Haitong with record profits. Earns 11 million in 2019 H1
Haitong, the former investment bank of BES, made record profits of 11 million euros in the first half of the year.
Haitong closed the first half of the year (H1) with profits of 11 million euros, with those responsible underlining that this is a record result that proves the sustainability of the business model implemented by the Chinese group in the former investment bank of BES.
“This solid result was due to the year-on-year growth of 30% in operating income to 57 million euros in the first six months of 2019, as well as to improvements in efficiency levels”, the bank informs in a statement. “Operating costs stood at 39 million euros and operating income per employee increased by 36% compared to the same period last year”, says Haitong.
The capital market area contributed the most to turnover in the first half of the year, generating a net operating income of 32.8 million euros, with Haitong Bank taking part in the public bond subscription offers of Benfica and TAP. The structured finance segment guaranteed 8.5% and advisory services on Mergers & Acquisitions were responsible for 5 million euros of operating income.
It should also be noted that this result of 11 million euros in the first half of the year compares with losses of 2 million euros in the same period last year.