Annual results release: In 2020, the Group recorded total revenue of HK$4.888 billion, up 15% year on year; recorded profit attributable to shareholders of HK$1,563 billion, up 75% year on year; ROE 11.8%, up 3.7 percentage points year on year. ; The basic profit per share was HK16.9 cents, with a total proposed dividend of 8.5 HK cents for the whole year, with a dividend payment ratio of 52%. Both revenue and profit reached record highs, mainly due to a sharp increase in financial products, market making and investment income, as well as a year-on-year decrease in impairment provisions and financing costs. The total cost of the Group fell 6% year on year. The Group made an impairment of HK$360 million in 2020, a 60% decrease compared to HK$9.1 billion in 2019.
Brokerage commissions grew rapidly, and the investment banking business declined: during the year, the brokerage business recorded revenue of HK$649 million, an increase of 22% over the previous year; of these, brokerage commissions for securities transactions increased 23% year on year to HK$555 million. Excluding the impact of clients' participation in stock placements, brokerage commission revenue increased 45% year-on-year, in sync with the growth rate of trading volume in the Hong Kong market during the same period. In 2020, the Group's ranking on the Hong Kong Stock Exchange rose 10 places, and its market share continued to grow. During the year, roadshow arrangements, willingness to issue bonds, and bond issuance progress were all affected by the pandemic. Overall investment banking revenue fell 27% to HK$592 million. Among them, ECM business revenue decreased 38% year on year to HK$85 million, while DCM business revenue decreased 22% year on year to HK$462 million.
Market-making and investment income rose sharply, and the Group's assets expanded significantly: during the period, financial products, market-making and investment revenue recorded HK$2.47 billion, an increase of 42% over the previous year. The Group seized the opportunity in the stock market to adjust the investment category from debt investment to equity investment, from losses in the first half of the year to a profit of HK$750 million for the whole year. During the year, the Company expanded its assets by approximately HK$25 billion, of which financial assets increased by HK$10.6 billion to HK$31.5 billion, financial products held by clients increased by HK$1.3 billion to HK$39.5 billion, and margin increased by 7.5 billion to HK$18.7 billion.
The wealth management platform has been integrated, and the hosting scale continues to expand: the Group has completed internal strategic integration of wealth management and retail brokerage. Currently, the wealth management platform provides comprehensive services including investment, private client financial management, and structured financial derivatives. The investment portfolio includes various types of products such as equity, fixed income, derivatives, foreign exchange, and futures. By the end of 2020, the assets held by the Group's wealth management clients reached HK$28.8 billion, an increase of HK$9.4 billion over the same period last year. The company will continue to make efforts to transform into a comprehensive financial service provider in the future.
Raise the target price to HK$1.67 and maintain the buying rating: Considering that the increase in capital strength after the Group's expansion can better resist market risks, we raised the Group's revenue forecast for 2021/2022 to HK$5.66 billion/HK$6.10 billion, net profit to 1.94 billion/HK$2.18 billion, and raised the company's target price for the next 12 months to HK$1.67 billion, corresponding to 8 times P/E and 0.96 times P/B in 2021, maintaining the buying rating.
