BOC posts 12pc rise in net profit to $38b

BOC Hong Kong (2388) reported a 12 percent year-on-year increase in net profit to HK$38.23 billion for 2024 and proposed to declare dividends on a quarterly basis starting this year.

The board recommended a final dividend of HK$1.419 per share for 2024, bringing the full-year payout to HK$1.989 per share, up 19 percent from the year before.

Net operating income before impairment allowances for 2024 was HK$71.25 billion, a year-on-year growth of 8.8 percent.

Its net interest margin was 1.46 percent, down from 1.53 percent in 2023. Including the impact of funding income or the cost of foreign currency swap contracts, the NIM would have been 1.64 percent, up 1 basis point year-on-year.

Its impaired loan ratio stood at 1.05 percent, unchanged from the previous year.

Net fee and commission income amounted to HK$9.89 billion in 2024, up HK$726 million or 7.9 percent year-on-year.

Its shares have risen nearly 20 percent this year.

STAFF REPORTER