The Hong Kong Mortgage Corporation Limited (HKMC) reported a significant decline in profit after tax for the first half of 2024, with earnings dropping to HK$9 million from HK$1,175 million in the same period last year, largely due to a decrease in property prices affecting the reverse mortgage business. Adjusted profit, excluding certain impacts, rose to HK$468 million, with a robust capital adequacy ratio of 20.7%. Despite market uncertainties, HKMC maintained strong liquidity, acquiring HK$2.1 billion in loan assets and issuing HK$57.1 billion in corporate debt. The corporation supported small and medium enterprises through various loan guarantee schemes, benefiting numerous businesses and employees. Overall, while facing challenges, HKMC’s financial stability and operational resilience position it well for future demands.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241007-3/
