Media365
Bank of China (Hong Kong), one of three note-issuing banks in the city, reported a modest 5 per cent growth in net profit last year, as exposure to the troubled mainland property sector offset its strong performance in the wealth business.
The lender reported a net profit of HK$40.12 billion (US$5.14 billion), or HK$3.7947 per share, compared with HK$38.23 billion a year earlier, according to a stock exchange filing on Monday. The results beat analysts’ estimates of HK$39.3 billion.
BOCHK, the Hong Kong arm of state-owned Bank of China, saw 67 per cent year-on-year growth in its bad debt provision last year to HK$8.25 billion, due to its exposure to China’s commercial real estate market. The impaired loan ratio was 1.14 per cent as of the end of last year.
The bank said it would pay a final dividend of HK$1.25 per share, bringing the payout for the year to HK$2.12. That compared with HK$1.99 in 2024.
“We fully leveraged our leading role as Bank of China Group’s Southeast Asia regional headquarters and steadily advanced our Southeast Asia regional integration strategy,” Sun Yu, vice-chairman and CEO of BOCHK, said in the filing.
“We actively seized opportunities arising from the rapid growth of the asset and wealth management businesses, resulting in steady growth in the number of high-end customers and payroll account holders.”
