BOC Hong Kong (2388) Q1 2026 earnings summary

Executive summary

• Net operating income before impairment allowances was HK$20,007 million, up 0.6% quarter-on-quarter but down 0.7% year-on-year.

• Profit after taxation reached HK$12,493 million, rising 39.1% from the previous quarter and 7.0% year-on-year.

• The Group deepened market penetration in Hong Kong, expanded cross-border services, and reinforced its Southeast Asia presence.

Financial highlights

• Net interest margin (including FX swaps) narrowed 12 bps quarter-on-quarter to 1.59%, but widened 4 bps year-on-year.

• Net interest income (including FX swaps) decreased 8.9% quarter-on-quarter, but increased 0.8% year-on-year to HK$14,934 million.

• Net fee and commission income rose 33.6% quarter-on-quarter, but fell 13.2% year-on-year to HK$2,994 million.

• Operating expenses increased 6.5% year-on-year to HK$4,443 million, but fell 20.8% quarter-on-quarter.

• Cost to income ratio was 22.21%, remaining competitive.

• Net charge of impairment allowances decreased both year-on-year and quarter-on-quarter.

Outlook and guidance

• Geopolitical tensions and uncertain US monetary policy pose risks, but steady growth is expected in major economies.

• Forward-looking statements caution that actual results may differ materially from projections.