Dah Sing Financial (00440.HK) announced that for the six months ended June 30, 2024, net interest income reached HKD 2.595 billion, an increase of 11.2% year-on-year; total operating income reached HKD 3.393 billion, an increase of 19.8% year-on-year; the company's attributable net profit to shareholders was HKD 1.112 billion, an increase of 20.7% year-on-year. The board of directors announced the interim dividend for 2024 of HKD 0.92 per share.
Compared to the first half of 2023, the group's general insurance business achieved double-digit growth in insurance income. Overall, the group's insurance and investment operations in Hong Kong and Macau recorded higher profits, with positive contributions from underwriting and investment. Through efficient cost management, prudent risk selection, and appropriate pricing, the combined ratio of the general insurance business improved by 5.4 percentage points to 92.4% compared to the same period last year. The general insurance business has made progress under the group's digital and automation strategy, gradually achieving cost savings and improving customer experience. At the same time, the group's insurance subsidiary companies maintain a high level of solvency ratio, reflecting their ample capacity to support business growth, protect policyholders, and respond to market fluctuations.
Based on Dah Sing Banking Group's comprehensive net profit for the first half of 2024, the annualized return on assets is 1.1% and the annualized return on shareholders' equity is 8.5%. The group's capital and liquidity position remain strong. As of June 30, 2024, the group's comprehensive Tier 1 capital adequacy ratio for banking business and overall comprehensive capital adequacy ratio were 16.7% and 20.8% respectively, while the liquidity coverage ratio was 64.7%. The loan-to-deposit ratio was 66.5%, compared to 68.2% at the end of the previous year.
