Bloomberg: It is expected that the overall loss of Hong Kong's virtual banks will be reduced to 2 billion Hong Kong dollars or less this year
Bloomberg industry research senior analyst for banking and fintech, Chen Yongfu, stated that due to rapid revenue growth and stable cost base, the overall losses of Hong Kong's virtual banks are expected to shrink to HKD 2 billion or less by 2024; operating expenses may fall below HKD 3.2 billion. Last year, all eight virtual banks generally recorded an increase in net interest income. MOX BANK, Fusion Bank, Livi Bank and Ant Bank (Hong Kong) even achieved a growth rate exceeding 100%. However, PAO Bank and Starling Bank saw a decrease in net interest income compared to the previous year with a YoY decline of 14% and 32% respectively. Furthermore, Ant bank had the smallest loss with an estimated post-tax net loss of about HKD180 million in 2023.
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