Mortgage Corp sees record post-tax profit

January 11, 2012

The Mortgage Corporation saw an unaudited profit after tax last year of $1.256 billion, a new record and higher than the $1.234 billion seen in 2010.
 
The unaudited return on shareholder’s equity was 15.5%, lower than the 17.5% recorded in 2010.
 
There were $26.3 billion in new loans drawn down under the Mortgage Insurance Programme, of which 97% were secondary market properties.
 
The SME Financing Guarantee Scheme launched last January, receiving 235 applications with a total loan amount of $800 million.
 
The Reverse Mortgage Programme launched on July 11, receiving 173 applications, with participants getting an average monthly payout of $13,900.
 
Last year it issued $28.5 billion corporate debts, including RMB600 million in renminbi bonds, and was the most active corporate debt issuer in the Hong Kong dollar debt market.
 
It has maintained the credit ratings of AAA by Standard & Poor’s and Aa1 by Moody’s, the same ratings as the Hong Kong Government.