|Bank of China (HK) profits rise to HK$22b
Bank of China (Hong Kong) Holdings (2388) said today net profit for the year ended December 31, 2013, grew by 6.3 percent to HK$22.2 billion. Core revenues increased at double-digit rates.
Earnings per share were HK$2.1046.
The bank recommended a final dividend of HK$0.465 per share.
Combined with the interim dividend of HK$0.545 per share, the full-year dividend will add up to HK$1.010 per share.
Higher net interest income and fee income as well as effective cost controls, underpinned the improved performance, the bank said today.
Net interest income grew by 13 percent on-year to HK$27.9 billion. The increase was driven by the growth in average interest-earning assets and the widening of net interest margin, the bank said.
Average interest-earning assets expanded by 7.4 percent, mainly supported by the increase in customer deposits, partly offset by the decline in yuan funds from the clearing bank business.
Net interest margin was 1.68 percent, up 8 basis points compared with 2012. This was mainly as a result of the widening loan and deposit spread.
Net fee and commission income grew by 15.5 percent year-on-year
to HK$8.96 billion. Fee and commission income from funds distribution, insurance and securities brokerage increased substantially by 52 percent, 33.2 percent and 15 percent respectively, the bank announced.
The bank had assets of HK$2.04 trillion, up by 11.8 percent as of December 31, 2013.--The Standard