HKMC's profits fell to $508m

Housing and financial markets expected to be volatile.

According to a report, the Mortgage Corporation says its unaudited consolidated profit after tax for the first six months of this year was $508 million, down from $521 million for the same period last year.

Annualised return on shareholders' equity was 10.7%, and the capital adequacy ratio was 23.1% as at June 30.

New mortgage loans drawn down under the Mortgage Insurance Programme amounted to $7 billion.

For the Reverse Mortgage Programme, 96 applications were approved, with an average property value of about $5.2 million and average monthly payout of $13,900.

The corporation has secured a respectable return in the first half of this year. With market expectations about the US Fed's exit from quantitative easing, it is expected the housing and financial markets will continue to be volatile.

The corporation will remain vigilant to face any challenges ahead, it said.