1132 GMT - The sharp move in the Hong Kong dollar-based interest rate benchmark to 0.9% from 4.0% threatens to hurt the net interest income of U.K. Asia-focused banks Standard Chartered and HSBC, Citi says. This will weigh on NII in the second and third quarters due to short term pressure on asset yields and the repricing of some mortgages, analysts write. Whether HIBOR will reconverge with US LIBOR will be key, they add. Their models assume this will happen by year-end. They are disappointed with HSBC's new disclosure on NII and non-NII. This change makes it harder to compare performance to peers. However, the non-NII growth for both banks has been impressive. This has been driven by their financial markets and wealth activities. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
June 03, 2025 07:32 ET (11:32 GMT)
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