Chong Hing Bank Ltd profit decrease predicted

Chong Hing Bank Ltd, controlled by Hong Kong's Liu family, yesterday said that it expects the 2008 profit to decrease "considerably" due to the global financial crisis.

The bank has been trying to hold more cash on its balance sheet as part of its measures to manage risk, resulting in lower interest income, the company said in a statement to the Hong Kong Stock Exchange.

The "lingering global financial tsunami" has also led to a reduction in fees and commission income, securities investments and profit from its ventures, Chong Hing said.