Financial Performance - The company reported a net interest income of HKD 860,321 thousand for the six months ending August 31, 2024, compared to HKD 783,109 thousand for the same period in 2023, representing an increase of approximately 9.8%[1] - The operating profit before impairment losses was HKD 425,969 thousand, up from HKD 381,297 thousand in the previous year, indicating a growth of about 11.7%[1] - The net profit for the period was HKD 170,361 thousand, a decrease of 11.0% from HKD 191,426 thousand in the same period last year[2] - The company’s total assets amounted to HKD 5,901,177 thousand as of August 31, 2024, compared to HKD 5,883,689 thousand as of February 29, 2024, reflecting a slight increase[3] - The company’s operating expenses increased to HKD 378,246 thousand from HKD 351,383 thousand, indicating a rise of approximately 7.6%[1] - The total comprehensive income for the period was HKD 158,549 thousand, slightly up from HKD 156,683 thousand year-over-year[2] - Total revenue for the six months ended August 31, 2024, was HKD 860,321,000, representing an increase from HKD 783,109,000 in the same period last year, a growth of approximately 9.9%[12] - Interest income increased to HKD 734,492,000 for the six months ended August 31, 2024, compared to HKD 657,771,000 for the same period in 2023, reflecting a growth of about 11.6%[12] Customer Loans and Receivables - Customer loans and receivables reached HKD 1,572,145 thousand, up from HKD 1,512,414 thousand, marking an increase of approximately 3.9%[3] - The total amount of customer loans and receivables as of August 31, 2024, was HKD 7,225,325,000, representing a 3.8% increase from HKD 6,960,859,000 as of February 29, 2024[25] - The first stage of customer loans and receivables accounted for 95.7% of the total, indicating stable credit risk without significant increases[25] - The second stage of customer loans and receivables accounted for 0.9%, showing a slight increase in credit risk[26] - The third stage of customer loans and receivables accounted for 3.4%, indicating the occurrence of credit loss events[26] Impairment and Provisions - The provision for impairment as of August 31, 2024, was HKD 269,509,000, compared to HKD 247,091,000 as of February 29, 2024, indicating an increase of 9.1%[27] - The total impairment provision amounted to HKD 269,509,000, an increase from HKD 234,495,000 as of August 31, 2023, representing a growth of approximately 14.94%[28] - Impairment losses and provisions increased by 43.4% to HKD 236,100,000 from HKD 164,600,000 in the previous year[46] Dividends and Shareholder Returns - The company paid dividends amounting to HKD 100,504 thousand during the period, up from HKD 92,128 thousand in the previous year, representing an increase of approximately 9%[7] - The interim dividend declared for October 16, 2024, is HKD 0.240 per share, an increase from HKD 0.220 per share for the same period in 2023, totaling HKD 100,504,000[22] - The group maintained a dividend payout of HKD 0.24 per share, with a payout ratio of 59.0%, consistent with its policy of distributing at least 30.0% of net profit as dividends[39] Credit Card and Personal Loan Performance - Credit card income from card issuance decreased to HKD 19,386,000 from HKD 31,223,000, a decline of approximately 38.0% year-over-year[12] - The group’s total income from credit cards for the six months ended August 31, 2024, was HKD 668,977,000, compared to HKD 624,052,000 in the same period last year, indicating a growth of approximately 7.2%[13] - The group’s total income from personal loans for the six months ended August 31, 2024, was HKD 175,961,000, compared to HKD 148,001,000 in the same period last year, reflecting an increase of about 18.9%[13] - Credit card business accounted for 77.8% of total revenue, down from 79.7% in the previous year, while personal loan business increased to 20.5% from 18.9%[49] Operational Developments - The company established a new branch in Sha Tin in June 2024 to diversify its branch network and meet the growing demand for face-to-face consultation services[36] - The group successfully relocated its core data center to a new facility in Jiangjun Ao, enhancing operational reliability and sustainability[38] - The company has implemented various measures to drive sales and improve receivables growth during the reporting period, responding to a slower-than-expected economic recovery[36] Taxation and Compliance - Hong Kong profits tax for the period ending August 31, 2024, amounted to HKD 37,868,000, an increase of 26.5% from HKD 29,899,000 for the same period in 2023[20] - The effective tax rate for Hong Kong profits tax was calculated at 16.5% based on estimated taxable profits[20] - The company confirmed compliance with the standards for securities trading by its directors throughout the review period[35] Workforce and Corporate Governance - The group has a total of 581 employees as of August 31, 2024, compared to 567 employees as of February 29, 2024, indicating growth in workforce[58] - The company has maintained a high level of corporate governance, adhering to applicable corporate governance codes during the reporting period[34] Future Outlook and Strategies - The company anticipates a downward trend in market interest rates following a 50 basis point cut in September, which may alleviate funding cost pressures[52] - The company plans to enhance customer relationship management and marketing strategies to adapt to changing consumer behavior[53] - The group intends to leverage its strong liquidity and management capabilities to capitalize on the recovery opportunities in the consumer finance market[54]
AEON CREDIT(00900) - 2025 - 中期业绩