Higher deposits, wealth buoy BOCHK to 17.9% profit rise in H1
Interim dividend for the period is HK$0.57 per share.
Bank of China (Hong Kong) (BOCHK) reported higher profits for the first six months of 2024 on the back of higher deposits and wealth-related income.
Profit attributable to equity holders in H1 was HK$20.04b, 17.9% year-on-year higher than in 2023, BOCHK’s 2024 interim results showed.
Return on average shareholders’ equity was 12.39%, 1.58 percentage points (ppt) higher than in H1 2023.
Interim dividend for the period is HK$0.57, higher by 8.2% YoY.
Total deposits from customers amounted to almost HK$2.65t, 5.8% YoY higher than in end-December 2023. Total advances to customers are HK$1.7t, which BOCHK said is “broadly stable.”
Net interest margin (NIM) expanded by 5 basis points to 1.61%, whilst net interest income (NII) rose 15.3% to HK$27.8t in H1 compared to a year earlier.
BOCHK said that it “captured wealth management business opportunities”, which resulted in commission income from funds distribution and insurance to rise by 27.2% YoY and 10.1%, respectively.
Common Equity Tier 1 (CET1) capital ratio and total capital ratio were 20.5% and 22.17%, respectively.