Financial Performance - Revenue for FY2022 grew by HK$4.5 million or 5.2%, reaching HK$90.5 million compared to HK$86.0 million in the prior year[17]. - The Group's profit and total comprehensive income for FY2022 was HK$51.0 million, a decrease of HK$1.5 million or 2.9% from HK$52.5 million in FY2021[50]. - Administrative expenses increased from HK$23.0 million in FY2021 to HK$25.4 million in FY2022, representing an increase of HK$2.4 million or 10.4%[36]. - Other income rose from HK$4,000 in FY2021 to HK$583,000 in FY2022, primarily due to government subsidies[35]. - The total profit and comprehensive income for FY2022 was HK$51 million, a decrease of HK$1.5 million or 2.9% compared to HK$52.5 million in FY2021[57]. Loan Portfolio - The Group's gross loans receivable increased from HK$777.1 million as of December 31, 2021, to HK$871.5 million as of December 31, 2022, representing a growth of 12.1%[17]. - The average month-end balance of aggregate loans receivable increased by HK$100.0 million or 13.4% from HK$748.6 million in FY2021 to HK$848.6 million in FY2022[34]. - Approximately 70% of the Group's loan portfolio is secured by residential properties, with the remaining 30% secured by commercial properties, industrial properties, and car park spaces as of December 31, 2022[84]. - The overall weighted average loan-to-value ratio as of December 31, 2022, was 57.4%, up from 53.7% in 2021[33]. - The Group's credit risk is primarily associated with mortgage loans secured by properties in Hong Kong, with less than 1% of the total loan portfolio being unsecured loans[86]. Economic Environment - Hong Kong's economy shrank by 3.5% in 2022, with residential property prices declining by 15.6%, marking the largest annual decline since 1998[16]. - The US Federal Reserve raised benchmark interest rates seven times in 2022, increasing from near zero to a range of 4.25% to 4.5%[16]. - The lifting of pandemic restrictions and reopening of borders with mainland China is expected to improve market sentiment and economic recovery in 2023[18]. Risk Management - The Group plans to continue cautiously managing its loan business and actively managing credit risk amid ongoing economic challenges[18]. - The Group has strengthened its risk management policy over the years to better position itself for upcoming challenges[18]. - The Group has implemented policies for continuous monitoring of the property market and the collateral value of its mortgage loan portfolio[93]. Corporate Governance - The company has adopted and complied with the relevant code provisions of the Corporate Governance Code as of December 31, 2022, with some deviations noted[142]. - The board currently comprises six directors, including three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[148]. - The company has an effective risk management and internal control system in place to provide adequate checks and balances[142]. - The independent non-executive directors have confirmed their independence in accordance with the Listing Rules[151]. - The Company has established mechanisms to ensure independent views are available to the Board, including the appointment of at least three INEDs[164]. Employee Information - The Group employed 18 full-time employees as of December 31, 2022, down from 20 in 2021[107]. - Total employee benefit expenses for the Group for the years ended December 31, 2022, and 2021 were HK$10.5 million and HK$10.7 million, respectively[107]. Dividends and Shareholder Relations - A final dividend of HK5.1 cents per share has been recommended to reward shareholders for their support[23]. - The Chairman expressed gratitude to management and staff for their commitment to service quality and to shareholders for their loyalty[22].
环球信贷集团(01669) - 2022 - 年度财报