KPMG launches 32nd annual Hong Kong Banking Report
KPMG has launched its 32nd annual Hong Kong Banking Report. We review the financial results of banks in Hong Kong in 2019, and also offer our views and predictions on the future of the industry, especially in light of the onset of COVID-19.
Indeed, the pandemic has been a catalyst for change in the banking sector, with the industry having to respond, recover and adapt to a New Reality. In our view, as banks respond to the effects of COVID-19, they will go through four phases: Reaction – responding to immediate challenges; Resilience – managing through uncertainty; Recovery – resetting and identifying opportunities; and the New Reality – adapting to a new world.
Navigating through these phases and adapting to the New Reality will be key for banks in order to continue to grow and succeed, especially with profitability expected to be significantly impacted in 2020.
