Financial Performance - The mortgage loan business contributed approximately 67.2% to the Group's revenue, with interest income increasing by 5.9% to HK$108.2 million for the current year[9]. - Interest income from the personal loan business increased by 2.7% to HK$52.7 million, contributing about 32.8% to the Group's revenue[9]. - Total interest income from the money lending business rose by HK$7.5 million or 4.9% to HK$161.0 million for the current year[14]. - The group's interest income from lending activities increased by HK$7.5 million or 4.9% to HK$161 million, primarily due to growth in mortgage loan income, which rose by HK$6 million or 5.9% to HK$108.2 million[19]. - Profit attributable to owners decreased by 16.6% to HK$58.9 million, but adjusted profit excluding fair value losses increased by 8.8% to HK$67 million[33]. Asset and Liability Management - The gross mortgage loan portfolio was HK$699.6 million as of March 31, 2023, despite a subdued economic environment[9]. - As of March 31, 2023, net current assets were HK$263.4 million, an increase from HK$244.7 million in 2022[35]. - The group had unutilized banking facilities amounting to HK$238.5 million as of March 31, 2023, with no significant capital expenditure commitments[37]. - The current ratio improved to 1.78 from 1.56 in 2022[42]. - The gearing ratio decreased to 0.38 in 2023 from 0.55 in 2022[42]. Impairment and Provisions - Provision for impairment and write-off of loans receivable was HK$5.8 million for the current year, a decrease from HK$6.5 million in the previous year[18]. - The provision for impairment and write-off of loans receivable was HK$5.8 million, a decrease from HK$6.5 million in 2022[22]. Market Conditions - The Centa-City Leading Index for the Hong Kong property market dropped from 179.36 in March 2022 to 156.37 in December 2022, reflecting a year-to-year decrease of 6.6%[10]. - The property market in Hong Kong showed signs of a mild rebound in early 2023, which may lead to an increase in property prices and demand for property loan products[80]. - There is a risk of interest rate hikes due to continued monetary policy tightening in the United States, which could pressure investment activities and the property market in Hong Kong[81]. Corporate Governance - The Board consists of seven Directors, including four executive Directors and three independent non-executive Directors, ensuring a balance of skills in various fields such as accounting, business, and finance[114]. - The independent non-executive Directors have confirmed their independence in writing for the year ended March 31, 2023, in accordance with Rule 3.13 of the Listing Rules[121]. - The Company has complied with Listing Rules requiring at least three independent non-executive Directors, representing at least one-third of the Board[123]. - The Board's main task is to supervise and direct the management to maximize shareholder value while balancing stakeholder interests[126]. - The Group's management is tasked with developing and reviewing corporate governance policies and practices, ensuring compliance with legal and regulatory requirements[130]. Board Composition and Diversity - As of March 31, 2023, the Board consisted of one female and six male directors, reflecting the company's commitment to gender diversity[197]. - The company appointed Ms. Chan Siu Ching as its first female executive director on November 1, 2022, as part of its Board Diversity Policy[197]. - The Nomination Committee is responsible for ensuring a balance of skills and experience on the Board and maintaining the minimum number of independent non-executive directors as required by Listing Rules[190]. - The company aims to uphold the principle of merit-based appointments while adhering to its Board Diversity Policy[197]. Risk Management - The Group has implemented sufficient internal control and risk management procedures as part of its corporate governance framework[131]. - The company ensured that employees could confidentially raise concerns about financial reporting and internal control matters through a whistleblowing policy[157]. Audit and Compliance - The Audit Committee was established to oversee the company's financial statements, risk management, and internal control systems, ensuring compliance with Listing Rules[149]. - The company confirmed that all Directors complied with the Model Code for securities transactions throughout the year under review[148]. - The external auditor, PricewaterhouseCoopers, was paid HK$740,000 for the audit of the annual consolidated financial statements for the year ended 31 March 2023, down from HK$800,000 in 2022[165].
香港信贷(01273) - 2023 - 年度财报