智通财经APP获悉，截止5月14日收盘，有78只股票创52周新高，其中长安仁恒(08139)、恒昌集团国际 (01421)、乐华娱乐(02306)创高率位于前3位，分别为65.38%、42.59%、38.52%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | | 创高率 | | --- | --- | --- | --- | --- | | 长安仁恒(08139) | 1.370 | 2.580 | 65.38% | | | 恒昌集团国际(01421) | 0.690 | 0.770 | 42.59% | | | 乐华娱乐(02306) | 1.510 | 1.690 | 38.52% | | | ＸＬ二南ＣＯ(07711) | 125.000 | 128.900 | 27.75% | | | ＸＬ二南ＣＯ－Ｕ | 15.960 | 16.470 | 26.89% | | | (09711) | | | | | | 麦迪森控股(08057) | 0.135 | 0.200 | 25.00% | | | 杜甫酒业集团(00986) | 0.139 | 0.168 | 17.48% | | | ＸＬ二 ...

Group 1 - Hang Seng Bank has been laying off employees across multiple departments since March, including logistics support, strategy and corporate development, IT, corporate communications, and the Hang Seng Index Company [1] - The layoffs are expected to be completed by the end of June, with a reduction of approximately 10% to 20% in affected departments, and some departments facing cuts of nearly 50% of their staff [1] - A spokesperson for Hang Seng Bank stated that the bank regularly reviews its business portfolio and operations to adapt to the rapidly changing market environment and diverse customer needs, which includes optimizing or innovating new functions, adjusting business structures, and enhancing employee skills to better serve customers [1]

智通财经APP获悉，经络按揭转介研究部及香港土地注册处最新数据显示，2025年四月份现楼按揭宗数 为3,446宗，较三月份的4,015宗下跌569宗(14.2%)，连跌2个月，创5个月新低；而该月的楼花按揭宗数 为467宗，较三月份的709宗减少242宗(34.1%)，连升4个月后回落，创3个月新低。对比去年同期，2025 年四月份现楼按揭宗数比2024年同期4,166宗下跌720宗(17.3%)；楼花按揭宗数比2024年同期186宗增加 281宗(151.1%)。 现楼银行市占率方面，中国银行(香港)七连冠，以市占率27.4%位列榜首；汇丰银行以市占率17.6%排名 第二；恒生银行以市占率11.1%排名第三；中国工商银行(亚洲)以市占率6.8%排名第四；渣打银行及东 亚银行以市占率6.3%排名第五。 楼花银行市占率方面，中国银行(香港)五连冠，以市占25.5%排名第一；汇丰银行以市占率18.6%排名第 二；恒生银行上升一级，以市占率11.3%排名第三；中国工商银行(亚洲)下跌一级，以市占率10.1%排名 第四；渣打银行以市占率9.9%排名第五。 2025年四月份四大银行现楼市占率由上月65.3%下跌3%至6 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect Repurchase Index, which has seen a decline of 6.43% over the past month but an increase of 6.99% over the last three months and 6.16% year-to-date [1][2] - The index consists of 50 stocks with high repurchase ratios selected from the Hong Kong Stock Connect, reflecting the overall performance of these high repurchase companies [1][2] - The index's top ten holdings include HSBC Holdings (10.69%), Tencent Holdings (10.16%), AIA Group (9.54%), Meituan-W (8.06%), Kuaishou-W (7.78%), Dongyue Group (6.47%), Swire Properties A (5.36%), Hang Seng Bank (5.32%), CSPC Pharmaceutical Group (4.37%), and COSCO Shipping Holdings (3.76%) [1][2] Group 2 - The industry composition of the index's sample shows that finance accounts for 25.55%, communication services 18.54%, consumer discretionary 15.61%, healthcare 11.76%, real estate 8.97%, materials 6.65%, industrials 6.35%, energy 3.41%, information technology 1.98%, and consumer staples 1.17% [2] - The index samples are adjusted quarterly, with adjustments implemented on the next trading day following the second Friday of March, June, September, and December each year [2]

Group 1 - The company has signed a sales agreement with Hang Seng Bank (China) Limited to start selling the Invesco Great Wall Jingyi Dual Benefit Bond Fund A class shares from March 31, 2025 [1] - The sales process, handling time, and methods will be subject to the regulations of Hang Seng Bank [1] - The announcement includes details about the applicable fund and the opening of fund business [1][2] Group 2 - Investors can apply for regular investment plans through the sales institution, which will automatically complete the deduction and fund purchase on the agreed date [2] - If the sales institution opens conversion services, investors must ensure that the funds are in a redeemable state before applying for conversion [2] - The sales institution may offer discounts on subscription fees for one-time purchases or regular investment plans, subject to their arrangements [2] Group 3 - From April 2, 2025, there will be a limit on the application amount for the C and F class shares of the fund, with a maximum of 10 million yuan per day per fund account [3][4] - If the conversion application fails, the original fund conversion request will also be partially or fully rejected [4] - Large subscriptions and conversion services for the C and F class shares will resume on April 7, 2025, without further announcements [4] Group 4 - The company emphasizes the importance of reading the fund contract and prospectus before investing [5] - The company has established standards and procedures for selecting securities firms for trading, focusing on financial health and compliance [6] - The company conducts regular evaluations of securities firms to determine their participation in trading activities [6]

Financial Performance - The bank reported a net profit attributable to shareholders of HKD 18,379 million for 2024, an increase from HKD 17,848 million in 2023, representing a growth of 3%[10] - The bank's operating profit for 2024 was HKD 21,558 million, up from HKD 19,946 million in 2023, reflecting a growth of 8%[10] - The bank's earnings per share increased to HKD 9.33 in 2024 from HKD 8.97 in 2023, reflecting a growth of 4%[10] - Profit before tax rose by 5% year-on-year to HKD 21.014 billion, and earnings attributable to shareholders increased by 3% to HKD 18.379 billion[40] - The company's total revenue for 2024 was HKD 41.54 billion, up from HKD 40.82 billion in 2023[59] Asset and Capital Management - The bank's total assets increased to HKD 1,795,196 million in 2024 from HKD 1,692,094 million in 2023, marking a growth of approximately 6%[11] - The bank's common equity tier 1 capital ratio was 17.7% in 2024, slightly down from 18.1% in 2023, indicating a stable capital position[11] - Shareholders' equity grew by HKD 10 billion, or 1%, from HKD 168.1 billion in 2023 to HKD 169.5 billion in 2024[106] - The bank's financial investments increased from HKD 405.8 billion in 2023 to HKD 541.2 billion in 2024, a growth of 33.3%[98] Income Sources - Non-interest income increased by 26% year-on-year, reaching HKD 10.753 billion, improving its share of total operating income from 21% in 2023 to 26% in 2024[38] - Wealth management income grew by 22% year-on-year, contributing to the overall non-interest income growth[31] - The bank's life insurance-related income rose by 17% to HKD 3.119 billion, driven by increased insurance service income[39] - The bank's commercial banking net operating income decreased by 4% to HKD 10.226 billion, while non-interest income grew by 9%[50] Loan and Deposit Trends - The bank's net interest income decreased by 5% to HKD 30.784 billion due to weak loan demand and interest rate cuts expected in the second half of 2024[39] - Customer loans (net of expected credit loss provisions) decreased by HKD 41 billion, or 5%, to HKD 819 billion[97] - Customer deposits increased by HKD 86 billion, or 7%, from HKD 1,180.6 billion in 2023 to HKD 1,267.0 billion in 2024[103] - The loan-to-deposit ratio improved from 72.9% in 2023 to 64.7% in 2024, indicating a stronger liquidity position[104] Risk Management - The bank's risk management framework emphasizes a culture of risk awareness and accountability across all levels of the organization[112] - The risk management tools include processes for identifying, assessing, monitoring, managing, and reporting risks to maintain them within acceptable levels[121] - The group conducts extensive stress testing to assess the impact of severe adverse events on financial stability and to enhance regulatory confidence[126] - The company has identified geopolitical and macroeconomic risks as primary emerging risks for 2024, particularly due to uncertainties surrounding the upcoming elections and changes in U.S. domestic and foreign policies[132] Credit Risk and Expected Credit Loss - The expected credit loss changes decreased by HKD 1.475 billion, or 24%, to HKD 4.773 billion, mainly due to reduced provisions for wholesale loan customers[73] - The total amount of loans classified under Stage 3, which indicates objective evidence of impairment, is 51,009 million, with an expected credit loss provision of 9,764 million, leading to a coverage ratio of 38.03%[189] - The expected credit loss coverage ratios for Stage 1, Stage 2, and Stage 3 loans are 0.06%, 2.84%, and 19.14% respectively, indicating a significant increase in credit risk as loans progress through the stages[189] - The company has measures in place for loans in financial difficulty, including modifications to repayment terms, which may classify loans as impaired[177] Strategic Initiatives - The bank plans to strengthen its cross-border business to better meet the banking service needs of retail and corporate clients in response to new economic policies in Hong Kong and mainland China[23] - The bank launched a HKD 33 billion SME Power Up financing fund to support local SMEs and an HKD 80 billion sustainable development financing fund for green transformation projects[36] - The company is focused on sustainable financing solutions to assist clients in transitioning to low-carbon operations[55] Customer Engagement and Digital Transformation - The bank serves nearly 4 million customers, leveraging its award-winning mobile banking application and extensive physical network of over 250 service points in Hong Kong[7] - Active users of mobile wealth management and online banking grew by 24% and 6% year-on-year, respectively[54] - The number of new retail accounts opened by mainland customers surged by 81% year-on-year[32] Market and Economic Outlook - Economic growth is expected to continue in major markets like the U.S. and U.K. in the second half of 2024, driven by expansionary fiscal and monetary policies[138] - The outlook for 2025 remains uncertain due to potential significant changes in U.S. economic and foreign policies, which could impact global economic growth and inflation forecasts[139] - The real estate market in mainland China and Hong Kong remains sluggish despite multiple government policies aimed at supporting recovery, with no significant signs of revival observed[140]

Financial Performance - The net operating income before expected credit loss changes and other credit impairment provisions for 2024 was HKD 41,537 million, an increase of 1.75% from HKD 40,822 million in 2023[6]. - Operating profit for 2024 reached HKD 21,558 million, up 8.0% from HKD 19,946 million in 2023[6]. - Profit attributable to shareholders for 2024 was HKD 18,379 million, representing a 2.97% increase from HKD 17,848 million in 2023[6]. - The average return on ordinary shareholders' equity remained stable at 11.3% for both 2024 and 2023[6]. - The cost-to-income ratio for 2024 was 36.6%, slightly higher than 35.8% in 2023[6]. - Earnings per share for 2024 increased to HKD 9.33 from HKD 8.97 in 2023, reflecting a growth of 4.02%[6]. - Pre-tax profit rose by 5% year-on-year to HKD 21.014 billion, with earnings per share growing by 4% to HKD 9.33[32]. - The bank's total operating expenses increased to HKD 15.193 billion from HKD 14.624 billion year-on-year[53]. Asset and Liability Management - Total assets as of December 31, 2024, were HKD 1,795,196 million, an increase from HKD 1,692,094 million in 2023[6]. - The bank's total liabilities for 2024 were HKD 1,625,600 million, compared to HKD 1,523,900 million in 2023[8]. - Customer loans decreased to $819,136 million in 2024 from $860,406 million in 2023, a decline of 4.8%[185]. - Financial investments increased significantly to $536,745 million in 2024 from $401,732 million in 2023, an increase of 33.6%[185]. - Customer deposits grew by HKD 86 billion, or 7%, to HKD 1,267 billion, with the loan-to-deposit ratio decreasing to 64.7% from 72.9%[101][102]. Income Sources - Non-interest income increased by 26% year-on-year, reaching HKD 10.753 billion, improving its share of total operating income from 21% in 2023 to 26% in 2024[30]. - Net interest income decreased by 5% due to weak market loan demand, with a net interest margin maintained at a healthy level of 2.20%[23]. - Life insurance-related income increased by 17% to HKD 31.19 billion, with insurance service income rising[31]. - Non-interest income in the global capital markets business grew by 33% to HKD 3.214 billion, with a 55% increase in net interest income[49]. Customer Growth and Engagement - The number of affluent customers grew by 15%, with new affluent customers increasing by 75% year-on-year[23]. - The number of new retail accounts from mainland customers increased significantly by 81% year-on-year[23]. - Active users of mobile wealth management and online banking increased by 24% and 6% year-on-year, respectively[45]. - The bank established 9 cross-border wealth management centers in major cities of the Greater Bay Area, with new account openings for mainland customers increasing by 81% year-on-year[80]. Risk Management - The bank's risk management framework is regularly reviewed by the board to ensure alignment with strategic objectives[106]. - The bank employs a three lines of defense model for risk management, with clear accountability and responsibilities defined[116]. - The bank's risk management approach includes proactive identification, assessment, monitoring, and reporting of risks[116]. - The company has identified geopolitical and macroeconomic risks as primary and emerging risks for 2024, particularly due to uncertainties surrounding the upcoming elections and subsequent government transitions in the U.S.[129]. Economic Outlook - The central scenario reflects lower economic growth expectations across major markets, with Hong Kong's GDP projected to grow by 1.7% in 2025[193]. - The unemployment rate in Hong Kong is forecasted to rise to 3.3% in 2025 and 3.7% in 2026, with China's unemployment rate expected to be 5.2% and 5.4% for the same years[198]. - Housing prices in Hong Kong are anticipated to decline by 0.5% in 2025 and 5.9% in China, with a gradual recovery expected in subsequent years[198]. - The commercial real estate sector in major markets is facing challenges, particularly in office space demand, leading to valuation declines[196].

Investment Rating - The investment rating for Hang Seng Bank is maintained at NEUTRAL [1][2]. Core Views - The report highlights a narrowing net interest margin (NIM) and an increase in the non-performing loan (NPL) ratio, indicating potential challenges in profitability and asset quality [1][4][5]. Financial Performance Summary - For the year 2024, revenue, pre-provision operating profit, and net profit attributable to equity holders increased by +1.8%, +0.6%, and +3.0% respectively [4][14]. - The dividend per share rose from HKD 6.5 to HKD 6.8, marking a year-on-year increase of 4.6% [4][14]. - The return on assets (ROA) increased by 0.1 percentage points to 1.1%, while the return on equity (ROE) remained stable at 13.0% [4][14]. - The common equity tier 1 (CET1) ratio decreased by 0.4 percentage points to 17.7% [4][14]. Interest Income and Margin - The net interest margin for 2024 was reported at 2.20%, down by 10 basis points year-on-year [5][16]. - Net interest income decreased by 4.7% year-on-year, influenced by weak loan demand, which saw total loans decline by 4.8% [5][16]. Non-Interest Income - Non-interest income increased by 26.1% year-on-year, primarily driven by an 82.5% rise in trading gains [6][16]. - Net fee income grew by 8.0%, with retail investment fund income increasing by 39.5% [6][16]. Asset Quality - The non-performing loan ratio rose to 6.12%, an increase of 0.8 percentage points from the first half of 2024, attributed to cash flow pressures in the Hong Kong commercial real estate sector [5][16]. - The credit cost decreased by 13 basis points to 56 basis points, with the provision coverage ratio remaining stable at 1.56% [5][16]. Future Earnings Forecast - The forecast for net profit attributable to equity holders for 2025 is expected to decline by 8.8% year-on-year, followed by a recovery of 3.0% in 2026 [3][12]. - The target price for 2025 is set at HKD 101.38, based on a price-to-book ratio of 1.10 times [3][12].

Financial Performance - For the fiscal year 2024, the operating profit increased by 8% to HKD 21.558 billion, compared to HKD 19.946 billion in 2023[3]. - Non-interest income surged by 26% to HKD 10.753 billion, up from HKD 8.527 billion in 2023[6]. - The bank's net interest income decreased by 5% to HKD 30.784 billion, down from HKD 32.295 billion in 2023, with a net interest margin narrowing by 10 basis points to 2.20%[6]. - The bank's earnings per share increased by 4% to HKD 9.33, compared to HKD 8.97 in 2023[6]. - The total dividend for 2024 is HKD 6.80 per share, reflecting a year-on-year increase of 4.6%[6]. - Operating profit rose by 8% year-on-year, with pre-tax profit increasing by over HKD 900 million[16]. - The group's net operating income increased by 2% to HKD 41.537 billion, while non-interest income rose by 26%, offset by a 5% decrease in net interest income[28]. - The pre-tax profit for the year ending December 31, 2024, is reported at HKD 21,014 million, an increase from HKD 20,105 million in 2023, reflecting a growth of 4.5%[90]. - The total operating income before expected credit loss for 2024 is HKD 41,537 million, up from HKD 40,822 million in 2023, marking a growth of 1.7%[92]. Customer Base and Growth - The number of newly acquired affluent customers rose by 75%, contributing to an overall 15% increase in the affluent customer base[3]. - The bank's affluent customer base grew by 15%, with new affluent customers increasing by 75% year-on-year[16]. - The number of new accounts opened by mainland clients increased by 81% year-on-year, following the launch of a fast account opening service[55]. - Active users of mobile wealth management and online banking increased by 24% and 6% year-on-year, respectively[61]. Risk Management and Credit Quality - The bank has actively reduced the risk in its loan portfolio to maintain growth momentum and create significant value for stakeholders[3]. - The bank's non-performing loan ratio was 6.12% as of the end of 2024, with 90% of unsecured loans rated as investment grade[18][26]. - Total impaired loans increased from HKD 24.7 billion at the end of 2023 to HKD 51 billion by the end of 2024, reflecting downgrades in ratings of certain impaired corporate loans[37]. - Expected credit loss provisions decreased by HKD 1.475 billion, or 24%, to HKD 4.773 billion, mainly due to reduced provisions for wholesale loan customers[36]. - The expected credit loss ratio remains stable at 1.56% for both 2024 and 2023, indicating consistent credit quality management[96]. Capital and Liquidity - The common equity tier 1 capital ratio stood at 17.7% as of December 31, 2024, compared to 18.1% in 2023[6]. - The bank's liquidity coverage ratio stood at 301.0% as of December 31, 2024[25]. - The liquidity coverage ratio as of December 31, 2024, was 301.0%, compared to 260.7% at the end of 2023[47]. - The total capital ratio decreased to 20.8% in 2024 from 21.4% in 2023, reflecting a reduction of approximately 0.9 percentage points after accounting for the proposed fourth interim dividend for 2024[116]. - The leverage ratio improved to 8.0% in 2024 from 8.5% in 2023[118]. Expenses and Efficiency - The cost-to-income ratio was reported at 36.6%, slightly up from 35.8% in 2023[6]. - Operating expenses grew by HKD 569 million, or 4%, to HKD 15.193 billion, driven by increases in intangible asset amortization and IT-related expenses[37]. - Employee compensation and benefits increased to HKD 6,802 million in 2024 from HKD 6,492 million in 2023, representing a growth of 4.78%[82]. - Total operating expenses rose to HKD 15,193 million in 2024, up from HKD 14,624 million in 2023, marking an increase of 3.90%[82]. Investments and Financial Instruments - Financial investments rose significantly to HKD 541,155 million in 2024, compared to HKD 405,792 million in 2023, marking an increase of approximately 33.3%[68]. - The bank's financial instruments measured at fair value through profit or loss increased to HKD 164,557 million in 2024 from HKD 156,872 million in 2023, indicating a growth of 4.3%[95]. - Total income from financial instruments measured at fair value through profit or loss decreased to HKD 7,681 million in 2024, down 32.5% from HKD 11,330 million in 2023[78]. Shareholder Returns and Dividends - The bank declared a fourth interim dividend of HKD 3.20 per share, totaling HKD 6.80 per share for 2024, a 4.6% increase year-on-year[22]. - The bank declared dividends totaling HKD 12,923 million for the year, which includes the fourth interim dividend for 2023 and the first three interim dividends for 2024[70]. - The total dividend distribution for 2024 was HKD 6.80 per share, totaling HKD 12,828 million, compared to HKD 6.50 per share and HKD 12,427 million in 2023, representing an increase of 3.22%[86]. Corporate Governance and Compliance - The bank has fully complied with the corporate governance principles and codes as per the Stock Exchange's requirements for the fiscal year 2024[134]. - The bank emphasizes the importance of corporate governance and aims to enhance reporting efficiency and quality[134]. - The bank has established a "Regulatory Disclosure" section on its website to comply with banking industry disclosure regulations[138].

Financial Performance - Net operating income before expected credit loss changes and other credit impairment provisions increased to HKD 20,431 million, up from HKD 19,940 million year-on-year, representing a growth of 2.5%[3] - Profit before tax rose to HKD 11,307 million, compared to HKD 10,961 million in the previous year, reflecting a year-on-year increase of 3.2%[3] - The bank's net interest income for the first half of 2024 increased by 2% year-on-year to HKD 15.48 billion, with a net interest margin improvement of 20 basis points to 2.29%[10] - The bank's pre-tax profit increased by 3% year-on-year to HKD 11.31 billion, while net profit attributable to shareholders rose by 1% to HKD 9.89 billion[12] - Total operating income net of expected credit loss changes was HKD 18,931 million, an increase from HKD 18,016 million year-over-year, representing a growth of 5.1%[133] - The company reported a profit for the period of HKD 9,888 million, slightly up from HKD 9,822 million in the previous year, indicating a growth of 0.7%[133] Customer Growth and Engagement - The number of new affluent customers increased by 147% year-on-year, while new private banking accounts grew by 15%[6] - Active retail customers engaging in investment transactions rose by 41% year-on-year, driven by the launch of the "Wealth Master" feature[22] - The affluent customer base grew by 14% year-on-year, with newly acquired affluent customers increasing by 147%[21] - The number of new accounts opened by mainland customers increased by 166% year-on-year, reflecting the demand for wealth management services in the Greater Bay Area[21] Asset and Liability Management - The bank's total assets increased to HKD 1,708,453 million, up from HKD 1,692,094 million year-on-year[3] - Customer deposits rose by 2%, driven primarily by growth in time deposits[10] - Total liabilities increased to HKD 1,542,086 million from HKD 1,523,910 million[136] - The bank's equity decreased by HKD 2 billion, or 1%, to HKD 166 billion, impacted by a slight reduction in retained earnings[28] Non-Interest Income - The bank's non-interest income grew by 4% year-on-year, with retail investment fund fee income increasing by 20% and insurance services rising by 16%[6] - Non-interest income grew by 4%, mainly due to increased trading activities and retail investment fund performance[13] - Net service fee income decreased by HKD 102 million, or 4%, to HKD 2.564 billion, primarily due to a decline in credit facilitation service fees offsetting a 20% increase in retail investment fund income[15] Credit Risk and Provisions - The non-performing loan ratio increased to 5.32%, but the impact on financial performance is minimal due to collateral backing most loans[6] - The expected credit loss provisions decreased by 22% to HKD 1.5 billion, reflecting improved credit quality in the commercial real estate loan portfolio[10] - Total impaired loans increased from HKD 25 billion to HKD 46 billion, with the impaired loan ratio rising from 2.83% to 5.32%[17] - The expected credit loss provisions for customer loans as of June 30, 2024, amount to $15,258 million, an increase from $13,633 million on December 31, 2023[42] Capital and Risk Management - The bank's total capital ratio stood at 19.7% as of June 30, 2024, indicating a strong capital position to withstand unforeseen risks[10] - The Common Equity Tier 1 (CET1) capital ratio decreased to 16.6% as of June 30, 2024, down from 18.1% at the end of 2023, indicating a reduction in capital adequacy[102] - The company continues to monitor and identify risks, with key risks including credit risk, market risk, and regulatory compliance risk[29] - The risk management framework emphasizes the importance of safeguarding clients, business, employees, shareholders, and the community while supporting strategic growth[31] Dividends and Shareholder Returns - The bank declared a second interim dividend of HKD 1.20 per share, totaling HKD 2.40 per share for the first half of 2024, representing a 9% increase compared to the same period last year[9] - The bank's total shareholder return, including a share buyback plan of HKD 3 billion, reached HKD 7.6 billion, an 80% increase year-on-year[9] - The company announced a share buyback program of up to HKD 3 billion, expected to be completed by September 2024, with HKD 1 billion remaining as of June 30, 2024[138] Economic Outlook - The GDP growth rate for Hong Kong is projected to be 2.9% in 2024, while for mainland China it is expected to be 4.9%[53] - The unemployment rate is anticipated to remain at 3.0% for Hong Kong and rise slightly to 5.2% for mainland China in 2024[53] - Housing prices in Hong Kong are expected to decline by an average of 8.7% in 2024, while mainland China is projected to see a decrease of 5.7%[53] - The consensus downside scenario highlights risks from geopolitical tensions, which could lead to inflation and interest rate increases, potentially causing a global recession[56] Operational Efficiency - Operating expenses increased by HKD 367 million, or 5%, to HKD 7.523 billion, driven by higher processing service fees and continued investment in digital capabilities[17] - The cost-to-income ratio increased by 0.9 percentage points to 36.8% for the first half of 2024[18] - The company reported a total of HKD 7,523 million in expenses for the six months ended June 30, 2024, compared to HKD 7,156 million for the same period in 2023, reflecting a growth of 5.1%[155] Digital Transformation and Innovation - The bank is actively promoting digital transformation and green development through partnerships, including the establishment of an innovation lab for SMEs[8] - The bank's digital platform enhancements led to a 172% year-on-year increase in investment account openings via mobile devices[22] - The bank launched a HKD 33 billion SME Power Up financing fund to support the growth and digital transformation of SMEs[7]