BOC HONG KONG(02388)2024-10-30 08:31Financial Performance - For the first nine months of 2024, the group's net operating income before impairment provisions increased by 10.7% year-on-year to HKD 53.815 billion[3] - In Q3 2024, net operating income rose by 5.3% quarter-on-quarter to HKD 18.479 billion[3] - Net interest income, after accounting for foreign exchange swap contracts, increased by 10.4% year-on-year to HKD 43.604 billion, driven by a 9.9% rise in average interest-earning assets[3] - Customer deposits grew by 8.6% compared to the end of 2023, reaching HKD 271.955 billion[6] - The impairment loan ratio stood at 1.11%, continuing to outperform the market average[6] - Operating expenses increased by 2.4% year-on-year, with a cost-to-income ratio of 23.0%, maintaining a strong position among local banks[4] - The liquidity coverage ratio, stable funding ratio, and capital ratio remained robust[6] Digital Transformation and Innovation - The group is focusing on digital transformation and enhancing integrated capabilities to strengthen its market position in Hong Kong and the Greater Bay Area[7] - The introduction of the "BOC Mastercard® Debit Card" aims to provide seamless payment experiences for customers, facilitating overseas spending and education planning[8] - The group is actively promoting product diversification, including the launch of its first RMB-denominated money market fund to meet customer investment needs[8] - The group is actively pursuing digital transformation in its Southeast Asian operations to improve operational efficiency and service delivery[11] Customer Services and Market Positioning - The net service fee and commission income rose by 2.7% year-on-year to HKD 7.412 billion, supported by the recovery in business activities and tourism[3] - The group continues to optimize personal banking services, enhancing product selection and customer experience to capture opportunities from outbound travel and government talent policies[8] - In corporate banking, the group focuses on providing comprehensive financial support to leading industries and quality enterprises in Hong Kong, enhancing cross-border financial services in the Greater Bay Area[9] - The group has successfully expanded its trust and custody services, attracting multiple new asset portfolios, contributing to steady growth in trust and custody asset scale[9] Market Expansion and Product Offerings - The group is enhancing its offshore RMB market presence and has participated in cross-border financial products under the "Bond Connect" and "Stock Connect" initiatives[10] - In Southeast Asia, the group is expanding its financial product offerings, including the launch of a savings protection product in Thailand and becoming the settlement bank for cross-border payment services in Malaysia[11] Risk Management - The group emphasizes risk management and market analysis in its treasury operations, focusing on fixed-income investment opportunities to enhance returns[10] - The company warns shareholders and potential investors about the risks and uncertainties associated with forward-looking statements, advising caution in trading its securities[12]