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HKMC's Financial Results Highlights for the First Half of 2014

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Mortgage Corporation Limited (HKMC) today (September 15) announced the highlights of its unaudited financial results for the first six months of 2014 (1H 2014).

2014 Half-Year Financial Results Highlights

* Unaudited consolidated profit after tax was
  HK$374 million (1H 2013: HK$508 million)

* Annualised return on shareholders' equity was 8.3%
  (1H 2013: 10.7%)

* Cost-to-income ratio was 22.9% (1H 2013: 16%)

* Capital adequacy ratio was 23.1% as at
  June 30, 2014 (December 31, 2013: 21%)

2014 Half-Year Business Performance Highlights

Asset Purchase

* Purchased HK$74 million loan assets
  (1H 2013: HK$82 million)

* Outstanding principal balance of the loan portfolio
  was HK$17.9 billion as at June 30, 2014
  (December 31, 2013: HK$22.3 billion)

Debt Issuance

* Issued HK$8.5 billion corporate debts (note)
  (1H 2013: HK$5.5 billion), being one of the most
  active issuers in Hong Kong

* Outstanding balance of debt securities issued was
  HK$37.4 billion as at 30 June 2014
  (December 31, 2013: HK$31.4 billion)

* Credit ratings of AAA from Standard & Poor's and
  Aa1 from  Moody's, same as the ratings of the
  HKSAR Government

Mortgage Insurance Programme (MIP)

* New mortgage loans drawn down under the MIP
  amounted to HK$6.2 billion (1H 2013: HK$7  billion)

* MIP usage rate was 7.1 % (the amount of MIP loans
  drawn down as a percentage of the total new
  mortgage loans drawn down in the local market)
  (1H 2013: 7.9%)

* 85% of the MIP loans drawn down (in terms of the
  loan amount) were secured on properties in the
  secondary market

SME Financing Guarantee Scheme (SFGS)

* Approved more than 1,000 applications for the 80%
  guarantee products under the Special Concessionary
  Measures with a total loan amount of approximately
  HK$4.2 billion in 1H 2014

Reverse Mortgage Programme

* Approved 101 applications, with an average property
  value of about HK$5.4 million and average monthly
  payout of HK$15,200

Microfinance Scheme

* Approved 26 loans with a total loan amount of
  HK$6 million

     Further details of the HKMC's consolidated financial results and financial review for 1H 2014 are set out at Annex.

Note: For debts with tenor of one year or above.

Ends/Monday, September 15, 2014
Issued at HKT 17:21


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