Hong Kong banks explore GenAI benefits as profits rise
Factors including interest rates, challenging markets, return on investments, resilience and security, intertwine when banks explore generative AI use case and scalable applications.
BigThink
Factors including interest rates, challenging markets, return on investments, resilience and security, intertwine when banks explore generative AI use case and scalable applications.
July 16, 2024
The US Fed’s decision to keep interest rates higher for longer continued to benefit Hong Kong banks’ performance in 2023, with notable increases in net interest margins NIM and operating profit.
A recent report by global consulting firm KPMG revealed a 30 basis points increase in NIM, to 1.84%, for all licensed banks in Hong Kong, which includes global players such as HSBC, Standard Chartered, DBS Bank, as well as Chinese and local institutions including Bank of China Hong Kong BOCHK and Hang Seng Bank.
Operating profit before impairment charges for all licensed banks increased by 34.7% to HK$295 billion $37.8 billion, compared...
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