The majority of chief financial officers (CFOs) in the Asia-Pacific region are confident about their organisation's prospects for 2013, according to a new study.
A combined report by the Bank of America and Merrill Lynch surveyed 600 CFOs working in the area and found 62 per cent expect to see their profits increase this year, while 71 per cent believe revenue will rise.
Steven Victorin, head of Asia-Pacific corporate banking, commented: "Despite economic uncertainty and global market headwinds, there remains a sense of unbridled optimism towards business prospects in Asia-Pacific."
This confidence means 73 per cent of CFOs expect to maintain or expand their borrowing and 23 per cent of the funding raised will be used on capital expenditure.
The survey also revealed there is preference towards organic growth rather than mergers and acquisitions (M&A) in the Asia-Pacific region.
Nearly two-thirds of respondents said they do not expect any M&A activity this year, while those who do claimed it will be focused on the domestic market or the emerging economies in south-east Asia.
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