The net profits of Bank of China (BOC) Hong Kong reached 15.446 billion HK dollars (1.99 billion U.S. dollars) in 2007, up 10.3 percent over the previous year, BOC Hong Kong announced Tuesday.
During the year, return on average total asset and return on average shareholders' fund were 1.53 percent and 17.4 percent, respectively, compared with 1.56 percent and 17.2 percent in 2006.
Earnings per share were 1.46 HK dollars, up 10.3 percent from 2006. The board of the company recommended a final dividend of 0.487 HK dollars per share. This, together with the interim dividend of 0.428 HK dollars per share, results in a total dividend of 0.91 HK dollars, up 7.9 percent from 2006.
In 2007, the company's net interest margin was widened from 1.90 percent of 2006 to 2.07 percent of 2007, due to an improved asset mix, better management in funding costs as well as higher investment yield.
Net fees and commission income grew strongly by 68.8 percent to6.27 billion HK dollars, attributable primarily to the strong growth in investment and insurance fee income.
On the back of an active stock market and having enhanced its e-channel for retail customers, stock transaction volume boosted by 187.5 percent. Stock brokerage commission jumped 157.4 percent to 3.56 billion HK dollars.
By the end of 2007, the company's total assets increased 14.9 percent to 1.0676 trillion HK dollars, and customer deposits rose 13.6 percent to 799.565 billion HK dollars.
The company's exposure to the subprime asset-backed securities was reduced significantly to 4.1 billion HK dollars by Dec. 31, 2007, compared with 12.8 billion HK dollars on June 30, 2007 and 15.8 billion HK dollars at the end of 2006. (One U.S. dollar = 7. 7725 HK dollars)
Source: Xinhua
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