PAObank, a subsidiary of Land Control (06623.HK), announced that its net interest income in the first half of this year increased by 57% year-on-year to 60.2 million yuan. Its loan assets reached 2.63 billion Hong Kong dollars, a 25% increase from the second half of last year, and customer deposits also grew by 69% to over 4.22 billion yuan.

In April of this year, PAObank officially became a subsidiary of Land Control. The bank expects to generate synergies in the future, jointly achieve the vision of technology-enabled finance with Land Control, promote inclusive finance in the Greater Bay Area, and bring more innovative digital banking services to the market. PAObank's CEO and Executive Director, Fei Yi, stated that despite the unsatisfactory local economic and operational environment in the first half of this year, many small and medium-sized enterprises have shown business resilience. They have leveraged digital transformation to expand beyond traditional markets, resulting in business growth. Fei Yi also mentioned that PAObank has been operating in Hong Kong for four years, and in the future, they will continue to provide timely and efficient support to small and medium-sized enterprises, collaborating with them to address various challenges. The bank will continue to offer diversified, convenient, and flexible financial products and services choices for individual and small and medium-sized enterprise customers in the future.