HKU reverses deficit into HK$1.96b profit in 2022/23

The University of Hong Kong (HKU) recorded HK$1.96 billion in profit in the academic year of 2022/23, as it is among the three universities that successfully overcame the previous school year’s deficits. 

HKU logged a deficit of about HK$980 million in 2021/22. The school explained that the table was turned “mainly due to the reverse from investment loss to gain earned during the year.” 

Increase in subventions from the University Grants Committee (UGC) and steady growth in tuition fees also attributed to the recovery as well, HKU said. 

The other two universities are the Hong Kong Baptist University (HKBU) and the Lingnan University (LingU). 

The former recovered from the HK$420 million deficit and posted a HK$510 million profit; while the latter recorded a HK$200 million profit, up from the HK$70 million deficit in 2021/22. 

As for the Hong Kong Polytechnic University (PolyU) – the only school that was able to post a profit in 2021/22 at HK$340 million, the figure increased to HK$1.01 billion in 2022/23. 

The City University of Hong Kong only narrowed the deficit from HK$1.43 billion in 2021/22 to HK$370 million. 

HKU president Xiang Zhang said that while the university has done well over its first 111 years, “some aspects of its operations are no longer fit for purpose.” 

Xiang also said: “Our reforms to date have streamlined administration, hiring practices, salaries and merit awards … to ensure young as well as mature scholars can benefit.” 

HKBU president Alexander Wai Ping-kong described 2023 as a year of recovery and progress. 

“We are encouraged that HKBU’s quality education received positive recognition in the Report of Quality Audit of HKBU released by the Quality Assurance Council of the UGC in October 2023,” Wai said.