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BOCHK Surges Nearly 9% on Strong 2023 Earnings and Dividend Hike
M+ Global Updates02/04/2024 10:22
Bank of China Hong Kong ($BOC HONG KONG 02388.HK$) opened sharply higher and continued its climb, surging as much as 8.11% to HK$22.65 as of 10:07 GMT+8, marking a new high since August 2023 during intraday session and pushing its market capitalization over HK$221.5 billion.
Following its earnings release on March 28, the bank reported a significant 26.1% increase in annual net profit to HK$32.72 billion, benefiting from the global high-interest environment which widened its net interest margin by 0.28 percentage points to 1.53%. The bank proposed a final dividend of HK$1.145, up 25.8% year-on-year, bringing the total annual dividend to HK$1.672, an increase of 23.2%, resulting in a payout ratio of 54%. Based on the closing price of HK$20.95 last Thursday, the dividend yield stands at 7.98%.
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This page is machine-translated. M+ Global tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.