boc hong kong (BOC Hong Kong) announced in the financial and business review for the third quarter of 2024, benefiting from the loose global monetary policy and the recovery of the economy in China, the company's operating performance significantly improved. In the first nine months of 2024, the Group's net operating income before impairment provisions increased by 10.7% year-on-year, with a quarterly increase of 5.3% in the third quarter. Net interest income increased by 10.4% year-on-year, benefiting from the growth of average interest-earning assets and maintaining net interest margin at 1.62%. Net fee and commission income also grew by 2.7% year-on-year, reflecting the recovery of commercial activities and tourism. Customer deposits increased by 8.6%, but customer loans decreased by...Show More

boc hong kong (BOC Hong Kong) announced in the financial and business review for the third quarter of 2024, benefiting from the loose global monetary policy and the recovery of the economy in China, the company's operating performance significantly improved. In the first nine months of 2024, the Group's net operating income before impairment provisions increased by 10.7% year-on-year, with a quarterly increase of 5.3% in the third quarter. Net interest income increased by 10.4% year-on-year, benefiting from the growth of average interest-earning assets and maintaining net interest margin at 1.62%. Net fee and commission income also grew by 2.7% year-on-year, reflecting the recovery of commercial activities and tourism. Customer deposits increased by 8.6%, but customer loans decreased by 1.9%. Operating expenses rose slightly, and net allowances for impairment increased, mainly due to the impact of weakening macroeconomic outlook. The Group's total assets increased to HKD 4159.949 billion, with liquidity and capital ratios remaining strong. Boc Hong Kong actively promotes digital transformation to enhance customer service experience, participates in the Hong Kong Monetary Authority's Ensemble framework work to improve interbank transfer efficiency. In addition, the Group continues to innovate in the personal banking business, launching new products and services, and strengthening the development of cross-border business, especially in RMB business. The information contained in this announcement has not been audited, and shareholders and potential investors should exercise caution.