DAH SING(00440)2024-03-28 04:05Financial Performance - The total operating income for the year ended December 31, 2023, was HK6,985,941 in 2022[3]. - Annual profit for the year was HK1,636,710 in 2022[4]. - Basic earnings per share rose to HK3.83, reflecting a growth of 30.0%[3]. - The company proposed a final dividend of HK258,856 in the previous year[3]. - The total comprehensive income for the year amounted to HK158,004 in the previous year[4]. - The group reported a 30% increase in profit attributable to shareholders, amounting to HKD 1,592,000,000[46]. - The average return on equity improved to 17.7% in 2023, compared to a negative 11.5% in 2022[42]. Income Sources - Net interest income increased by 11.7% to HK4,431,408 in the previous year[3]. - Net service fee and commission income decreased significantly by 61.9% to HK2,235,961 in 2022[3]. - Non-interest income for the same period was HKD 1,292,516, with corporate banking generating HKD 748,390 and insurance business contributing HKD 148,483[15]. - Insurance income for 2023 was HKD 935,891, up from HKD 838,035 in 2022, while insurance service performance decreased to HKD 77,800 from HKD 111,303[19]. - The total premium income reached HKD 1,061,373,000, up from HKD 992,113,000 in 2022, marking a significant growth[42]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 269,788,561 thousand, an increase of 4.3% from HKD 259,159,076 thousand in 2022[5]. - The total liabilities increased to HKD 228,789,977 thousand, a rise of 3.9% compared to HKD 221,924,039 thousand in 2022[5]. - Shareholders' equity totaled HKD 40,998,584 thousand, reflecting an increase of 4.7% from HKD 37,235,037 thousand in the previous year[5]. - The total amount of financial assets measured at fair value increased to HKD 45,741,844 million in 2023 from HKD 42,046,836 million in 2022, reflecting a growth of approximately 6.4%[36]. - The total amount of financial assets at amortized cost increased to HKD 39,421,145 million in 2023, up from HKD 33,001,145 million in 2022, marking a growth of approximately 19.5%[37]. Credit and Impairment - Credit impairment losses decreased to HK803,854, showing an improvement in credit quality[3]. - The impairment loss on credit decreased to HKD 731,509,000 in 2023 from HKD 803,854,000 in 2022[21]. - The percentage of credit-impaired loans and advances to total customer loans and advances was 1.94% in 2023, slightly up from 1.86% in 2022[30]. - The total overdue loans exceeding 3 months amounted to HKD 2,167,589 thousand in 2023, which is 1.51% of total loans, compared to 1.36% in 2022[31]. - The group anticipates that the credit risk will remain a consideration, with credit costs expected to stay at relatively high levels[48]. Regulatory and Accounting Changes - The company has adopted new and revised accounting standards effective from January 1, 2023, which may not have a significant impact on its financial statements[7]. - The group adopted HKFRS 17, which requires the use of a current measurement model and remeasurement of estimates at each reporting period[10]. - The retrospective adjustments were made in accordance with the transitional provisions of HKAS 8 and HKFRS 17, effective from January 1, 2022[10]. Strategic Developments - The group continues to focus on expanding its personal and corporate banking services while enhancing its insurance offerings in the Hong Kong and Macau markets[14]. - The group established a 15-year exclusive banking insurance partnership with Sun Life Financial, effective from July 2023[45]. - The new Shenzhen branch opened on August 1, 2023, focusing on providing RMB loans, deposits, and remittance services to domestic corporate clients[45]. - The implementation of a new core banking system was successfully completed in 2023, enhancing customer service and operational efficiency[48].