Summary by Futu AI
BOC Hong Kong announced its half-year performance on June 30, 2024, achieving a profit of HKD 20.463 billion for the period, a year-on-year increase of 13.2%. The net interest margin is 1.46%, and after adjusting for the income or cost of forex forward contracts, the adjusted net interest margin is 1.61%, a year-on-year increase of 5 basis points. Operating expenses increased by 3.4% year-on-year, and the net operating income before provision for impairment increased by 14.6% year-on-year. The cost-to-income ratio improved by 2.48 percentage points to 22.98%, remaining at a favorable level compared to the local banking industry. The loan impairment ratio is 1.06%, consistently better than the market average. The total capital ratio is 22.17%; the Tier 1 capital ratio and Common Equity Tier 1 capital ratio are both 20.05%. Liquidity remains ample, with the average liquidity coverage ratio for the first and second quarters of 2024 and the quarter-end stable funding net ratio satisfying regulatory requirements.
