Summary by Moomoo AI
BOC Hong Kong announced its first-half performance on June 30, 2024, with a half-year profit of HKD 20.463 billion, up 13.2% year-on-year, a 22.0% increase from the second half of 2023. The net interest margin is 1.46%, and after adjusting for the funds income or cost from forex forward contracts, the adjusted net interest margin is 1.61%, up 5 basis points year-on-year. Operating expenses increased by 3.4% year-on-year, and the net operating income before impairment increased by 14.6% year-on-year. The cost-to-income ratio improved by 2.48 percentage points to 22.98% year-on-year, remaining at a relatively good level in the local banking industry. The NPL ratio is 1.06%, continuously better than the market average. The total capital ratio is 22.17%; Tier 1 capital ratio and common equity Tier 1 capital ratio are both 20.05%. Liquidity remains ample, with average liquidity coverage ratio and stable funding net stable funding ratio at the end of the first and second quarters of 2024 meeting regulatory requirements.
