HK securities industry profits surge 29pc

Hong Kong's securities industry saw the total net profits in the first half jump by 29 percent year-on-year to HK$19 billion, mainly due to the reduction in their non-interest overheads, data from the Securities and Futures Commission showed.

The total income for the six months ended 30 June was flat, as the industry's higher net commission income, underwriting fees and trading profits were offset by lower income from asset management and corporate finance advisory.

But lower non-interest overheads was the main driver of the increase in net profits.

The financial review report revealed for the first time the industry's virtual assets dealing activities, generating a total revenue of HK$77 million for the first half.

Meanwhile, the survey revealed that transactions of non-exchange traded investment products handled by licensed corporations in 2023 reached a record high of HK$1.23 trillion.

June Chen