BOC Hong Kong (2388) H2 2025 earnings summary

Executive summary

• Profit attributable to equity holders for 2025 rose 4.9% year-on-year to HKD 40.1 billion, with ROE stable at 11.51%.

• Dividend per share increased 6.8% to HKD 2.125, with a payout ratio of 56% and quarterly distribution introduced.

• Maintained leadership in residential mortgage loans, syndicated loans, and IPO receiving bank business for multiple years.

• Expanded cross-border and Southeast Asia business, with SEA deposits up 20.2% and operating income up 6.2%.

• Led in offshore RMB clearing and innovative RMB product development, with total RMB assets up 55% since 2021.

Financial highlights

• Profit after tax rose 5.3% to HKD 41.2 billion; net operating income before impairment up 8.1% to HKD 77,019 million.

• Customer deposits increased 7.9% to HKD 2.94 trillion; CASA ratio at 53.4%.

• Customer loans grew 2.3% to HKD 1.72 trillion; loan market share reached 16.27%.

• Net interest income (adjusted for swap) up 1.4% to HKD 59.7 billion; NIM narrowed by 6bps to 1.58%.

• Net fee and commission income up 13.9% to HKD 11.3 billion.

Outlook and guidance

• Expects continued complexity from global geopolitical and economic volatility in 2026, with opportunities in cross-border and Belt and Road business.

• Focus on expanding global customer base, digital transformation, and strengthening RMB and green finance.

• Prioritizes intelligent operations, risk management, and high-quality development under the new Five-Year Plan.

• Anticipates stable financial markets, active consumption, and steady property market recovery in Hong Kong.