DAHSING BANKING(HK:02356)2024-08-30 04:03Financial 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].