Foreign banks report growth in first half

Foreign banks incorporated on the mainland recorded strong profits during the first half of this year, state media reported. HSBC's deposits and total assets on the mainland rose 50% and 26% respectively, while Hang Seng Bank's loans and deposits rose 50.4% and 93.9% and Standard Chartered doubled its business revenue to US$1.98 billion. Analysts said the strong performance is due to overseas banks' advantages in capital market business and attention to private banking and loans to small and medium-sized enterprises. Foreign banks' individual financing clients increased by 35% to nearly 60%.