Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

The Hong Kong Mortgage Corporation Limited

The Hong Kong Mortgage Corporation Limited (HKMC) made the following announcement today (Thursday):

Financial Results for 2003

The audited consolidated financial results of the HKMC for 2003 show that profit after tax (PAT) was HK$379.1 million, HK$111.8 million or 41.8% higher than that of 2002. Return on shareholder's equity was 11.5% (2002: 9.0%). The capital-to-assets ratio (CAR) remained strong at 7.7% (2002: 9.0%), which is equivalent to the capital adequacy ratio of 16.6% when computed in accordance with the Banking Ordinance. The cost-to-income ratio improved sharply to 17.4% (2002: 23.1%). The operating results and financial highlights of the HKMC are attached at Annex A.

Total assets of the HKMC increased substantially by 27%, from HK$32.2 billion in 2002 to HK$40.9 billion in 2003. Despite the difficult business environment, the HKMC was successful in purchasing a total of HK$15 billion of mortgage loans in 2003 (2002: HK$14.4 billion). As a result, the outstanding principal balance of the retained mortgage portfolio increased by HK$6.3 billion or 22.4% to HK$34.6 billion as at 31 December 2003. The growth in assets was facilitated considerably by the acquisition of HK$10.5 billion loans under various Government housing loan schemes. The purchase also assisted the Government in its programme to dispose of assets to improve its fiscal position.

Through continuous product innovation and effective marketing, the Mortgage Insurance Programme (MIP) achieved significant growth in 2003 both in terms of business volume (21% from HK$6.2 billion in 2002 to HK$7.5 billion in 2003) and market penetration ratio (from 8.5% for 2002 to 13.5% for 2003). Secondary market transactions accounted for 48% of the applications received. This reflects that the Programme has helped to enhance the liquidity of secondary property transactions. The Corporation intends to take further steps to promote the MIP through enhancing servicing support and product knowledge of participating banks' front line staff.

The HKMC raised over HK$13.9 billion in 2003 through 54 issues of debt securities and a largest-ever HK$3 billion issue under the Bauhinia MBS Programme, thereby further consolidating its status as the most active corporate issuer in the Hong Kong dollar debt capital market. The Corporation was also one of the most active corporate issuers of retail bonds with a total issued amount of HK$1.3 billion in 2003. The HKMC has issued a total of around HK$7.5 billion retail bonds through Placing Banks since October 2001 and up to December 2003, accounting for 19% of the total issuance of retail bonds and certificates of deposit in the same period. As at 31 December 2003, the HKMC had 116 issues of debt securities with a total amount of over HK$36.6 billion outstanding.

Appointment of Board of Directors

The HKMC held its 7th Annual General Meeting (AGM) today. Eleven Directors were re-appointed by the Financial Secretary for another term, including Mr Ronald Arculli, Professor Andrew Chan, Mr Bernard Chan, Mr Chan Kam Lam, Mr Cliff Forster, Mr Ambrose Lau, Dr David Li, Mr Frederick Ma, Mr Sin Chung-kai, Mr Michael Suen and Mr David Sun. Two new Directors were appointed by the Financial Secretary to replace the Directors who had not offered themselves for re-appointment. The new Directors are Ms Anita Fung Yuen Mei and Mr Andy Hon Hak Keung. The composition of the new Board of Directors is at Annex B.

Ms Anita Fung is the Treasurer, Co-Head of Global Markets, Asia-Pacific of HSBC. Mr Andy Hon is the General Manager, Mortgages and Auto, Consumer Banking of Standard Chartered Bank.

"On behalf of the Board, I would like to thank the outgoing Directors for their invaluable advice and contribution, without which the HKMC would not have been able to achieve the results it had accomplished," said Mr Henry Tang, Chairman of the HKMC. "I also want to welcome the new Directors and look forward to their support to further develop the business of the Corporation," added Mr Tang.

Directors of the HKMC are appointed by the Financial Secretary on a personal basis. According to the Articles of Association of the Company, at each Annual General Meeting, all those Directors who are not Executive Directors shall retire but shall be eligible for re-appointment. Hence, the term of appointment of the current Directors (other than the Executive Directors) will run until the next Annual General Meeting to be held around March/April 2005.

The Hong Kong Mortgage Corporation Limited
1 April 2004

Annex A (MS Word, 47KB)
Annex B (MS Word, 23KB)

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery