BOC Hong Kong (Holdings) Past Earnings Performance
Past criteria checks 3/6
BOC Hong Kong (Holdings) has been growing earnings at an average annual rate of 13.1%, while the Banks industry saw earnings growing at 3.1% annually. Revenues have been growing at an average rate of 8.9% per year. BOC Hong Kong (Holdings)'s return on equity is 11.3%, and it has net margins of 58.4%.
Key information
13.06%
Earnings growth rate
13.06%
EPS growth rate
| Banks Industry Growth | -0.013% |
| Revenue growth rate | 8.90% |
| Return on equity | 11.33% |
| Net Margin | 58.38% |
| Last Earnings Update | 31 Dec 2025 |
Recent past performance updates
Recent updates
Narrative Update • Jun 27
2388: Dividend Timetable And Higher P E Assumptions Will Guide Steady Outlook
The analyst price target for BOC Hong Kong (Holdings) has been raised from about HK$45.18 to around HK$48.32. Analysts point to updated assumptions on revenue growth, profit margin and future P/E to support the change.
Narrative Update • Jun 13
2388: Future Dividend Timetable Will Expose Earnings Fragility And Overvaluation
Analysts kept their HK$39.90 price target on BOC Hong Kong (Holdings) steady, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E after recent research updates, including a fresh upgrade from the Street. What's in the News A board meeting is scheduled for March 30, 2026 to consider and approve the audited consolidated financial statements for the year ended December 31, 2025, and to consider the declaration of a final dividend.
Narrative Update • May 30
2388: Higher Earnings Assumptions And Dividend Visibility Will Support Forward P/E Repricing
Analysts have lifted their fair value estimate for BOC Hong Kong (Holdings) from HK$48.00 to about HK$57.36, citing updated assumptions for revenue growth, profit margins and future P/E that support the recent price target upgrade highlighted in Street research. Analyst Commentary Recent Street commentary around BOC Hong Kong (Holdings) has turned more constructive, with bullish analysts pointing to updated assumptions on revenue, profitability and P/E that feed into higher fair value views.Narrative Update • May 05
2388: Upgraded Assumptions Will Test Earnings Resilience And Dividend Sustainability
Analysts have adjusted their HK$39.90 price target for BOC Hong Kong (Holdings) to reflect updated assumptions on discount rate, revenue growth, profit margin and future P/E, following recent research that has become more constructive on the stock after a fresh upgrade from major houses. Analyst Commentary Recent research on BOC Hong Kong (Holdings) has turned more constructive after a fresh upgrade from Goldman Sachs, yet the tone across the Street still includes a cautious strand that focuses on execution risks, growth visibility and how much of the potential good news is already reflected in the HK$39.90 target.Narrative Update • Apr 20
2388: Dividend Timetable And Margin Assumptions Will Shape A Steady Outlook
Analysts have lifted their price target for BOC Hong Kong (Holdings) from about HK$40.41 to around HK$45.18, citing updated assumptions that reflect higher projected revenue growth, a slightly lower discount rate, improved profit margins, and a broadly steady forward P/E multiple. What's in the News A board meeting is scheduled for March 30, 2026 to consider and approve the audited consolidated financial statements for the year ended December 31, 2025, and to consider declaring a final dividend (Key Developments).Narrative Update • Apr 05
2388: Dividend Policy And Profitability Assumptions Will Shape Balanced Forward Risk Profile
Analysts have lifted their price target on BOC Hong Kong (Holdings) from HK$38.50 to HK$39.90, citing updated assumptions that include a slightly lower discount rate, a profit margin of about 54.81% and a forward P/E of roughly 11.95x. What's in the News A final dividend of HK$1.255 per share has been recommended for the year ended 31 December 2025, subject to shareholder approval at the annual general meeting on 25 June 2026 (company announcement).Narrative Update • Mar 22
2388: New Services Agreement And Connected Transaction Caps Will Support Forward P/E Repricing
Analysts have lifted their fair value estimate for BOC Hong Kong (Holdings) to HK$48.00 from HK$46.00, citing updated assumptions on revenue growth, profit margins, discount rate, and future P/E levels. What's in the News A board meeting is scheduled for March 30, 2026 to consider and approve the audited consolidated financial statements for the year ended December 31, 2025, and to consider declaring a final dividend (company announcement).Narrative Update • Mar 08
2388: New Connected Transaction Caps Will Shape Governance Outlook And Balanced Risk Profile
Analysts have lifted their price target for BOC Hong Kong (Holdings) from HK$32.98 to HK$38.50, reflecting updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E multiple. What's in the News BOC Hong Kong (Holdings) stated that the applicable percentage ratios for its Investment and Referral Connected Transactions and Inter-bank Connected Transactions are 5% or more under Rule 14.07 of the Listing Rules.Narrative Update • Feb 22
2388: New Connected Transaction Caps Will Increase Governance Concerns And Downside Risk
Analysts have slightly raised their fair value estimate for BOC Hong Kong (Holdings) to HK$32.98, reflecting updated assumptions around revenue growth, profit margins, the discount rate and forward P/E that fine tune rather than overhaul their prior view. What's in the News BOC Hong Kong (Holdings) announced that the applicable percentage ratios for the New Caps related to its Investment and Referral Connected Transactions and Inter-bank Connected Transactions are 5% or more, which brings these arrangements under the non exempt continuing connected transaction rules of Chapter 14A of the Hong Kong Listing Rules (Key Developments).Narrative Update • Feb 07
2388: Connected Transaction Review And New Agreement Will Anchor Forward P/E Outlook
Analysts have kept their fair value estimate for BOC Hong Kong (Holdings) steady at HK$46.00, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions shaping this unchanged target. What's in the News BOC Hong Kong (Holdings) flagged that the applicable percentage ratios for its Investment and Referral Connected Transactions and Inter-bank Connected Transactions are 5% or more, which means these fall under non-exempt continuing connected transactions under Chapter 14A of the Listing Rules and trigger reporting, annual review, announcement and independent shareholders' approval requirements (Key Developments).Narrative Update • Jan 24
2388: New Connected Transaction Framework Will Support Forward P/E Re-Rating
Analysts have raised their price target for BOC Hong Kong (Holdings) from HK$43.50 to HK$46.00, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News BOC Hong Kong (Holdings) flagged that certain Investment and Referral Connected Transactions and Inter-bank Connected Transactions now fall under non exempt continuing connected transactions, triggered when applicable percentage ratios reach 5% or more under Hong Kong Listing Rules Chapter 14A (Key Developments).Narrative Update • Jan 09
2388: New Connected Transaction Caps And Agreement Will Raise Governance Risk
Analysts have lifted their price target for BOC Hong Kong (Holdings), with fair value now estimated at HK$32.53 compared with HK$28.64 previously, citing updated assumptions for revenue growth, profit margins, the discount rate and future P/E. What's in the News Company flagged that new caps for Investment and Referral Connected Transactions and Inter-bank Connected Transactions each reach 5% or more under Listing Rule 14.07, so they fall under non exempt continuing connected transactions and require reporting, annual review, announcement and independent shareholders' approval (Key Developments).Narrative Update • Dec 25
2388: Dividend Decision And Stable Margins Will Guide Measured Outlook Ahead
Analysts have nudged their price target for BOC Hong Kong (Holdings) slightly higher to HKD 40.41 from HKD 39.99, reflecting marginally stronger expectations for revenue growth, profit margins, and future earnings multiples. What's in the News Board meeting scheduled for October 28, 2025, to review and approve BOC Hong Kong (Holdings) Limited's third quarter 2025 financial and business performance (Key Developments) Directors to consider the declaration of the third interim dividend for 2025 at the upcoming board meeting (Key Developments) Valuation Changes Fair Value Estimate has risen slightly, increasing from HK$39.99 to approximately HK$40.41 per share.Narrative Update • Dec 11
2388: Stable Margins And Dividend Decision Will Shape Outlook Ahead
Analysts have trimmed their price target on BOC Hong Kong (Holdings) slightly, from HK$40.21 to HK$39.99, citing marginally lower fair value assumptions driven by a modest reduction in expected profit margins and valuation multiples, despite largely unchanged growth and discount rate forecasts. What's in the News Board meeting scheduled for October 28, 2025, to review and approve BOC Hong Kong (Holdings) Limited's financial and business results for the third quarter of 2025 (Key Developments) Directors to consider the declaration of the third interim dividend for 2025 at the upcoming board meeting, signaling potential further shareholder returns (Key Developments) Valuation Changes The fair value estimate edged down slightly from HK$40.21 to HK$39.99 per share, reflecting a marginally lower intrinsic valuation.Narrative Update • Nov 27
2388: Steady Margins And Upcoming Board Decisions Will Guide Outlook Ahead
Analysts have slightly adjusted their price target for BOC Hong Kong (Holdings), keeping it at HK$40.21. They cite stable revenue growth, profit margins, and valuation forecasts as reasons for this minor update.Narrative Update • Nov 11
2388: Upcoming Board Decisions And Steady Margins Will Shape Outlook
Analysts have raised their price target for BOC Hong Kong (Holdings) from HK$38.60 to HK$40.21. They cite moderate improvements in revenue growth and profit margins, as well as a slightly lower discount rate in their updated projections.Narrative Update • Oct 28
Acquisitions And Southeast Asia Expansion Will Drive Performance Amid Dividend Review
Analysts have marginally raised their fair value estimate for BOC Hong Kong (Holdings) from HK$38.50 to HK$38.60. This change reflects subtle adjustments in key valuation inputs after recent financial reviews.Narrative Update • Oct 14
Acquisitions And Southeast Asia Expansion Will Unlock Future Potential
Analysts have raised their price target for BOC Hong Kong (Holdings) from $37.67 to $38.50, citing improvements in revenue growth and profit margins. What's in the News An upcoming Board Meeting is scheduled for August 29, 2025.Narrative Update • Aug 27
Acquisitions And Southeast Asia Expansion Will Unlock Future Potential
A marginal upward revision in consensus revenue growth forecasts for BOC Hong Kong (Holdings) has led to a slight increase in the analyst price target, now at HK$35.72. What's in the News Board meeting scheduled to review and approve unaudited consolidated financial statements for H1 2025 and consider declaration of 2025 second interim dividend.
New Narrative • Feb 09
Expanding Southeast Asian Operations Will Diversify Future Revenue Streams
BOC Hong Kong's expansion in cross-border business and Southeast Asia signals strong revenue growth and diversification opportunities.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How BOC Hong Kong (Holdings) makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 68,728 | 40,121 | 16,463 | 0 |
| 30 Sep 25 | 69,173 | 40,233 | 16,232 | 0 |
| 30 Jun 25 | 69,617 | 40,345 | 16,001 | 0 |
| 31 Mar 25 | 67,893 | 39,289 | 15,954 | 0 |
| 31 Dec 24 | 66,168 | 38,233 | 15,907 | 0 |
| 30 Sep 24 | 64,458 | 36,999 | 15,640 | 0 |
| 30 Jun 24 | 62,748 | 35,765 | 15,373 | 0 |
| 31 Mar 24 | 60,954 | 34,244 | 15,222 | 0 |
| 31 Dec 23 | 59,160 | 32,723 | 15,070 | 0 |
| 30 Sep 23 | 58,523 | 31,520 | 14,913 | 0 |
| 30 Jun 23 | 57,885 | 30,316 | 14,756 | 0 |
| 31 Mar 23 | 54,876 | 28,128 | 14,508 | 0 |
| 31 Dec 22 | 51,866 | 25,940 | 14,259 | 0 |
| 30 Sep 22 | 49,240 | 24,478 | 14,169 | 0 |
| 30 Jun 22 | 46,614 | 23,016 | 14,079 | 0 |
| 31 Mar 22 | 46,724 | 22,993 | 13,963 | 0 |
| 31 Dec 21 | 46,834 | 22,970 | 13,847 | 0 |
| 30 Sep 21 | 47,544 | 23,412 | 13,823 | 0 |
| 30 Jun 21 | 48,253 | 23,854 | 13,798 | 0 |
| 31 Mar 21 | 50,008 | 25,171 | 13,789 | 0 |
| 31 Dec 20 | 51,763 | 26,487 | 13,779 | 0 |
| 30 Sep 20 | 53,590 | 28,313 | 13,874 | 0 |
| 30 Jun 20 | 55,416 | 30,139 | 13,969 | 0 |
| 31 Mar 20 | 55,916 | 31,162 | 13,897 | 0 |
| 31 Dec 19 | 56,415 | 32,184 | 13,825 | 0 |
| 30 Sep 19 | 55,405 | 31,974 | 13,422 | 0 |
| 30 Jun 19 | 54,394 | 31,763 | 13,018 | 0 |
| 31 Mar 19 | 53,841 | 31,917 | 12,818 | 0 |
| 31 Dec 18 | 53,287 | 32,070 | 12,618 | 0 |
| 30 Sep 18 | 52,519 | 31,654 | 12,346 | 0 |
| 30 Jun 18 | 51,751 | 31,238 | 12,073 | 0 |
| 31 Mar 18 | 49,844 | 29,906 | 11,842 | 0 |
| 31 Dec 17 | 47,936 | 28,574 | 11,610 | 0 |
| 30 Sep 17 | 46,690 | 28,148 | 11,319 | 0 |
| 30 Jun 17 | 45,444 | 27,722 | 11,027 | 0 |
| 31 Mar 17 | 43,716 | 26,148 | 10,701 | 0 |
| 31 Dec 16 | 41,987 | 24,574 | 10,374 | 0 |
| 30 Sep 16 | 40,566 | 23,997 | 10,076 | 0 |
| 30 Jun 16 | 39,144 | 23,420 | 9,777 | 0 |
| 31 Mar 16 | 39,320 | 23,589 | 9,677 | 0 |
| 31 Dec 15 | 39,495 | 23,757 | 9,576 | 0 |
Quality Earnings: 2388 has high quality earnings.
Growing Profit Margin: 2388's current net profit margins (58.4%) are higher than last year (57.8%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: 2388's earnings have grown by 13.1% per year over the past 5 years.
Accelerating Growth: 2388's earnings growth over the past year (4.9%) is below its 5-year average (13.1% per year).
Earnings vs Industry: 2388 earnings growth over the past year (4.9%) did not outperform the Banks industry 5%.
Return on Equity
High ROE: 2388's Return on Equity (11.3%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/02 09:20 |
| End of Day Share Price | 2026/07/02 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
BOC Hong Kong (Holdings) Limited is covered by 33 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Wing San Wong | Barclays |
| Michael Werner | Bernstein |
| Yi Wu | BofA Global Research |