Financial Performance - Revenue for the six months ended August 31, 2024, was HKD 7.1 billion, an increase of 10.6% compared to the previous period[5]. - Net profit for the period was HKD 170.4 million, a decrease of 11.0% compared to the previous half-year[5]. - Total comprehensive income for the period was HKD 158.5 million, slightly up from HKD 156.7 million year-on-year[7]. - The company reported a pre-tax profit of HKD 203,211,000 for the period from March 1, 2024, to August 31, 2024, compared to HKD 230,865,000 for the same period in 2023, showing a decrease of about 12%[23][25]. - The group’s net profit for the reporting period was HKD 170.4 million, a decrease of 11.0% or HKD 21.1 million from HKD 191.4 million in the same period last year[89]. - The group's revenue for the first half of the fiscal year 2024/25 was HKD 860.3 million, representing a growth of 9.9% or HKD 77.2 million compared to HKD 783.1 million in the previous year[90]. Income and Expenses - Interest income reached HKD 734.5 million, up 11.7% year-on-year[5]. - The company reported a net interest income of HKD 670 million, compared to HKD 611 million in the previous period[6]. - Total operating expenses increased by 7.6% to HKD 378,200,000, while the cost-to-income ratio improved from 48.0% to 47.0%[93]. - The total interest expense for the period from March 1, 2024, to August 31, 2024, was HKD 64,537,000, compared to HKD 46,721,000 in the same period of 2023, indicating an increase of approximately 38%[29]. - The group recorded a slight decrease of 1.0% in commission income, totaling HKD 62.1 million, compared to HKD 62.7 million in the previous year[91]. Customer Loans and Receivables - Total customer loans and receivables amounted to HKD 72 billion, reflecting a growth of 3.8%[5]. - As of August 31, 2024, the total amount of customer loans and receivables was HKD 7,225,325,000, an increase from HKD 6,960,859,000 as of February 29, 2024[42]. - Customer loans and receivables rose by 3.8% to HKD 7,225,300,000, with credit card receivables increasing to HKD 5,339,900,000[95]. - Non-credit impaired customer loans amounted to HKD 723,887,000 in 2024, up from HKD 651,073,000 in 2023, reflecting an increase of approximately 11.1%[27]. Dividends - The company declared an interim dividend of HKD 0.24 per share, with a payout ratio of 59.0%[5]. - The company declared a final dividend of HKD 0.24 per share, totaling HKD 100,504,000, for the fiscal year ending August 31, 2023, compared to HKD 92,128,000 for the previous year[37]. Assets and Liabilities - The total assets as of August 31, 2024, were HKD 5.77 billion, an increase from HKD 5.55 billion[9]. - Total assets less current liabilities increased from 5,883,689 thousand HKD to 5,901,177 thousand HKD, an increase of about 0.3%[11]. - Total equity rose from 4,067,993 thousand HKD to 4,126,038 thousand HKD, reflecting an increase of approximately 1.4%[11]. - The company reported a net increase in customer loans and receivables of HKD 492,483,000 for the period ending March 1, 2024[43]. Risk Management - The group has established a robust risk management framework to address various risks, including credit, operational, market, and liquidity risks[114]. - The group has implemented policies and systems to monitor and manage credit risk, significantly reducing the credit risk exposure[119]. Corporate Governance - The company is actively involved in corporate governance, adhering to the guidelines set forth in the corporate governance code[137]. - The board of directors has undergone changes, with new appointments and resignations effective June 26, 2024[131]. Strategic Initiatives - The group plans to enhance customer relationship management and marketing strategies, including large-scale promotions for credit cards and personal loans, to adapt to changing consumer behaviors[103]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[138]. - The group aims to diversify revenue sources through the development of acquiring and insurance intermediary businesses[102]. Market Performance - The average financing cost rose from 3.9% in the previous year to 4.1% in the first half of the fiscal year 2024/25 due to increased bank borrowings and higher market interest rates[90]. - Hong Kong business revenue increased by 9.3% from HKD 770.2 million to HKD 841.9 million, while performance decreased by 12.3% from HKD 229.6 million to HKD 201.4 million due to high borrowing costs and low consumer confidence[102].
AEON CREDIT(00900) - 2025 - 中期财报