Ping An OneConnect Bank (Hong Kong) Limited, a virtual bank focused on small and medium enterprises (SMEs) in Hong Kong, has published its financial outcomes for the fiscal year ending 31 December 2023.
The bank noted an increase in loan assets, reaching HK$2.1 billion, and maintained a loan-to-deposit ratio of 84 percent.
Throughout 2023, PAOB experienced substantial loan growth, particularly in the latter half of the year, coinciding with Hong Kong’s economic rebound and increased SME capital demands.
The bank continues to support SMEs by navigating through the evolving economic landscape. PAOB has significantly enhanced its digital banking services through strategic collaborations with FWD Hong Kong and Octopus Cards Limited, leveraging technology and commercial data integration.
Despite a challenging year that resulted in a full-year loss of HK$181 million, PAOB managed to keep its expected credit loss ratio below 1 percent.
“As the pioneering virtual bank specialising for local SMEs, PAOB remains dedicated to injecting new vitality into SMEs’ financial services by constantly monitoring market changes and addressing their immediate needs. Entering our fourth year, PAOB has a new milestone, officially becoming a subsidiary of Lufax Holding Limited (“Lufax”). This collaboration will bring synergies, creating more development opportunities for PAOB’s business,”
said Michael Fei, Chief Executive and Executive Director of Ping An OneConnect Bank.
“Furthermore, PAOB will set its sights on the Greater Bay Area, which holds tremendous development potential. The region is experiencing a notable influx of SMEs and a surge in economic vitality, leading to an increased demand for capital from SMEs in the area. PAOB will proactively explore relevant banking services and harness the role of Hong Kong as a ‘super-connector’ to support SMEs venturing into the Greater Bay Area and overseas markets, enabling them to tackle future challenges with confidence,”
he added.
Featured image credit: Edited from Freepik
