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The effect of interest rate cuts on deposits is gradually becoming apparent, with interest expenses of many national banks decreasing in the first half of the year, and some banks reducing by more than 7%.
① According to the semi-annual reports of joint stock banks and state-owned banks, although the trend of deposit regularization is obvious, and coupled with the expansion of deposit scale, the cost of debt has actually been reduced for many banks. ② Recent earnings conferences have shown that executives of various banks have expressed the need to adjust the asset-liability structure, strengthen cost control of liabilities, and attract low-cost deposits. This will be the focus and deployment direction for commercial banks in the second half of the year.
BOC Hong Kong: Chinese Economy Expected to Continue Revival, Hong Kong Merchandise Exports Likely to Stabilize
BOC Hong Kong 1H Operating Profit Before Impairment Allowances HK$27.215B Vs. HK$25.905B >2388.HK
BOC Hong Kong (Holdings) 1H Net HK$20.04B Vs. Net HK$17.00B >2388.HK
[Hong Kong Stock Connect] BOC Hong Kong (02388) reported a 17.9% year-on-year increase in interim profit and paid an interim dividend of 0.57 Hong Kong dollars.
Kinwai Financial News | BOC Hong Kong (02388) announced that for the six-month period ended June 30, 2024, shareholders' share of profit attributable to be 20.04 billion yuan (Hong Kong dollars, the same below), a year-on-year increase of 17.90%; the net profit for the period was 20.463 billion yuan, up 13.2% year-on-year; basic earnings per share were 1.8954 yuan, with a mid-term dividend of 0.57 yuan. The average return on equity and average total assets were 12.39% and 1.00% respectively. During the period, net interest income amounted to 25.982 billion yuan, an 11.95% year-on-year increase, mainly due to the growth of average interest-earning assets.
BOC Hong Kong Proposes EY as New Auditor
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Momentum Trader : Banks keep printing new highs in HK, MY, SG and JP ! Money parking in safe haven