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<Blue Chip Results>BOC HONG KONG 2023 Profit Attributable to Equity Holders Adds 26% YoY to $32.7B; Final DPS $1.145
Recommend 33 Positive 70 Negative 45 |
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BOC HONG KONG (02388.HK) announced its annual results for the year ended December 2023. Net operating income before impairment allowances was $65.498 billion, hiking 20.8% YoY. Profit attributable to equity holders elevated 26.1% YoY to $32.723 billion, giving an EPS of $3.095. A final dividend of $1.145 is declared, compared to HK91 cents in the same period last year. Together with the interim dividend, the full-year DPS would be $1.672, a 23.2% YoY increase, which is in line with the range of $1.6 to $1.75 forecasted by the 4 brokers as summarised by our reporters. Dividend payout ratio was 54%, a rise of 1 ppt YoY. Net interest income was $51.078 billion, lifting 31.8% YoY, with a net interest margin of 1.53%. After taking into account the funding income or cost of foreign currency swap contracts, the adjusted net interest margin was 1.63%, up 27 bps YoY. Net fee and commission income declined 6.5% YoY to $9.167 billion, mainly due to the muted investment market sentiment, with commission income from securities brokerage, fund distribution and fund management decreasing by 26.7%, 20.3% and 42.9% YoY respectively. Commission income from insurance also descended 28.6%. Net gain on other financial instruments at fair value through profit or loss was $2.277 billion, compared with a net loss of $11.864 billion in 2022. This was mainly due to changes in market interest rates, which drove up the mark-to-market value of BOC Life's debt securities investments. Net charge of impairment allowances on advances and other accounts reached $6.419 billion last year, up $3.874 billion YoY. Compared with 1H23, net provision for impairment of loans and other accounts increased by $3.969 billion in 2H23, mainly due to the downgrading of certain customers and the increase in impairment allowances for certain non-performing customers during the second half. Return on average shareholders' equity and return on average total assets were 10.6% and 0.9% respectively, up 2.1 ppts and 0.15 ppts YoY respectively. AAStocks Financial News |
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