Protests in Hong Kong, which have lasted more than five months, have hurt the city's retail and tourism industries.
economy, but the chief executives of two major banks said their businesses in the city have not been affected in a big way.said on Monday that net profit for its Hong Kong business jumped 14% year-on-year in the July-to-September quarter. That performance came on the back of a 15% year-on-year rise in overall profit for the quarter to 1.63 billion Singapore dollars , which beat analyst estimates compiled by Refinitiv.
Piyush Gupta, CEO of DBS, told CNBC's Tanvir Gill that he doesn't anticipate a "serious problem" with the bank's loan book in Hong Kong. But the bank has set aside some money as a precaution for any losses in its Hong Kong business, he added. "So I don't really anticipate serious problem with the credit portfolio in the coming year, it's just to be abundantly cautious we kept some money aside just in case," he added.
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