bankruptcy filings signal potential future asset quality concerns for the lenders.
HSBC is forecasted to report an 11% drop in its third-quarter pre-tax profit, reflecting the early strain from the unrest, though some sources suggest it might be too early for a material impact on overall earnings.

New home loan scheme aims to boost property sector with Bt125 billion

Today 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.