Financial Performance - Net interest income for the year ended December 31, 2024, increased by 9.8% to HK$5,288,117,000 compared to HK$4,815,435,000 in 2023[4] - Service fee and commission income rose by 53.3% to HK$1,328,609,000 from HK$866,802,000 year-on-year[4] - Total operating income grew by 17.2% to HK$6,934,923,000, up from HK$5,916,084,000 in the previous year[4] - Profit attributable to shareholders for the year was HK$2,060,347,000, reflecting a 10.8% increase from HK$1,860,306,000 in 2023[4] - Basic earnings per share increased to HK$1.47 from HK$1.32, while diluted earnings per share rose to HK$1.37 from HK$1.23[4] - The operating profit before credit impairment losses for 2024 was HKD 3,594,873 thousand, up from HKD 2,747,187 thousand in 2023, reflecting a growth of approximately 30.9%[19] - The annual profit for the year ended December 31, 2024, was HKD 2,060,347 thousand, an increase from HKD 1,860,306 thousand in 2023, representing a growth of about 10.7%[19] - The company reported a pre-tax profit of HKD 2,395,369 thousand for 2024, up from HKD 2,141,578 thousand in 2023, reflecting an increase of about 11.9%[22] - Non-interest income for 2024 was HKD 1,646,806 thousand, compared to HKD 1,100,649 thousand in 2023, marking a substantial increase of approximately 49.8%[19] Credit and Impairment - The company reported a credit impairment loss of HK$1,791,361,000, a significant increase of 145.0% compared to HK$731,311,000 in 2023[4] - Credit impairment losses for 2024 totaled HKD 1,791,361 thousand, compared to HKD 731,311 thousand in 2023, indicating a significant increase of approximately 144.5%[19] - The total impairment provisions for loans and advances increased to HKD 1,532,345 thousand in 2024 from HKD 1,113,256 thousand in 2023, indicating a rise of approximately 37.7%[41] - The stage 3 impairment provision increased to HKD 694,499,000 in 2024 from HKD 228,158,000 in 2023, reflecting a significant rise in credit risk[42] - Total overdue loans as of December 31, 2024, amounted to HKD 3,809,230,000, representing 2.75% of total loans, compared to HKD 2,167,589,000 or 1.51% in 2023[42] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HK$256,339,081,000, a decrease from HK$260,744,094,000 in 2023[6] - The total liabilities as of December 31, 2024, were HKD 222,515,709 thousand, compared to HKD 227,854,651 thousand in 2023, showing a decrease of approximately 2.4%[22] - The total amount of other assets decreased to HKD 4,752,501 thousand in 2024 from HKD 5,141,313 thousand in 2023, a decline of about 7.5%[38] - The total financial assets measured at fair value increased to HKD 44,808,705,000 in 2024, up from HKD 40,525,842,000 in 2023, reflecting a growth of approximately 8.1%[46] - The total debt securities measured at amortized cost decreased to HKD 35,554,370,000 in 2024 from HKD 39,413,306,000 in 2023, a decline of about 9.8%[47] Customer Deposits and Loans - Customer deposits decreased to HK$201,568,051,000 from HK$207,233,698,000 year-on-year[6] - Total customer loans and advances decreased to HKD 138,374,285 thousand in 2024 from HKD 143,049,476 thousand in 2023, representing a decline of approximately 3.7%[38] - The net amount of loans and advances after impairment provisions was HKD 136,841,940 thousand in 2024, down from HKD 141,936,220 thousand in 2023, a decrease of about 3.7%[41] - The total outstanding loans in Hong Kong decreased from HKD 103,611,210,000 in 2023 to HKD 102,052,384,000 in 2024, a decline of approximately 1.5%[52] - The total amount of trade finance loans decreased from HKD 5,624,799,000 in 2023 to HKD 4,902,455,000 in 2024, a decrease of about 12.8%[52] Dividends and Shareholder Returns - The company declared an interim dividend of HK$379,553,000, compared to HK$154,633,000 in the previous year[4] - The final dividend proposed is HKD 0.39 per share, totaling HKD 927.8 million for the year, a 10% increase from HKD 0.60 in 2023[72] Governance and Compliance - The company has adhered to the Corporate Governance Code, except for the provision F.2.2 regarding the attendance of the chairman at the annual general meeting[78] - The company has established a Securities Trading Code for directors, confirming compliance with the Standard Code throughout the fiscal year ending December 31, 2024[79] - The Audit Committee has reviewed the accounting standards and practices, including the consolidated financial statements for the year ending December 31, 2024[80] Future Outlook - The group anticipates continued challenges in the banking sector, particularly regarding credit risk and weak loan growth[77]

Financial Performance - Interest income for the six months ended June 30, 2024, was HK$6,205,704, an increase from HK$5,287,210 in 2023, reflecting a growth of 17.3%[6] - Net interest income rose to HK$2,538,695, up 11.9% from HK$2,269,045 in the previous year[6] - Operating income increased by 22.1% to HK$3,286,757 compared to HK$2,691,406 in 2023[6] - Profit for the period attributable to shareholders was HK$1,396,074, representing a 25.6% increase from HK$1,111,923 in 2023[9] - Basic earnings per share improved to HK$0.99, up from HK$0.79, marking a growth of 25.3%[6] - Total comprehensive income for the period, net of tax, was HK$1,450,192, compared to HK$1,076,603 in 2023, indicating a growth of 34.7%[9] - The net fee and commission income increased significantly by 59.8% to HK$603,386, compared to the previous year[6] - Operating profit before impairment losses rose by 46.1% to HK$1,691,892 from HK$1,158,085 in 2023[6] - The total operating income was HK$3,286,757,000, with operating expenses of HK$1,594,865,000, resulting in an operating profit of HK$1,691,892,000[121] - Profit before taxation for the six months ended June 30, 2024, reached HK$1,579,921, up from HK$1,211,901 in 2023, indicating an increase of about 30%[126] Asset and Liability Management - Total assets as of June 30, 2024, increased to HK$262,372,675, up from HK$260,744,094 as of December 31, 2023, representing a growth of approximately 0.63%[11] - Total liabilities increased slightly to HK$228,739,842 from HK$227,854,651, reflecting a growth of approximately 0.39%[11] - Customer deposits rose to HK$208,143,537, an increase from HK$207,233,698, reflecting a growth of about 0.44%[11] - The balance of cash and balances with banks decreased to HK$13,054,178 from HK$16,395,770, a decline of about 20.5%[11] - Total equity as of June 30, 2024, reached HK$33,632,833, up from HK$32,889,443, marking an increase of approximately 2.25%[11] - The total amount of subordinated notes as of June 30, 2024, was HK$4,109,232, down from HK$5,916,645 as of December 31, 2023, indicating a decrease of 30.5%[83] - The total liabilities stood at HK$228,739,842, with customer deposits being the largest component[104] Credit and Impairment - Credit impairment losses surged by 246.7% to HK$544,007 from HK$156,893 in the previous year[6] - New credit impairment losses for the six months ended June 30, 2024, were HK$544,007, compared to HK$156,893 in 2023, indicating a significant rise in provisions[34] - The total impairment allowances for loans and advances amounted to HK$1,180,190 as of June 30, 2024, compared to HK$1,113,256 as of December 31, 2023, indicating an increase of about 6%[56] - The total expected credit loss (ECL) allowance is HK$1,243,475,000, an increase from HK$1,181,574,000 as of December 31, 2023[69] - The ECL allowance for Stage 1 is HK$404,463,000, for Stage 2 is HK$307,994,000, and for Stage 3 is HK$531,018,000 as of June 30, 2024[69] Cash Flow and Investments - Net cash used in operating activities was HK$ (1,958,962) thousand, compared to HK$ 965,062 thousand in the previous year, indicating a significant decrease[19] - Net cash used in investing activities was HK$ (140,599) thousand, up from HK$ (40,075) thousand in the previous year, reflecting increased investment outflows[19] - Net cash used in financing activities rose sharply to HK$ (2,758,979) thousand from HK$ (645,339) thousand, primarily due to repayment of subordinated notes[19] - Cash and cash equivalents at the end of the period decreased to HK$ 14,017,431 thousand from HK$ 19,425,731 thousand, showing a decline of approximately 28%[19] Segment Performance - Net interest income for the Personal Banking segment was HK$1,094,468, while non-interest income was HK$531,816, contributing to a total operating income of HK$1,626,284,000[121] - The Corporate Banking segment reported net interest income of HK$582,205,000 and non-interest income of HK$103,928,000, leading to total operating income of HK$686,133,000[121] - The Treasury and Global Markets segment achieved net interest income of HK$650,687,000 and non-interest income of HK$21,032,000, totaling HK$671,719,000 in operating income[121] - The Mainland China and Macau Banking segment generated net interest income of HK$230,318,000 and non-interest income of HK$83,682,000, resulting in total operating income of HK$314,000,000[121] Risk Management - The Group's liquidity risk management ensures the ability to meet financial obligations without incurring unacceptable losses[155] - The Group's operational risk is associated with inadequate internal processes and external events, which could lead to direct or indirect losses[155] - The Group's risk management expertise has improved the overall quality of its lending portfolios, enabling it to meet changing regulatory requirements confidently[157] - The Group's expected credit loss (ECL) measurement methodology remains consistent with the audited financial statements for the year ended December 31, 2023, focusing on either a 12-month or lifetime basis depending on credit risk increases[161] - The Group continues to monitor high-risk loan accounts and has updated forward-looking assumptions to reflect market conditions as of June 30, 2024, with scenario weights of 70%, 11%, and 19% for "baseline," "good," and "bad" scenarios respectively[165] Market Conditions and Economic Outlook - The Hong Kong GDP growth rate forecast for the base scenario is 2.4% for 2024, with a good scenario at 7.0% and a bad scenario at -2.3%[173] - The Hong Kong unemployment rate forecast for the base scenario is 2.8% for 2024, with a good scenario at 2.3% and a bad scenario at 4.7%[173] - A 1% increase in unemployment rates would result in an ECL impact of HK$17,194,000 for retail and HK$27,832,000 for corporate as of June 30, 2024[181] - A 0.5% decrease in GDP growth rates would lead to an ECL impact of HK$3,453,000 for retail and HK$5,207,000 for corporate as of June 30, 2024[181]

Financial Performance - The unaudited net profit attributable to shareholders for the six months ended June 30, 2024, is HK$1,396,074,000, representing a 25.6% increase from HK$1,111,923,000 in 2023[2]. - Operating income for the period was HK$3,286,757,000, reflecting a 22.1% increase from HK$2,691,406,000[4]. - Basic earnings per share increased to HK$0.99 from HK$0.79, while diluted earnings per share rose to HK$0.93 from HK$0.75[4]. - The group reported a profit for the period of HKD 1,396,074, after tax expenses of HKD 183,847[44]. - The group’s profit attributable to shareholders increased by 26% to HKD 1.4 billion, with a significant contribution of HKD 430 million from Chongqing Bank[66]. Income and Revenue - Net interest income increased by 11.9% to HK$2,538,695,000 compared to HK$2,269,045,000 in the previous year[4]. - Net service fee and commission income rose significantly by 59.8% to HK$603,386,000 from HK$377,674,000[4]. - Non-interest income surged by 77%, primarily driven by growth in net service fees and commissions[67]. - Total operating income reached HKD 3,286,757, with operating expenses amounting to HKD 1,594,865, resulting in an operating profit before credit impairment of HKD 1,691,892[44]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to HK$262,372,675,000, compared to HK$260,744,094,000 at the end of 2023[8]. - Total liabilities were reported at HKD 228,739,842[44]. - The total equity attributable to shareholders rose to HK$33,632,833,000 from HK$32,889,443,000[8]. - The total amount of credit commitments as of June 30, 2024, was HKD 66,050,022 thousand, down from HKD 68,772,487 thousand as of December 31, 2023, a decrease of 3.95%[41]. Credit and Impairment - Credit impairment losses surged by 246.7% to HK$544,007,000, compared to HK$156,893,000 in the previous year[4]. - The percentage of credit-impaired loans and advances to total customer loans and advances is 1.96%, slightly up from 1.94%[31]. - The total overdue loans and advances as of June 30, 2024, is HKD 2,585,044, representing 1.83% of total loans, compared to 1.51% as of December 31, 2023[32]. - The total impairment provisions for loans and advances is HKD 1,180,190, compared to HKD 1,113,256 as of December 31, 2023[30]. Dividends and Shareholder Returns - The company declared an interim dividend of HK$379,553,000, up from HK$154,633,000 in 2023[4]. - The board declared an interim dividend of HKD 0.27 per share, payable on September 26, 2024[64]. Operational Efficiency - The cost-to-income ratio improved to 48.5% in the first half of 2024, down from 57.0% in the same period last year[64]. - The group continues to focus on prudent risk management and operational efficiency amid economic uncertainties in the first half of 2024[66]. Market and Economic Outlook - The group anticipates that the potential interest rate cuts in Hong Kong may stimulate local demand, although the overall performance will depend on the effectiveness of economic stabilization measures in mainland China and global economic trends[69]. - Loan demand remains weak, leading to a decline in financing needs, but the possibility of interest rate cuts in the coming months may gradually improve the economy and credit conditions[69]. Corporate Governance - The company has complied with the Corporate Governance Code, except for the absence of the chairman at the 2024 Annual General Meeting due to other commitments[70]. - The company has adopted a set of securities trading rules for directors that meet or exceed the standards set out in the Listing Rules[71]. Miscellaneous - The financial data in the interim results announcement is unaudited and does not constitute statutory financial statements[72]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the six-month period ending June 30, 2024[73].

Financial Performance - Net interest income increased by 9.9% to HK$4,815.4 million in 2023 compared to HK$4,383.1 million in 2022[3] - Net fee and commission income decreased by 61.5% to HK$866.8 million in 2023 from HK$2,249.1 million in 2022[3] - Operating income declined by 13.3% to HK$5,916.1 million in 2023 from HK$6,826.3 million in 2022[3] - Profit attributable to shareholders increased by 15.6% to HK$1,860.3 million in 2023 from HK$1,608.8 million in 2022[3] - The Group's total comprehensive income for the year was HK$3,262.5 million in 2023, compared to HK$520.2 million in 2022[4] - The Group's basic earnings per share increased to HK$1.32 in 2023 from HK$1.14 in 2022[3] - Net interest income for 2023 increased to HKD 4,815,435 thousand, up from HKD 4,383,060 thousand in 2022[11][12] - Non-interest income for 2023 was HKD 1,100,649 thousand, compared to HKD 2,443,210 thousand in 2022[11][12] - Operating income for 2023 rose to HKD 5,916,084 thousand, up from HKD 6,826,270 thousand in 2022[11][12] - Operating expenses for 2023 were HKD 3,168,897 thousand, compared to HKD 3,016,010 thousand in 2022[11][12] - Pre-tax profit for 2023 was HKD 2,141,578 thousand, up from HKD 1,969,982 thousand in 2022[11][12] - Net interest income increased to HKD 11,485,605 thousand in 2023 from HKD 6,964,602 thousand in 2022, driven by higher interest income from cash and bank balances, securities investments, and loans[14] - Interest expenses rose to HKD 6,670,170 thousand in 2023 from HKD 2,581,542 thousand in 2022, primarily due to increased bank deposits and customer deposits[14] - Net fee and commission income decreased to HKD 1,078,967 thousand in 2023 from HKD 2,432,747 thousand in 2022, with a significant drop in insurance sales and other fees[15] - Net trading income for 2023 was HKD 164,843 thousand, including gains from foreign exchange transactions and trading securities[16] - Other operating income for 2023 totaled HKD 69,004 thousand, including dividend income from equity investments and rental income[16] - Operating expenses increased to HKD 3,168,897 thousand in 2023 from HKD 3,016,010 thousand in 2022, with higher employee compensation and benefits[17] - Credit impairment losses decreased to HKD 731,311 thousand in 2023 from HKD 803,100 thousand in 2022, with recoveries from previously written-off amounts[17] - Hong Kong profits tax provision for the year is HK$231,268 thousand, a decrease from HK$352,450 thousand in 2022[20] - Mainland China and Macau tax provision for the year is HK$38,320 thousand, slightly up from HK$37,772 thousand in 2022[20] - Basic earnings per share increased to HK$1.32 (2022: HK$1.14) based on profit of HK$1,860,306 thousand[21] - Diluted earnings per share increased to HK$1.23 (2022: HK$1.07) after considering the dilutive effect of associates' profits[21] - Net interest income to operating income ratio increased to 81.4% in 2023 from 64.2% in 2022[59] - Cost-to-income ratio increased to 53.6% in 2023 from 44.2% in 2022[59] - Average return on total assets improved to 0.7% in 2023 from 0.6% in 2022[59] - Average return on shareholders' equity increased to 6.0% in 2023 from 5.4% in 2022[59] - Net interest margin expanded to 2.01% in 2023 from 1.85% in 2022[59] - Loan-to-deposit ratio increased to 68.2% in 2023 from 66.9% in 2022[59] - Proposed final dividend of HKD 0.49 per share for 2023, bringing total annual dividend to HKD 0.60, a 54% increase from HKD 0.39 in 2022[62] - The company's net profit attributable to shareholders increased by 16% to HKD 1.86 billion in 2023[63] - Net interest income rose by 12% due to an expanded net interest margin, which increased by 16 basis points[63] - Total loan balance grew by 5% despite weak loan demand in core markets[63] - Net service fee and commission income grew by 1% after excluding a one-time gain of HKD 1.394 billion in 2022[63] - Credit impairment losses decreased by 9% to HKD 731 million, primarily from corporate banking[63] - The company's share of net profit from its associate, Chongqing Bank, increased to HKD 689 million[64] - Impairment provisions for Chongqing Bank totaled HKD 552 million in 2023, down from HKD 1.683 billion in 2022[64] Assets and Liabilities - Total assets grew to HK$260,744.1 million in 2023, up from HK$252,086.0 million in 2022[5] - Customer deposits increased to HK$207,233.7 million in 2023 from HK$199,792.2 million in 2022[5] - Loans and advances to customers rose to HK$149,113.9 million in 2023 from HK$142,712.6 million in 2022[5] - Total equity increased to HK$32,889.4 million in 2023 from HK$30,225.1 million in 2022[5] - Total assets for 2023 increased to HKD 260,744,094 thousand, compared to HKD 252,086,033 thousand in 2022[11][12] - Total liabilities for 2023 were HKD 227,854,651 thousand, up from HKD 221,860,885 thousand in 2022[11][12] - Depreciation and amortization expenses for 2023 were HKD 349,014 thousand, compared to HKD 380,169 thousand in 2022[11][12] - Trading securities and financial assets at fair value through profit or loss increased significantly to HK$1,748,057 thousand from HK$571,464 thousand in 2022[22] - Notional amount of derivative financial instruments increased to HK$255,691,221 thousand in 2023 from HK$156,556,934 thousand in 2022[23][24] - Total customer loans and advances increased to HK$143,049,476 thousand from HK$136,530,235 thousand in 2022[25] - Impairment allowances for customer loans decreased to HK$1,113,256 thousand from HK$1,636,402 thousand in 2022[25] - Trade bills decreased to HK$2,060,317 thousand from HK$3,666,988 thousand in 2022[25] - Other assets increased to HK$5,141,313 thousand from HK$4,182,559 thousand in 2022[25] - Total customer loans and advances increased to HKD 143,049.5 million in 2023, up from HKD 136,530.2 million in 2022, representing a 4.8% growth[26] - Loans for property development and investment in Hong Kong rose to HKD 23,767.5 million in 2023, accounting for 16.6% of total loans, compared to HKD 21,406.8 million (15.7%) in 2022[26] - Loans for residential property purchases in Hong Kong increased to HKD 34,954.4 million in 2023, making up 24.4% of total loans, up from HKD 33,911.8 million (24.8%) in 2022[26] - Impaired loans and advances decreased to HKD 2,779.6 million in 2023, down from HKD 2,539.0 million in 2022, with the ratio to total loans slightly increasing to 1.94% from 1.86%[28] - Overdue loans for more than 1 year increased significantly to HKD 1,158.2 million (0.81% of total loans) in 2023, compared to HKD 332.5 million (0.25%) in 2022[29] - The fair value of collateral held for impaired loans rose to HKD 1,707.4 million in 2023 from HKD 1,056.1 million in 2022[28] - Trade finance loans decreased to HKD 5,624.8 million in 2023, accounting for 3.9% of total loans, down from HKD 5,752.6 million (4.2%) in 2022[26] - Loans used outside Hong Kong declined to HKD 33,813.5 million in 2023, representing 23.7% of total loans, compared to HKD 35,332.7 million (25.9%) in 2022[26] - Restructured loans and advances increased to HKD 405.8 million (0.28% of total loans) in 2023 from HKD 339.2 million (0.25%) in 2022[31] - The value of repossessed properties more than doubled to HKD 252.7 million in 2023 from HKD 125.3 million in 2022[32] - Total financial assets at fair value through other comprehensive income increased to 40,525,842 thousand HKD in 2023 from 38,617,851 thousand HKD in 2022, with debt securities accounting for 38,764,287 thousand HKD in 2023[33] - Non-listed debt securities saw a significant increase to 12,057,957 thousand HKD in 2023 from 8,590,336 thousand HKD in 2022[33] - Equity securities increased to 1,761,555 thousand HKD in 2023 from 675,314 thousand HKD in 2022, primarily driven by non-listed equity securities[33] - Financial assets at amortized cost rose to 39,413,306 thousand HKD in 2023 from 32,985,496 thousand HKD in 2022, with debt securities being the major component[34] - The company's retained earnings increased to 23,923,181 thousand HKD in 2023 from 22,661,183 thousand HKD in 2022[35] - Regulatory reserves designated by the company increased to 616,530 thousand HKD in 2023 from 438,466 thousand HKD in 2022[36] - Contingent liabilities and commitments decreased to 2,119,544 thousand HKD in 2023 from 2,657,818 thousand HKD in 2022[38] - Assets pledged as collateral for liabilities decreased to 2,397,069 thousand HKD in 2023 from 2,678,069 thousand HKD in 2022[39] - Operating lease commitments as a lessee decreased to 10,259 thousand HKD in 2023 from 16,596 thousand HKD in 2022[40] - Total loans used in Hong Kong increased to HKD 103.61 billion in 2023, up from HKD 95.44 billion in 2022, with the percentage of loans secured by collateral remaining stable at 78.5%[42] - Loans for property investment in Hong Kong rose to HKD 23.77 billion in 2023, with 91.4% secured by collateral, compared to HKD 21.41 billion and 88.0% in 2022[42] - Loans for the purchase of other residential properties in Hong Kong increased to HKD 34.95 billion in 2023, with 99.9% secured by collateral, up from HKD 33.91 billion and 100.0% in 2022[42] - Loans used outside Hong Kong decreased to HKD 33.81 billion in 2023, with 56.8% secured by collateral, down from HKD 35.33 billion and 61.4% in 2022[42] - Impaired loans (Stage 3) for property investment in Hong Kong increased to HKD 470.74 million in 2023, up from HKD 34.30 million in 2022[45] - Impaired loans (Stage 3) for the purchase of other residential properties in Hong Kong rose to HKD 170.94 million in 2023, compared to HKD 81.84 million in 2022[45] - Total exposure to Mainland China business increased to HKD 33.87 billion in 2023, up from HKD 31.21 billion in 2022, with on-balance sheet exposure accounting for 12.89% of total assets[47] - Loans to residents or institutions established in Mainland China increased to HKD 10.86 billion in 2023, up from HKD 9.28 billion in 2022[47] - Loans to other counterparties considered as non-bank customers in Mainland China rose to HKD 10.05 billion in 2023, compared to HKD 9.78 billion in 2022[47] - The total assets of Dah Sing Bank and its Mainland banking subsidiaries after deducting provisions amounted to HKD 242.06 billion in 2023[47] - Total customer loans and advances amounted to 143,049,476 thousand HKD in 2023, with Hong Kong accounting for 119,759,434 thousand HKD, China for 7,546,867 thousand HKD, and Macau for 14,012,453 thousand HKD[51] - Impaired customer loans and advances (Stage 3) totaled 2,779,561 thousand HKD in 2023, with Hong Kong contributing 2,259,148 thousand HKD, China 334,757 thousand HKD, and Macau 185,656 thousand HKD[51] - Overdue customer loans and advances reached 2,167,589 thousand HKD in 2023, with Hong Kong at 1,771,878 thousand HKD, China at 205,675 thousand HKD, and Macau at 185,656 thousand HKD[51] - Stage 3 impairment provisions stood at 485,255 thousand HKD in 2023, with Hong Kong at 422,162 thousand HKD, China at 27,347 thousand HKD, and Macau at 35,746 thousand HKD[51] - Stage 1 and Stage 2 impairment provisions were 628,001 thousand HKD in 2023, with Hong Kong at 552,353 thousand HKD, China at 46,698 thousand HKD, and Macau at 19,272 thousand HKD[51] - International claims totaled 180,501 million HKD in 2023, with offshore centers contributing 158,640 million HKD and developing Asia-Pacific regions at 16,882 million HKD[53] - Spot assets in foreign currencies amounted to 117,955 million HKD in 2023, with USD at 80,496 million HKD, RMB at 16,286 million HKD, and MOP at 10,028 million HKD[55] - Forward purchases in foreign currencies reached 141,301 million HKD in 2023, with USD at 87,748 million HKD, RMB at 31,383 million HKD, and other currencies at 19,741 million HKD[55] - Forward sales in foreign currencies were 166,825 million HKD in 2023, with USD at 110,039 million HKD, RMB at 32,820 million HKD, and other currencies at 22,389 million HKD[55] - Net long/(short) positions in foreign currencies stood at 1,189 million HKD in 2023, with USD at 1,602 million HKD, RMB at (33) million HKD, and MOP at (597) million HKD[55] Capital and Liquidity - Capital adequacy ratio increased to 16.2% for Common Equity Tier 1, 16.9% for Tier 1, and 21.2% for Total Capital as of December 31, 2023, compared to 15.2%, 15.9%, and 19.3% respectively in 2022[57] - Leverage ratio improved to 11.2% as of December 31, 2023, up from 10.6% in 2022[58] - Liquidity maintenance ratio rose to 64.0% in 2023 from 50.4% in 2022[58] - The company's capital adequacy ratio and liquidity remained robust, enabling it to navigate challenges and seize growth opportunities[66] Accounting Standards and Policies - The company adopted new and revised standards including HKAS 1, HKFRS Practice Statement 2, HKAS 8, and amendments to HKAS 12 related to international tax reform, effective from January 1, 2023[7] - The adoption of HKAS 12 amendments related to international tax reform (Pillar Two model rules) may result in additional tax liabilities for the company, with a minimum tax rate of 15%[8] - The company has not adopted certain new and revised standards and interpretations, including amendments to HKAS 1, HKFRS 16, and HKFRS 10, which are not expected to have a significant impact[9] Business Segments - The company's operating segments are categorized into Personal Banking, Corporate Banking, Treasury and Global Markets, and Mainland China and Macau Banking, with revenues allocated based on market-based transfer pricing mechanisms[10] Technology and Digitalization - The company successfully implemented a new core banking system and continued to invest in technology and digitalization[65] - The company expanded its financial planning

Financial Performance - Net interest income for the six months ended June 30, 2023, was HK$2,269,045, representing a 12.3% increase from HK$2,020,290 in 2022[4] - Total operating income increased by 2.5% to HK$2,691,406 compared to HK$2,626,593 in the previous year[4] - Profit for the period attributable to shareholders was HK$1,111,923, a slight increase of 1.1% from HK$1,099,336 in 2022[4] - Basic earnings per share rose to HK$0.79, up from HK$0.78 in the same period last year[4] - Total comprehensive income for the period, net of tax, was HK$1,076,603, compared to HK$133,410 in 2022[7] - Operating expenses increased by 10.3% to HK$1,533,321 from HK$1,390,536 in 2022[4] - The net fee and commission income decreased by 21.6% to HK$377,674 from HK$481,602 in the previous year[4] - The company reported a net loss on disposal of other fixed assets of HK$1,309, compared to a loss of HK$426 in 2022[4] Asset and Liability Management - Total assets as of June 30, 2023, amounted to HKD 251,006,794, a decrease of 0.43% from HKD 252,086,033 as of December 31, 2022[9] - Customer deposits increased to HKD 202,459,966, up 0.84% from HKD 199,792,201 in the previous period[9] - The bank's total liabilities decreased to HKD 220,130,674, down 0.78% from HKD 221,860,885[9] - The bank's cash and balances with banks decreased to HKD 16,286,219 from HKD 17,800,880, reflecting a decline of 8.51%[9] - The financial assets at amortised cost rose to HKD 35,309,015, an increase of 7.88% from HKD 32,926,090[9] - Derivative financial instruments increased to HKD 4,290,911, up 10% from HKD 3,901,236[9] - The bank's share capital remained stable at HKD 6,894,438, unchanged from the previous period[11] Credit Quality and Impairment - Credit impairment losses decreased significantly by 48.6% to HK$156,893 from HK$305,055 in the prior year[4] - Total impairment allowances decreased to HK$1,073,008 as of June 30, 2023, from HK$1,636,402 as of December 31, 2022, a reduction of 34.4%[62] - Credit-impaired loans and advances amounted to HK$2,581,753, with Stage 3 impairment allowances at HK$477,320 as of June 30, 2023[62] - The percentage of credit-impaired loans and advances as a percentage of total loans and advances to customers was 1.85% as of June 30, 2023, slightly down from 1.86% as of December 31, 2022[62] Cash Flow and Investment Activities - Cash flows from operating activities for the six months ended June 30, 2023, amounted to HK$965,062,000, a significant decrease from HK$4,561,461,000 in the same period of 2022[16] - Net cash used in investing activities was HK$(40,075,000) for the first half of 2023, compared to HK$(219,664,000) in the prior year, indicating a reduction in investment outflows[16] - Net cash used in financing activities increased to HK$(645,339,000) in 2023 from HK$(512,973,000) in 2022, reflecting higher financing costs[16] Regulatory and Compliance - The financial statements were prepared in accordance with Hong Kong Accounting Standard No. 34, with no significant changes in accounting policies from the previous year[20] - Current income tax for Hong Kong profits was HK$92,018,000 for the first half of 2023, down from HK$112,885,000 in 2022[41] - The Group's capital adequacy calculation does not include retained earnings from the investment in Bank of Chongqing, except for cash dividends received[39] Risk Management - The Group recognizes various risks including credit, market, interest rate, liquidity, operational, reputation, and strategic risks, and manages them through a well-developed management structure[188] - The Group's risk management and compliance committee oversees the management of various risks, guided by the Group Risk Division and functional committees[193] - The Group has established a Group Credit Committee for approving major credit limits, with the Credit Management Committee and Treasury and Investment Risk Committee responsible for policy recommendations and risk control[193] Market and Strategic Position - The company did not report any new significant products or technologies during the period[18] - There were no major market expansions or acquisitions disclosed in the interim report[18] - The Group's estimated assessable profit for the period was taxed at a rate of 16.5%, consistent with the previous year[40]

Financial Performance - The unaudited profit attributable to shareholders for the six months ended June 30, 2023, is HK$1,111,923,000, representing a 1.1% increase from HK$1,099,336,000 in 2022[4] - Net interest income for the period is HK$2,269,045,000, up 12.3% from HK$2,020,290,000 in the previous year[4] - The operating profit before impairment losses decreased by 6.3% to HK$1,158,085,000 compared to HK$1,236,057,000 in the prior year[4] - The total comprehensive income for the period is HK$1,076,603,000, a significant increase from HK$133,410,000 in the previous year[7] - The group reported a pre-tax profit of HKD 1,211,901 for the first half of 2023[43] - Operating profit after deducting impairment losses increased by 8% to HKD 1.01 billion, compared to a 19% decline in the same period last year[67] Income and Expenses - Net service fee and commission income decreased by 21.6% to HK$377,674,000 from HK$481,602,000 in 2022[4] - Operating expenses increased to HKD 1,533,321 thousand in 2023 from HKD 1,390,536 thousand in 2022, indicating a rise of approximately 10%[17] - The group’s depreciation and amortization expenses for the period were HKD 170,845[43] - Operating income for the first half of 2023 was HKD 2,691,406[43] Credit and Impairment - Credit impairment losses improved significantly, decreasing by 48.6% to HK$156,893,000 from HK$305,055,000 in 2022[4] - Credit impairment losses for the six months ended June 30, 2023, were HKD 196,687 thousand, a decrease from HKD 335,151 thousand in 2022, showing a reduction of about 41%[18] - The group recorded a 49% decrease in credit impairment losses due to prudent credit risk management and an improved economic environment[66] Assets and Liabilities - Total assets as of June 30, 2023, are HK$251,006,794,000, slightly down from HK$252,086,033,000 at the end of 2022[8] - Total liabilities were HKD 220,130,674 as of June 30, 2023[43] - The total equity attributable to shareholders was HKD 30,564,704 thousand as of June 30, 2023, up from HKD 29,913,732 thousand as of December 31, 2022, reflecting a growth of approximately 2.2%[36] Customer Deposits and Loans - Customer deposits increased to HK$202,459,966,000 from HK$199,792,201,000, reflecting a growth in deposits[8] - Total customer loans and advances as of June 30, 2023, amounted to HKD 139,419,039, an increase from HKD 136,530,235 as of December 31, 2022, representing a growth of 2.1%[28] - The percentage of credit-impaired loans to total customer loans was 1.85% as of June 30, 2023, slightly down from 1.86% in the previous year[29] Dividends - The company declared an interim dividend of HK$154,633,000, compared to HK$140,575,000 in the previous year[4] - The group declared an interim dividend of HKD 0.11 per share, payable on September 21, 2023[63] Market Outlook - The group anticipates a GDP growth forecast of 4%-5% for Hong Kong in 2023, with inflation expected to remain moderate at around 1.9%[68] - Loan demand is expected to remain subdued due to the high interest rate environment, impacting investment sentiment and loan demand[68] Capital and Ratios - The capital adequacy ratio for the group was 19.7%, compared to 19.3% as of December 31, 2022[60] - The liquidity maintenance ratio increased to 62.5% as of June 30, 2023, up from 45.3% a year earlier[62] - The cost-to-income ratio rose to 57.0% for the six months ended June 30, 2023, from 52.9% a year earlier[63] Other Notable Points - The bank's employee compensation and benefits expenses rose to HKD 1,043,038 thousand in 2023, up from HKD 1,020,179 thousand in 2022, reflecting a slight increase[17] - The bank's share of results from associates, particularly Chongqing Bank, remains pending as the financial results for the six months ended June 30, 2023, have not yet been published[19] - The board of directors includes executive directors Wang Shouye (Chairman), Huang Hanxing (Vice Chairman, Managing Director, and CEO), Wang Boling, and Mai Xiaode (Deputy CEO) as well as independent non-executive directors Shi Xitao, Chen Shengli, Pei Bulei, and Tan Weihong[74]

Anniversary and Community Engagement - Dah Sing Bank celebrated its 75th anniversary in 2022, launching a series of customer appreciation activities, including a grand lucky draw with 750 prizes[3] - Over 30,000 people participated in a free ferry ride event sponsored by the bank, symbolizing Hong Kong's resilience as the economy recovers from the COVID-19 pandemic[4] - The "Dah Sing Bank 75th Anniversary Charity Challenge" saw teams quickly reach their goal of 750,000 accumulated steps, resulting in a total donation of HKD750,000 to designated charities[6] - The bank's activities during its anniversary included a public art exhibition showcasing local values and traditions, reinforcing its community engagement[4] Sustainability and ESG Initiatives - The bank supported SMEs in transitioning to sustainable practices through the "SME ESG Best Practices Recognition Programme," which included educational forums targeting specific industries[5] - The bank's commitment to ESG initiatives is reflected in its sponsorship of the "Green WALK Hong Kong 2022" campaign, promoting green lifestyles[7] - The bank's "Green WALK Carbon Emissions Reduction Online Challenge" recorded over 364 million steps, contributing to a reduction of over 60 tonnes of carbon emissions in Hong Kong[7] - The bank's efforts in supporting sustainable development align with its long-term vision for a better future for Hong Kong[5] Financial Performance - Profit attributable to shareholders was HK$1,609 million in 2022, a decrease from HK$1,658 million in 2021[10] - Basic earnings per share for 2022 was HK$1.14, down from HK$1.18 in 2021[10] - Total dividend distribution for 2022 was HK$548 million, compared to HK$478 million in 2021[10] - Total assets increased to HK$252,086 million in 2022, up from HK$248,979 million in 2021[10] - Total deposits reached HK$204,021 million in 2022, a growth from HK$202,725 million in 2021[10] - Shareholders' funds increased to HK$29,914 million in 2022, up from HK$29,913 million in 2021[10] Loan and Deposit Trends - Loan to deposit ratio was 66.9% in 2022, reflecting a stable lending environment[10] - Advances to customers (excluding trade bills) were HK$136,530 million in 2022, down from HK$144,313 million in 2021[10] - Certificates of deposit issued decreased to HK$4,229 million in 2022, down from HK$6,590 million in 2021[10] - Overall loan balances contracted by 5%, with corporate banking loan balances contracting by 9%[34] - Retail banking loan balances remained stable, achieving a 4% growth in average loan volume in 2022 compared to 2021[34] Governance and Leadership - The board of directors includes experienced members with over 40 years in the banking and finance industry, ensuring strong governance[17] - The company has established a new committee focused on sustainability initiatives to align with global standards[19] - The independent non-executive directors bring diverse expertise, enhancing the company's strategic decision-making process[18] - The Company has complied with all code provisions of the Corporate Governance Code, except for code provision F.2.2, demonstrating adherence to high governance standards[118] Risk Management and Internal Controls - The Group has established a robust risk management and internal control framework, confirmed effective through ongoing reviews and assessments by management and internal audit[187] - The Group's internal audit function provides independent assurance on the effectiveness of risk management and governance processes[189] - The Group maintains effective risk management through specialized management committees overseeing major risk areas[184] - The Group has established procedures to safeguard assets against unauthorized use and ensure the reliability of financial information[183] Shareholder Communication and Engagement - The Company emphasizes effective communication with shareholders, with the Chairman and all Directors making efforts to attend the Annual General Meeting[194] - Shareholders holding not less than 5% of total voting rights can requisition an Extraordinary General Meeting[195] - The Company's dividend policy aims to pay sustainable dividends over time, considering factors such as general business conditions, financial results, and business growth prospects[197] - The Shareholders Communication Policy is reviewed annually to ensure its effectiveness, with the last review conducted in 2022[197]

Financial Performance - Net interest income increased by 11.1% to HK$4,383,060 thousand from HK$3,944,276 thousand in 2021[3] - Service fee and commission income surged by 87.8% to HK$2,249,095 thousand compared to HK$1,197,423 thousand in the previous year[3] - Operating income rose by 26.8% to HK$6,826,270 thousand from HK$5,384,192 thousand in 2021[3] - Operating profit before impairment losses increased by 61.2% to HK$3,810,260 thousand, up from HK$2,362,993 thousand[3] - The bank's annual profit for 2022 was HKD 1,657,556 thousand, up from HKD 1,257,556 thousand in 2021, reflecting a growth of approximately 31.7%[10] - The annual profit for the year ended December 31, 2022, was HKD 1,608,800, with a significant contribution from personal banking[9] - Basic earnings per share decreased to HK$1.14 from HK$1.18 in 2021, reflecting a decline of 2.9%[3] Asset and Liability Management - Total assets reached HK$252,086,033 thousand, an increase from HK$248,979,190 thousand in the previous year[5] - Customer deposits rose to HK$199,792,201 thousand, compared to HK$196,134,565 thousand in 2021[5] - Total liabilities increased to HKD 218,167,687 thousand in 2022 from HKD 198,167,687 thousand in 2021, reflecting a growth of about 10.1%[10] - The total assets of the group as of December 31, 2022, were HKD 252,086,033, while total liabilities were HKD 221,860,885[9] Credit and Impairment - Credit impairment losses jumped by 115.1% to HK$803,100 thousand from HK$373,343 thousand in 2021[3] - The group reported a credit impairment loss of HKD 803,100, impacting the overall profitability[9] - The bank's credit impairment losses for 2022 were HKD 373,343 thousand, a decrease from HKD 1,443,000 thousand in 2021, showing an improvement in asset quality[10] - The percentage of credit-impaired loans and advances to total customer loans and advances increased to 1.86% in 2022 from 0.97% in 2021[27] Income Composition - Net interest income for personal banking was HKD 1,890,619, corporate banking was HKD 1,183,415, global markets was HKD 918,047, and overseas banking was HKD 485,207, totaling HKD 4,383,060[9] - Non-interest income amounted to HKD 2,102,346, with contributions from various segments including HKD 188,591 from corporate banking and HKD 33,839 from global markets, leading to a total of HKD 2,443,210[9] - The net interest income to operating income ratio decreased to 64.2% in 2022 from 73.3% in 2021, reflecting a shift in revenue composition[56] Dividend and Shareholder Returns - The company proposed a final dividend of HK$407,668 thousand, compared to HK$337,380 thousand in the previous year[3] - The final dividend for the year was declared at HKD 0.39 per share, representing a growth of 14.7%[59] - The proposed final dividend included in retained earnings was HKD 407,668,000 for 2022, compared to HKD 337,380,000 in 2021, representing an increase of approximately 20.8%[33] Operational Efficiency - The bank's operating expenses for 2022 totaled HKD 3,021,199 thousand, an increase from HKD 2,021,199 thousand in 2021, reflecting a growth of approximately 49.5%[10] - Employee compensation and benefits increased to HKD 1,939,833,000 in 2022, up 3.5% from HKD 1,873,517,000 in 2021[15] Governance and Compliance - The company has adhered to the Corporate Governance Code, except for the provision F.2.2 regarding the attendance of the chairman at the annual general meeting due to COVID-19 restrictions[63] - The company confirmed that all directors complied with the Securities Trading Code during the year ended December 31, 2022[64] - The Audit Committee reviewed the accounting standards and practices, including the consolidated financial statements for the year ended December 31, 2022[65] Market Outlook and Strategic Initiatives - The company expects a cautious outlook for 2023 due to global market volatility and economic uncertainties, despite some improvement in core markets[62] - The Shenzhen branch is anticipated to commence full operations in 2023, marking the company as the first non-mainland Chinese bank group to operate branches and subsidiaries in mainland China[62] - A new partnership with Yongming Financial was announced, aiming to reintroduce life insurance services and a range of financial products in the second half of the year[62]

Financial Performance - For the six months ended June 30, 2022, the net interest income increased by 2.9% to HK$2,020,290,000 compared to HK$1,963,383,000 in 2021[8]. - Operating income for the period was HK$2,626,593,000, reflecting a decline of 3.5% from HK$2,721,082,000 in 2021[8]. - Profit before taxation decreased by 4.5% to HK$1,258,083,000, down from HK$1,317,449,000 in 2021[8]. - Profit for the period attributable to shareholders was HK$1,099,336,000, a slight decrease of 1.0% from HK$1,110,409,000 in the previous year[8]. - Basic and diluted earnings per share were HK$0.78, compared to HK$0.79 in 2021[8]. - Total comprehensive income for the period, net of tax, was HK$133,410,000, significantly lower than HK$1,049,321,000 in the previous year[11]. - The group reported a total liabilities figure of HKD 224,603,490 thousand, with a notable portion from customer deposits[164]. - The profit for the period was HKD 1,099,336,000, reflecting a strong performance across various segments[194]. Income Sources - Fee and commission income decreased by 24.9% to HK$481,602,000, down from HK$641,514,000 in the previous year[8]. - Interest income for the six months ended June 30, 2022, was HK$2,696.96 million, up from HK$2,602.33 million in the same period of 2021, representing an increase of approximately 3.6%[37]. - The total interest income from advances and other accounts was HK$2,024.75 million in 2022, slightly up from HK$2,002.22 million in 2021, showing a growth of approximately 1.1%[37]. - Personal banking segment generated net interest income of HKD 857,073,000 and non-interest income of HKD 401,075,000[194]. - Corporate banking segment reported net interest income of HKD 573,873,000 and non-interest income of HKD 95,080,000[194]. - Treasury and global markets segment achieved net interest income of HKD 393,865,000 and non-interest income of HKD 42,719,000[194]. - Overseas banking segment recorded net interest income of HKD 249,147,000 and non-interest income of HKD 55,049,000[194]. Expenses and Losses - Credit impairment losses surged by 160.6% to HK$305,055,000, compared to HK$117,050,000 in the same period last year[8]. - Total operating expenses, including various costs, were reported at HKD 1,390,536,000 for the first half of 2022, compared to HKD 1,451,250,000 in the same period of 2021[55]. - Employee compensation and benefit expenses increased from HKD 976,048,000 in 2021 to HKD 1,020,179,000 in 2022, marking a rise of approximately 4.5%[52]. - The net loss on trading securities increased from HKD 338,000 in 2021 to HKD 4,361,000 in 2022, indicating a decline in trading performance[47]. Assets and Liabilities - Total assets increased to HKD 255,190,381 thousand as of June 30, 2022, up from HKD 248,979,190 thousand at December 31, 2021, representing a growth of 2.5%[12]. - Total liabilities amounted to HKD 224,603,490 thousand, up from HKD 218,167,687 thousand, indicating an increase of 2.0%[12]. - The company's equity attributable to shareholders decreased to HKD 30,586,891 thousand from HKD 30,811,503 thousand, a decline of 0.7%[12]. - Customer deposits reached HKD 197,213,357 thousand, a slight increase from HKD 196,134,565 thousand, reflecting a growth of 0.5%[12]. - Cash and balances with banks rose significantly to HKD 21,233,245 thousand, compared to HKD 12,007,753 thousand in the previous year, marking an increase of 77.1%[12]. Cash Flow - Net cash from operating activities for 2022 was HK$29 million, a significant improvement from a net cash used of HK$1,530.86 million in 2021[21]. - Cash and cash equivalents at the end of the period increased to HK$19,715.61 million in 2022 from HK$16,411.59 million in 2021, marking an increase of about 20.5%[21]. - Net cash used in investing activities was HK$219.66 million in 2022, compared to HK$182.62 million in 2021, indicating a 20.3% increase in cash outflow[21]. - Net cash used in financing activities decreased to HK$512.97 million in 2022 from HK$544.50 million in 2021, reflecting a reduction of approximately 5.8%[21]. Credit Risk and Impairment - New credit impairment allowances net of releases rose significantly from HKD 158,126,000 in 2021 to HKD 335,151,000 in 2022, an increase of about 112.5%[54]. - Credit-impaired loans and advances rose to HKD 1,949,422 thousand, which is 1.41% of total loans and advances, up from 0.97% in the previous year[90]. - The total amount of overdue loans increased to HKD 1,438,577 thousand as of June 30, 2022, which is 1.04% of total loans, compared to 0.56% in the previous year[93]. - The total impairment allowances for loans increased to HKD 1,471,321 thousand as of June 30, 2022, compared to HKD 1,370,947 thousand as of December 31, 2021, reflecting an increase of about 7.34%[90]. Strategic Focus - The group continues to focus on expanding its services in Hong Kong and the Greater Bay Area, aiming for sustainable growth and customer engagement[4]. - The Group's strategy includes segmenting operations into personal banking, corporate banking, treasury and global markets, and overseas banking to optimize performance[188].

Financial Performance - Shareholders' funds increased to HK$29,913 million in 2021, up from HK$28,441 million in 2020, representing a growth of 5.2%[28] - Profit attributable to shareholders was HK$1,658 million in 2021, a 10.8% increase from HK$1,493 million in 2020[28] - Basic earnings per share rose to HK$1.18 in 2021, compared to HK$1.06 in 2020, marking a growth of 11.3%[28] - Total dividend distribution for 2021 was HK$478 million, an increase from HK$422 million in 2020[28] - Dah Sing Banking Group reported a significant increase in net profit, reaching HKD 1.2 billion, representing a 15% year-over-year growth[52] - Profit attributable to shareholders increased by 30.7% to HK$1,716.8 million in 2021, up from HK$1,313.8 million in 2020[128] - Return on shareholders' funds improved from 5.4% in 2020 to 5.7% in 2021[142] Asset and Deposit Growth - Total deposits reached HK$202,725 million in 2021, a rise of 2.3% from HK$198,466 million in 2020[28] - Total assets reached HK$248,979 million in 2021, slightly up from HK$247,306 million in 2020[28] - The total assets of Dah Sing Bank increased to HKD 200 billion, up 10% compared to the previous year[52] - Customer deposits grew by 12% to HKD 150 billion, indicating strong customer confidence and market position[52] - Advances to customers (excluding trade bills) grew to HK$144,313 million in 2021, reflecting an increase of 4.0% compared to HK$137,577 million in 2020[28] - Advances to customers rose by 4.9% to HK$144,313 million, while customers' deposits increased by 3.0% to HK$196,135 million[128] Loan and Credit Quality - The loan to deposit ratio improved to 73.6% in 2021, up from 69.3% in 2020, indicating a stronger lending position[28] - Overall loan growth was 5%, with modest growth in both commercial and retail banking businesses[101] - Credit impairment charges fell by 42%, indicating notable improvement in credit quality[103] - Loan impairment charges decreased due to lower non-performing loans from SME customers and recoveries from corporate bad debts, with overall asset quality remaining manageable[184] - The bank's non-performing loan ratio remains low at 0.5%, reflecting effective risk management practices[52] Digital Banking and Technology - The bank's strategic focus includes expanding its digital banking services, as evidenced by the launch of the Dah Sing Mobile Banking App in 2014[16] - Dah Sing Bank plans to enhance its digital banking services, investing HKD 100 million in technology upgrades over the next two years[52] - Active mobile banking users increased by 40%, and mobile payment transactions rose by 38% by the end of 2021[161] - DSB opened its first flagship digital branch in March 2021, aimed at enhancing customer experience through technology[166] - The number of active users across all digital banking platforms rose by 12%, with digital payment transactions surging by 55%[161] Governance and Management - The company has a strong board with members holding significant experience in finance and banking, enhancing governance and oversight[68] - The Audit Committee is chaired by Mr. Sze, ensuring rigorous financial oversight and compliance[56] - The company is focused on maintaining a robust risk management framework, with dedicated committees in place[62] - The Independent Non-Executive Directors play a crucial role in guiding the company's strategic direction and ensuring accountability[70] Market and Economic Context - Hong Kong's economy grew by 6.4% in 2021, recovering from contractions of 6.5% and 1.7% in 2020 and 2019 respectively[130] - Macau's economy, heavily reliant on gaming and tourism, saw a significant decline in visitor numbers, down 80% from pre-pandemic levels, impacting overall economic recovery[196] - Visitor arrivals in Macau for the full year 2021 were still 80% lower than pre-COVID levels in 2019, despite being somewhat higher than in 2020[198] - Gross Gaming Revenues for the full year 2021 were only 30% of the levels seen in 2019, significantly below the government's original projections for 2021[198]