Haitong bank closed the first half of 2022 with net loss increasing and operating income falling, due to “China-related business” being hurt by Chinese lockdowns.
According to an official statement, the bank’s net losses reached EUR 4.5 million, “with reversal of impairment and provisions in the same period amounting to EUR 3.6 million”.
Net operating income reached EUR 21.7 million, down 51% from the same period last year.
“The China-related business was the major factor behind a weaker performance in the first semester, due to COVID-related lockdowns in several Chinese cities, which negatively affected M&A, DCM and Group transactions,” the bank said.
Operating costs rose 6% in the first six months to EUR 30.5 million. The negative operating result of EUR 8.8 million contrasts with the EUR 15.4 million recorded in the first half of 2021.
The bank expanded performing assets, with “total assets standing at EUR 3.1 billion, 13.9% above the EUR 2.7 billion reported by the end of 2021”.
