2024-03-26-港交所-东亚银行_BEA_N2703B_BEA_N3204_BEA_N2807_BEA_N2703_BEA_UCS_C_BEA_N3005_BEA_UCS_D_2023年报_392页_7mb

2023 Annual Report Summary

Core Content

The 2023 Annual Report of The Bank of East Asia, Limited (BEA) outlines the Bank's performance, strategic direction, and commitment to sustainability and digital transformation. It highlights key financial metrics, operational achievements, and future outlook.

Main Points

Corporate Profile

• Vision: To be the trusted and preferred banking partner in Greater China and beyond.
• Mission: To ensure every customer experience is positive by providing best-in-class financial products and services.
• Assets: As of 31st December 2023, the Group's total consolidated assets amounted to HK$860.4 billion (US$110.1 billion).
• Network: BEA has a large retail network in Hong Kong and operates in 38 cities across the Chinese Mainland.
• Staff: The Group employs over 8,000 people globally.
• Operations: BEA has a strong presence in Southeast Asia, the UK, and the US, with around 130 branches worldwide.
• Sustainability: BEA is committed to long-term sustainable development and integrates social, environmental, and ethical considerations into its operations.

Financial Highlights (2023 vs 2022)

Key Financial Ratios

• Return on average assets: 0.4% (unchanged)
• Return on average equity: 3.6% (down 0.1 percentage point from 3.7%)
• Cost-to-income ratio: 45.5% (down 5.9 percentage points from 51.4%)
• Loan to deposit ratio: 81.1% (up from 80.6%)
• Impaired loan ratio: 2.69% (up from 2.39%)

Financial Performance Overview

• Net interest income: Increased by HK$3,366 million (24.9%) to HK$16,874 million.
• Net interest margin: Widened by 49 basis points to 2.14%.
• Net fee and commission income: Slightly decreased by 4.1% to HK$2,640 million.
• Non-interest income: Decreased by 12.9% to HK$3,872 million.
• Total operating income: Increased by 15.5% to HK$20,746 million.
• Operating expenses: Increased by 2.2% to HK$9,432 million.

Financial Position

• Total equity: Rose by 2.1% to HK$97,973 million.
• Total deposits: Decreased by 3.0% to HK$656,216 million.
• Total capital ratio: Remained solid at 22.0%.
• Tier 1 capital ratio: At 19.4%.
• Common equity tier 1 capital ratio: At 17.3%.
• Average liquidity coverage ratio: 201.5%, well above the statutory minimum of 100%.

Strategic Focus

• BEA is at the forefront of providing seamless GBA banking services.
• The opening of BEA Tower in Qianhai Shenzhen-Hong Kong Cooperation Zone serves as a strategic hub for GBA operations.
• The new headquarters supports the Group's fintech ambitions and offers a platform for local entrepreneurs.
• The Bank continues its transformation to become a lean, asset-efficient, and digitally led institution.
• Efforts include centralizing, streamlining, and automating back-end processes, as well as nearshore support for its Guangzhou service center.
• In 2023, the Bank relaunched its mobile and corporate internet banking platforms with enhanced features.
• The new brand reflects the Bank's commitment to "Live every moment" and its focus on customer financial well-being.

Outlook

• The Chinese Mainland economy is transitioning to high-quality growth, with emerging industries taking the lead.
• BEA is positioned to serve these new financial needs, especially through its cross-boundary services.
• The Bank is enhancing its wealth management and cross-boundary services.
• The Bank is continuing its share buyback program, with a new HK$500 million budget announced.
• BEA is targeting a net zero emissions in its own operations by 2030 and in its financed activities by 2050.

Major Recognition

• Private Banking Awards 2023:
  • "Best for HNW in Hong Kong"
  • "Highly Commended Private Bank Hong Kong"
  • "Best Private Bank - GBA (Silver)"
• Financial Institution Awards 2023:
  • "Retail Bank of the Year - Outstanding Achievement"
  • "Premium Segment Client Service - Outstanding Achievement"
  • "Customer Engagement - Excellence Award"
• Global Brand Awards 2023:
  • "Best Personal Banking Brand"
  • "Best New Digital Banking Product - BEA GOAL"
  • "Best Banking Product - Virtual Card"
• 2023 Best SME's Partner Award:
  • "Best SME's Partner Gold Award"
• Other Recognitions:
  • "Best Consumer Digital Banks in Asia-Pacific-China"
  • "Global Best User Experience (UX) Design"
  • "Best User Experience (UX) Design in Asia-Pacific"
  • "Best Practice Award for Sustainable Disclosure"
  • "Outstanding Case for High Quality Green Finance 2023"

Key Information

• The Bank's performance in 2023 was resilient despite a challenging external environment.
• The end of the ultra-low interest rate environment positively impacted the Bank's net interest margin.
• BEA's strategic focus includes digital transformation, cross-boundary services, and sustainability.
• The Bank is committed to enhancing customer experience and operational efficiency.
• BEA has been recognized as a top performer in sustainability and digital banking initiatives.