BOC Hong Kong (2388) said net operating income before impairment allowances grew by 2.7 percent from a year ago to HK$14.89 billion during the first quarter this year, a 5 percent increase from a quarter ago. Net interest margin slid by 6 basis points year-on-year to 1.61 percent. The net interest income, if including funding income or cost of foreign currency swap contracts, would have dropped from a quarter ago but grown 2.7 percent year-on-year to HK$10.52 billion for the first quarter. Meanwhile, commission income from loans, securities brokerage and funds distribution maintained steady quarter-on-quarter and year-on-year growth during the first quarter, it added. The net charge of impairment allowances amounted to HK$583 million, an increase of HK$326 million year-on-year, owing to macroeconomic uncertainties.

Source: The Standard April 29, 2020 10:29 UTC