Lates News

Citi released a research report indicating that the operating profit of Bank of China Hong Kong in the first quarter increased by 14% year-on-year to HK$14.7 billion, higher than the bank's expected 13% and also exceeding the market's full-year expectation of 32%, mainly benefiting from stronger than expected net interest income and non-interest income. Quarterly revenue increased by 13% year-on-year, higher than the bank's forecast of 9%, driven by a 35% year-on-year increase in fee income and more than double increase in other non-interest income. The bank also mentioned that the operating expenses of Bank of China Hong Kong in the quarter increased by 3% year-on-year, beating the bank's forecast by 1%. Credit costs in the quarter remained stable at 30 basis points compared to the previous year. The dividend per share for the quarter is HK$0.29, in line with expectations. Citi maintains a target price of HK$32.2 for Bank of China Hong Kong and a "buy" rating.