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boc hong kong holdings ltd (2388) Details

BOC Hong Kong (Holdings) Limited operates as the holding company for Bank of China (Hong Kong) Limited that provides various financial products and services to corporate and individual customers. It operates in Personal Banking, Corporate Banking, Treasury, and Insurance segments. The company offers savings, current, and time deposit accounts; mortgage plans; overdrafts; personal loans; personal life, family, accident and medical, travel, home, domestic helper, motor vehicle, and golfer insurance products; wealth management services; and Internet, phone, and mobile banking services. It also provides credit card, remittance, capital investment entrant scheme account, autopay, and trust services, as well as safe deposit boxes and gift cheques. In addition, the company offers commercial financing, commercial mortgage loans, machinery and equipment financing, and project financing and syndicated loans; SME loans; global payment and treasury products; cash management services; import and export trade finance services; e-commerce services; custody services; business comprehensive, property, liability, group, and retailer comprehensive insurance plans; and mandatory provident fund schemes. Further, it provides investment products and services, including securities, foreign exchange, fund, precious metal investment, debt securities, investment deposits, structured deposits, certificates of deposits, and investment education services. As of March 26, 2014, the company operated 260 branches and 600 ATMs; and other distribution channels in Hong Kong, as well as 41 branches and sub-branches in Mainland China. BOC Hong Kong (Holdings) Limited was founded in 2001 and is based in Central, Hong Kong. The company is considered a Red Chip company due to its listing on the Hong Kong Stock Exchange. BOC Hong Kong (Holdings) Limited is a subsidiary of BOC Hong Kong (BVI) Limited.

14,647 Employees
Last Reported Date: 03/26/14
Founded in 2001

boc hong kong holdings ltd (2388) Top Compensated Officers

Chief Executive Officer, Vice Chairman, Membe...
Total Annual Compensation: $12.6M
Deputy Chief Executive Officer, Head of Corpo...
Total Annual Compensation: $8.3M
Compensation as of Fiscal Year 2013.

boc hong kong holdings ltd (2388) Key Developments

BOC Hong Kong Holdings Ltd. Recommends Final Dividend for the Year 2013, Payable on June 27, 2014; Reports Audited Consolidated Earnings Results for the Year Ended December 31, 2013

The Board of BOC Hong Kong Holdings Ltd. has recommended a final dividend of HKD 0.465 per share for the year 2013, amounting to approximately HKD 4,917 million, subject to the approval of shareholders at the forthcoming annual general meeting to be held on 11 June 2014. If approved, the final dividend will be paid on 27 June 2014 to shareholders whose names appear on the register of members of the company on 20 June 2014. Together with the interim dividend of HKD 0.545 per share declared in August 2013, the total dividend payout for 2013 would be HKD 1.010 per share. Ex-dividend date will be on 13 June 2014. The company also reported audited consolidated earnings results for the year ended December 31, 2013. For the year, the company reported net operating income before impairment allowances was HKD 40,313 million compared to HKD 35,617 million a year ago. Net operating income was HKD 39,576 million compared to HKD 34,758 million a year ago. Operating profit was HKD 27,493 million compared to HKD 23,499 million a year ago. Profit before taxation was HKD 27,793 million compared to HKD 25,521 million a year ago. Profit attributable to equity holders of the company was HKD 22,252 million compared to HKD 20,930 million a year ago. Basic earnings per were HKD 2.1046 compared to HKD 1.9796 a year ago. Return on average total assets was 1.22% compared to 1.24% a year ago. Return on average shareholders' equity was 14.37% against 14.91% a year ago. Net interest income was HKD 27,916 million compared to HKD 24,708 million a year ago. The group's net interest income increased by HKD 3,208 million or 13.0% year-on-year, driven by both the growth in average interest-earning assets and the widening of net interest margin. Total operating income was HKD 49,586 million compared to HKD 44,137 million a year ago. Net cash inflow from operating activities was HKD 141,056 million compared to net cash outflow of HKD 80,453 million a year ago. Purchase of properties, plant and equipment was HKD 1,096 million compared to HKD 1,045 million a year ago.

BOC Hong Kong Holdings Proposes New Articles of Association

BOC Hong Kong Holdings Ltd. proposed to adopt a new set of Articles of Association in substitution for, and the exclusion of, the existing Memorandum and Articles of Association of the Company primarily for the purpose of bringing the Company's Articles of Association in line with the new Companies Ordinance (Chapter 622, Laws of Hong Kong), which came into effect on 3 March 2014 as well as to modernise and update the Articles of Association. The major areas of amendments that will be incorporated in the new set of Articles of Association include: Abolition of the Memorandum of Association of the Company and migration of certain clauses therein to the new set of Articles of Association of the Company; Adoption of a no par regime for the share capital of the Company and consequential changes; Migration of the maximum number of shares that the Company could issue from the Memorandum of Association into the new set of Articles of Association of the Company; Specifying the timing of holding of annual general meetings to be six months from the end of a financial year; and Expanding the ambit of director's disclosure of interest.

BOC Hong Kong Holdings Ltd. and Bank of China (Hong Kong) Limited Announce Board Changes

The Board of Directors of BOC Hong Kong Holdings Ltd. announced that due to age reasons, Mr. Li Lihui has resigned as Vice Chairman, Non-executive Director and a member of Nomination and Remuneration Committee of the company and Bank of China (Hong Kong) Limited; and Mr. Zhou Zaiqun has retired as Non-executive Director and ceased to be the chairman of Strategy and Budget Committee and a member of Audit Committee of the company and the Bank, all the above changes took effect from 25 March 2014. Immediately following the aforesaid resignation and retirement, Mr. Chen Siqing was appointed as Vice Chairman of the company and the Bank. The chairman and members of the Board Committees of the company and the Bank have been changed as below, effective from 25 March 2014: Mr. Chen Siqing was appointed as a member of Nomination and Remuneration Committee, and he has ceased to be a member of each of Risk Committee and Strategy and Budget Committee; and Mr. Li Zaohang was appointed as the chairman of Strategy and Budget Committee and he has ceased to be a member of Risk Committee. He remains as a member of Nomination and Remuneration Committee.

 

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Valuation 2388 Industry Range
Price/Earnings 10.7x
Price/Sales 6.0x
Price/Book 1.5x
Price/Cash Flow 10.7x
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