logo
Hong Kong lender Dah Sing says first-half credit charges surge 34%

Hong Kong lender Dah Sing says first-half credit charges surge 34%

Reutersa day ago
HONG KONG, Aug 20 (Reuters) - Hong Kong-headquartered lender Dah Sing Banking Group (2356.HK), opens new tab said its credit impairment in the first half of this year increased 34% year-on-year, as the weakening commercial property market in Hong Kong weighed on its balance sheets.
The lender took HK$780.3 million ($99.97 million) in credit charges for the first six months this year, up from HK$582 million a year ago, according to the bank's earnings release, opens new tab on Wednesday.
($1 = 7.8052 Hong Kong dollars)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India's Wipro to buy Harman's digital transformation solutions unit for $375 million
India's Wipro to buy Harman's digital transformation solutions unit for $375 million

Reuters

time6 minutes ago

  • Reuters

India's Wipro to buy Harman's digital transformation solutions unit for $375 million

Aug 21 (Reuters) - Indian tech firm Wipro ( opens new tab said on Thursday it would buy the digital transformation solutions unit of U.S.-based audio products maker Harman for $375 million, aiming to bolster its AI-led engineering services across sectors. The DTS unit, Harman Connected Services, will be integrated into Wipro's engineering global business line once the deal is completed — expected by the end of the year. More than 5,600 DTS employees across the Americas, Europe and Asia will transition to Wipro after the deal closes. "The acquisition of DTS marks a pivotal step in Wipro's ambition to bring to our clients end-to-end, AI-powered engineering services," Wipro Managing Partner and Global Head of Engineering Srikumar Rao said. Harman, owned by Samsung ( opens new tab, is best known for its audio brands JBL, Harman Kardon and Infinity. It runs research and development centres in India through Harman Connected Services. The sale will allow Harman to sharpen focus on its core automotive electronics and audio business, it said in a separate statement. The deal will also allow Harman Connected Services to scale faster, with access to Wipro's global client base, resources and technology.

Kuwait's merged Warba-Gulf Bank can grow for 10 years without capital hike, CEO says
Kuwait's merged Warba-Gulf Bank can grow for 10 years without capital hike, CEO says

Reuters

time10 minutes ago

  • Reuters

Kuwait's merged Warba-Gulf Bank can grow for 10 years without capital hike, CEO says

KUWAIT CITY, Aug 21 (Reuters) - The new Islamic banking entity resulting from the merger of Kuwait's Warba Bank and Gulf Bank will be able to grow for about ten years without raising capital, Warba's chief executive said. Shaheen al-Ghanem told Reuters that Gulf Bank's 7 billion dinars ($22.9 billion) in assets would grow significantly once brought under the Islamic banking framework. "This gives us a larger market share in Kuwait," he added. Warba Bank, which has assets of about 6 billion dinars, acquired a 32.75% stake in Gulf Bank in April for about $1.63 billion, and the two began initial steps the following month towards a merger. Kuwait's central bank on Monday gave Gulf Bank preliminary approval to convert into a sharia-compliant bank. Al-Ghanem said that the merger with Warba would speed up Gulf Bank's process of converting into an Islamic lender, as systems, procedures, a sharia board, products and staff were already in place. Warba, meanwhile, is set to gain from Gulf Bank's strong retail business and its more than 50 branches, taking the combined network to about 70 and creating what al-Ghanem said was an institution with the largest branch network in Kuwait. He said that Gulf Bank has yet to use its capacity to issue Tier 1 or Tier 2 instruments, a "hidden advantage" that the new entity must use to issue sukuk after the merger. Kuwait hosts ten local banks – five conventional, four Islamic and one specialised lender - and local branches of foreign banks. Al-Ghanem expects there to be more mergers among Kuwaiti banks, something he views as a healthy development. "Many bank owners are currently thinking about their next move: remain independent or merge," he said. In 2024, Kuwait Finance House, Kuwait's largest Islamic bank, merged with Bahrain's Ahli United Bank, which also owns a Kuwaiti subsidiary of the same name.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store