• Tue
  • Sep 2, 2014
  • Updated: 8:24am

HKMC profit rises 22.7pc

PUBLISHED : Wednesday, 13 April, 2011, 12:00am
UPDATED : Wednesday, 13 April, 2011, 12:00am
 

Government-owned Hong Kong Mortgage Corporation's post-tax profits increased by 22.7 per cent last year to HK$1.23 billion. The profit growth was driven by low interest rates and good loans performance. HKMC issues bonds to buy mortgage portfolios from banks and repackage them as mortgage-backed securities. Last year it issued HK$8.3 billion of corporate bonds, down from HK$22.7 billion in 2009. Its total debt was HK$39.1 billion. and its mortgage-backed securities stood at HK$1.5 billion at the end of 2010.

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