Summary by Moomoo AI
Bank of China Hong Kong (Holdings) Limited published its Financial and Business Review for the first quarter of 2024, which showed that the Group's net operating income grew 16.8% year-on-year to HK$177.93 billion in the context of a gradually stabilizing global economy. Net interest income increased by 20.5% year-on-year to HK$142.97 billion due to rising market interest rates and active asset management. The net spread also widened to 1.61%. Net service charge and commission income rose 1.5% year-on-year to HK$25.42 billion, mainly driven by the resumption of business activity and a warming tourism consumer market. Customer deposits and loans grew by 2.4% and 1.7%, respectively. Operating expenses rose slightly by 2.9%, while net provision for impairment provisions increased to HK$8.83 million. The Group's total assets increased by 0.9% to HK$39,020.15 billion from the end of the previous quarter. THE COMPANY EMPHASIZES THAT THE INFORMATION CONTAINED IN THE ANNOUNCEMENT IS UNAUDITED AND REMINDS SHAREHOLDERS AND POTENTIAL INVESTORS TO EXERCISE CAUTION.