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Shares of Dah Sing Banking Group (2356) once slumped 16 percent on Monday after announcing a 145 percent widening in its credit impairment losses last year despite a 10 percent rise in net profit.

The lender said its 2024 net profit climbed 10.8 percent to HK$2.06 billion, mainly driven by higher net interest and non-interest income, alongside lower impairment loss on the investment in its associate.

Credit impairment losses surged to HK$1.79 billion, while operating income amounted to HK$6.93 billion, up 17.2 percent year-on-year.

It declared a final dividend of 39 HK cents per share.

Net interest income climbed 9.8 percent year-on-year to HK$5.29 billion under high interest rates. The net interest margin widened to 2.17 percent, up by 16 basis points from a year ago.

The net fee and commission income surged 53.3 percent to HK$1.33 billion from a year ago, due to robust growth in its bancassurance business following exclusive distribution agreement with Sun Life.

Meanwhile, Dah Sing's share of the net profit of associate Bank of Chongqing (1963) recorded HK$677 million in 2024. The impairment loss on investments in BOCQ was HK$16 million, a decrease of 97 percent from a year earlier.

Dah Sing Banking credit impairment losses widen 145pc despite 10pc rise in profit