ZA Bank is one of the first approved digital banks in Hong Kong. This week, the company reported “sustained profitability.”
According to a release, for the 6 months ending in June, the bank generated a net profit of HKD 70.6 million (~USD 9million), an increase of 1.5X versus the same period year prior.
ZA Bank said its core business drove the positive results, with net interest margin rising to 2.99% and net revenue reaching HKD 578 million.
The bank said that wealth management grew by 76% year over year. ZA Bank was the first digital bank in Hong Kong to offer wealth management.
Net fee and commission income reached HKD 123 million for the period, with stock turnover rising nearly sevenfold, while investment AUM increased by 155%.
Calvin Ng, CEO of ZA Bank, commented on the results:
“ZA Bank has achieved sustained profitability, demonstrating strong growth momentum and earnings resilience that stands as a testament to the trust the market and our users place in us. Our industry-outperforming net interest margin, combined with record-high net profit and non-interest income, fully validates the strength and sustainability of our “product-driven, user-first” model. As we embark on a new chapter, we will continue to deepen our one-stop services spanning wealth management, investment and spending, rewarding every vote of confidence with a reliable, efficient and human-centric digital banking experience.”