Hang Seng impaired loans surge past $7bn ahead of HSBC buyout
Residential mortgage impairments up 73% as CRE bad loans double
Impaired loans climbed to 6.7% of Hang Seng Bank’s total loan book as of end-June – almost triple the rate at parent HSBC, which earlier this month announced plans to delist and fully consolidate the Hong Kong-based lender.
Defaulted loans and advances to customers totalled HK$54.8 billion ($7 billion) out of Hang Seng’s HK$819.7 billion loan book. At HSBC group level, stage 3 loans under the IFRS
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