Loading
Content

The current content does not exist in the language you had selected.

JOINT MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER

<p>Wu Min, CEO of Haitong Bank and Lin Yong, Chairman of the Board of Directors</p>

Wu Min, CEO of Haitong Bank and Lin Yong, Chairman of the Board of Directors

It is with enormous satisfaction that we announce Haitong Bank’s 2018 full year results. After 4 consecutive years of losses, we are proud to have reached profitability.

What was a narrative one year ago is now a reality. We have delivered in creating the foundations for the Bank’s sustainability in terms of Governance, Business Model, Cost Awareness and Strategic Direction.

Total Banking Income was EUR 99 million, for the full year, an increase of 43% year-on-year. On the costs side, Haitong Bank delivered a year-on-year reduction of 38% in Operating Costs to EUR 78 million. We have consistently shown Operating Profits in all four quarters of 2018. For the whole year, Operating Profits reached a record EUR 21 million.

The Bank was also able to deal with several one-off impairment costs, mainly related to the legacy credit portfolio. Net Income for the year was EUR 1.2 million, which brought forward by one year the well-awaited profitability objective.

The Bank also achieved an important turnaround from an asset quality perspective, with the NPL ratio falling significantly from one year ago. 

 

We are now moving up a gear towards a new era as Haitong Bank becomes a Strategic Reserve for the whole Group!

Finally, with respect to capital, following the Shareholder capital support throughout last year, we remain one of the strongest capitalised banks in the industry, with a CET1 ratio of 22.9% and a Total Capital ratio of 28.9%.

This capital position allows Haitong Bank to be optimistic about its future sustainability as we will be able to continue expanding the Balance Sheet.

We will continue focusing on capturing business and revenues, leveraging on our core competitive advantages: our access to the China-related business flow as well as our core domestic franchises.

Every time we follow through on a commitment, we are building trust. With this year’s achievements, the Bank has strengthened its credibility with the regulators, its shareholder, clients and staff.

These achievements should also inspire us to keep working together towards a successful future where we continue to demonstrate integrity and perseverance in a meritocratic organisation.

 

             

Wu Min

Chief Executive Officer

Lin Yong

Chairman of the Board of Directors