香港信贷2023年报

CONTENTS 2Corporate Information4Management Discussion and Analysis14Corporate Governance Report41Environmental, Social and Governance Report76Directors and Senior Management79Report of the Directors92Independent Auditor’s Report99Consolidated Statement of Comprehensive Income100Consolidated Statement of Financial Position102Consolidated Statement of Changes in Equity103Consolidated Statement of Cash Flows104Notes to the Financial Statements180Schedule of Investment Properties181Five-year Financial Summary182Glossary CORPORATE INFORMATION DIRECTORS AND BOARD COMMITTEES Directors 2022111 Executive Directors Chan Koung NamChan Kwong Yin William(Chairman)Tse Pui To(Chief Executive Officer)Chan Siu Ching(appointed on 1 November 2022) Independent Non-executive Directors Wong Kai Man2022111202211 1 Chu Yat Pang TerryCheung Kok CheongWong Kai Man(appointed on 1 November 2022)Chan Siu Wing Raymond(resigned on 1 November 2022) BOARD COMMITTEES Audit Committee 202211 1Wong Kai Man2022111 Chu Yat Pang Terry(Chairman) (appointed on 1 November 2022)Cheung Kok CheongWong Kai Man(appointed on 1 November 2022) Remuneration Committee Chu Yat Pang Terry(Chairman)Chan Koung NamCheung Kok Cheong Nomination Committee Chan Kwong Yin William(Chairman)Chu Yat Pang TerryCheung Kok Cheong COMPANY SECRETARYHui Chun Ho Eric REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands HEADQUARTERS ANDPRINCIPAL PLACE OF BUSINESS Unit 3410, 34th Floor, Tower IILippo Centre89 QueenswayAdmiraltyHong Kong 89343410 CORPORATE INFORMATION PRINCIPAL BANKER DBS Bank (Hong Kong) LimitedBank of China (Hong Kong) Limited LEGAL ADVISERS Conyers Dill & Pearman (Cayman) Limited As to Hong Kong law:Cheung & Choy Solicitors & Notaries As to Cayman Islands law:Conyers Dill & Pearman (Cayman) Limited AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN CAYMAN ISLANDS Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman, KY1-1111Cayman Islands BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE IN HONG KONG 3382333301-04 Union Registrars LimitedSuites 3301-04, 33/F.Two Chinachem Exchange Square338 King’s RoadNorth Point, Hong Kong 1273 STOCK CODE1273 www.hkfinance.hk COMPANY’S WEBSITEwww.hkfinance.hk MANAGEMENT DISCUSSION AND ANALYSIS MANAGEMENT DISCUSSION AND ANALYSIS Business review and Industry overview Our Group is principally engaged in the money lending businessspecialising in providing loans to property owners in Hong Kong underthe MLO. Mortgage loan business is our core business under our well-known and highly recognised brand name “Hong Kong Finance”. Wealso provide personal loan products to property owners so as to diversifyourselves in different money lending market segments and to enhanceour overall interest margin. 6 7 . 2 %5 . 9 %108,200,0002 0 2 333 1699,600,0002.7%52,700,00032.8%2023331199,600,000 Mortgage loan business remained as the major source of our Group’srevenue, contributing approximately 67.2% to our Group’s revenueduring the current year. Interest income generated from the mortgageloan business increased by 5.9% to HK$108.2 million during the currentyear. The gross mortgage loan portfolio was HK$699.6 million as at 31March 2023 amid the subdued economic environment during the currentyear. As for our personal loan business, the interest income slightlyincreased by 2.7% to HK$52.7 million, contributing to about 32.8% ofour Group’s revenue for the current year. As at 31 March 2023, ourgross personal loan portfolio was HK$199.6 million. 2022/2320223179.36202212156.3720233168.276.6% The current financial year 2022/23 was a radical and volatile one. Therapid surge of federal funds interest rate coping with the inflation hikeand the recent loss of general public confidence on banking financialsectors in the United States have slumped the global stock and bondmarkets which diminished the consumption demand and investmentincentive during the current financial year. The military conflict betweenRussia and Ukraine persisted for more than a year bringing furtheruncertainties and hurdles to the recovery of the global economy. It wasobserved that the Hong Kong property market started correcting asevidenced by the Centa-City Leading Index dropping from 179.36 in lateMarch 2022 to its lowest level of 156.37 in mid-December 2022 andthen rebounding to 168.27 in late March 2023, representing a year-to-year decrease of 6.6%. Coupled with the economic uncertainties andgreat challenges, we have adopted prudent and cautious approachessuch as implementing stringent credit policies, having strict controlon loan-to-value ratio, etc. which persistently