HKEX | 900
AEON Credit net profit increased by 18% last year
AEON Credit Service (900) announced the annual result for the year ended 28th February. During the year, revenue was up 3.11% to HKD 1.322 billion, profit of the year was increased by 17.8% to HKD 437million. Earnings per share was HKD 104.41 cents, and the final dividend remains HKD 22 cents. Net interest income was HKD 1.055 billion, up by 2.3% yoy.
The increase of revenue of last year mainly benefited form the unemployment rate in HK remained low, providing a relatively stable credit operating environment for the company, which in turn led to continued improvement in credit quality and lower impairment allowances.
Company started a new project to replace and upgrade its card and loan system. Based on current estimates, the project will cost approximately HKD 480 million, including capital expenditure and on-going maintenance and support charges.