Haitong Bank also said it has taken additional measures to diversify its funding sources by increasing the maturity of liabilities and reducing their cost.

Haitong Bank tripled its profits last year, reaching 11.2 million euros, the bank announced this Tuesday.

In a statement, Haitong Bank former BES Investimento reveals that the net result achieved, taking into account the 3.6 million reached in 2021, confirms “the consistency of positive results in the difficult period 2020-2022”.

After a first half of 2022 “marked by uncertainty”, the Bank’s business recovered during the second half, “with the contribution of the Fixed Income and M&A areas, resulting from the resurgence of fixed income activity in Brazil and increased activity with Chinese clients”, it explains.

The bank also emphasizes that the Macau branch and the recently opened representative office in Paris registered “an important contribution” to the creation of new business.

Total Banking Income reached 74 million euros, which represented a year-on-year drop of 17% compared to 89 million euros in 2021.

Operating costs rose to €61 million, Haitong Bank said, adding that “strict control” of costs allowed the bank to achieve an operating income of €13 million in 2022, despite the decline in net income.

Total assets grew 24% to €3.4 billion and the loan portfolio increased 24% compared to December 2021 to €772 million.

In its earnings release, Haitong Bank also said that it had taken additional measures to diversify its sources of funding, increasing the maturity of liabilities and reducing their cost.

Source: Observador