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HKMC Annual Report 2009

The Hong Kong Mortgage Corporation Limited (HKMC) today (Friday) published its Annual Report for 2009. The Report reviews the business performance, corporate governance and initiatives on corporate social responsibility of the HKMC in 2009.

The Report highlights the following achievements of the HKMC in 2009:

  1. Purchase of a total of HK$8.8 billion of assets;
  2. Drawdown of mortgage insurance coverage for newly originated mortgage loans reaching a record high of HK$36 billion in total, achieving a usage rate (in terms of drawdown loan amount against total market mortgage drawdown) of 18%;
  3. Issuance of HK$22.7 billion of debt securities in a cost-effective manner, maintaining the Corporation's position as the most active corporate issuer in the Hong Kong dollar debt market for nine consecutive years;
  4. Safeguarding excellent asset quality, with a delinquency ratio (above 90-day ratio) of 0.003% for the mortgage insurance portfolio; a combined delinquency ratio (above 90-day ratio and rescheduled loan ratio) of 0.12% for the Hong Kong residential mortgage portfolio (same as industry average of 0.12%), and 0.07% across all asset classes as at 31 December 2009; and
  5. Maintaining long-term foreign and local currency debt ratings of AA+ and Aa2 by Standard & Poor's and Moody's Investors Service, Inc. respectively.

The Corporation achieved profit after tax of HK$1,006 million in 2009, with the return on shareholder's equity at 16.2% and cost-to-income ratio at 12.4%. The HKMC's capital-to-assets ratio remained strong at 9.5%, well above the guideline of a minimum of 5% stipulated by the Financial Secretary. Having considered the exceptional financial performance of the Corporation in 2009, the Corporation declared a final dividend of HK$500 million or HK$0.25 per share, representing 49.7% of the profit after tax.

The HKMC's Annual Report 2009 is available free of charge on the HKMC website (www.hkmc.com.hk).

The Hong Kong Mortgage Corporation Limited
28 May 2010

Last revision date: 1 August 2011
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