BOCHK Posts Strong First-Half 2017 Result on Stronger Loan Growth and Net Interest Margin
Strong loan and deposit growth and an increased net interest margin were highlights in Bank of China Hong Kong's, or BOCHK's, first-half result, which slightly exceeded our expectations. We lift our fair value estimate to HKD 35 from HKD 33 to account for the strong 13% loan growth in the first half, which was above year-to-date system growth of 8.9%. The growth was mainly driven by loans outside of Hong Kong, and there is no change in our view that the bank should sustain above-system and above...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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