BOC Hong Kong Posts Resilient First-Half Result; Timing of Special Dividend a Slight Surprise
Bank of China Hong Kong, or BOCHK, reported a resilient first-half result. Excluding the discontinued operation of Nanyang Commercial Bank, or NCB, the underlying net profit was 2.1% lower against last year at HKD 30.9 billion, and largely flat against the second half of fiscal 2015. The result was largely in line with our expectations and our view on the bank is unchanged. However, the timing of a special dividend of HKD 0.71 announcement was a slight surprise. While we earlier noted a special ...BOC Hong Kong is an investment holding company, engaged in the provision of banking and related financial services in Hong Kong. Co.'s segments include: Personal Banking, Corporate Banking, Treasury, and Insurance. Both the Personal Banking and Corporate Banking segments provide general banking services. The Treasury segment manages funding and liquidity, and the interest rate and foreign exchange positions of Co. in addition to proprietary trades. The Insurance segment represents business mainly relating to life insurance products, including individual life insurance and group life insurance products. As of Dec 31 2014, Co. had total assets of HK$2,189,367,000,000.
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