Bank of China (Hong Kong) has demonstrated a strong focus on advancing cross-border financial innovation in the Greater Bay Area.
The bank reported an after-tax profit of HK$34.86 billion ($4.47 billion) – 28% year-on-year growth. Customer loans rose by 3.3% to HK$1.7 trillion, while customer deposits saw a 5.3% increase to HK$2,5 trillion, both outperforming market averages.
The lender also solidified its market leading position in sustainable financing, having grown its portfolio of green and sustainability-linked loans by 86.8% compared with the previous year. Highlight environmental, social and governance transactions include serving as joint global coordinator for the HKSAR Government's tokenized green bond issuance and listing Hong Kong's first exchange-traded fund tracking a Greater Bay Area ESG index.
Embracing a mobile-first strategy, the bank introduced 200 functional enhancements on its app by the end of 2023. It registered impressive 20.8% year-on-year growth on its BoC Pay payment app and grew overall transaction volumes by 10.2%. Open-banking services have been a pivotal element of the bank’s digitalization strategy, with over 100 APIs introduced, peaking at 310,000 daily requests.