Dah Sing Financial Holdings Limited · HKEX:440
Dah Sing Financial — FY2025 Earnings Presentation
21 slides from Dah Sing Financial's earnings presentation, Mar 30, 2026
Slide 1: Dah Sing Financial Group 2025 Annual Results
Dah Sing Financial Group 2025 Annual Results 30 March 2026
Slide 2: Performance Highlights
Performance Highlights • Increase in net interest income year on year, driven by higher net interest margin • Increase in non-interest income mainly driven by higher fee and commission income generated by major operating segments • Substantial growth in operating profit after credit impairment • Dou
Slide 3: Dah Sing Banking Group (2356)
Dah Sing Banking Group (2356) HK$’ million 2025 2024 Change Net interest income 5,829 5,288 +10% Net fee and commission income 1,702 1,329 +28% Net trading income and other income 384 318 +21% Total operating income 7,915 6,935 +14% Operating expenses (3,446) (3,340) +3% Credit impairment losses (1,
Slide 4: Dah Sing Financial Holdings (0440)
Dah Sing Financial Holdings (0440) HK$’ million 2025 2024 Change Net interest income 5,901 5,401 +9% Net fee and commission income 1,689 1,311 +29% Net trading income, insurance service result after net insurance 677 499 +36% finance expense and other operating income Total operating income 8,267 7,
Slide 5: Dah Sing Banking Group
Dah Sing Banking Group ED inven ee Ca} DAHSING FINANCIAL GROUP
Slide 6: Personal Banking
Personal Banking • Higher net interest income mainly due to growth in both loan and CASA volumes and improved margin • Increase in CASA balances, and effective management of deposit cost during the year • Substantial growth in non-interest income driven by higher wealth management fee income • Decre
Slide 7: Corporate Banking
Corporate Banking • Lower net interest income mainly due to subdued loan demand given the uncertain economic outlook and geopolitical tensions • Higher non-interest income supported by improved revenues generated from cooperation with other divisions • Reduction in direct operating expenses, with su
Slide 8: Treasury and Global Markets
Treasury and Global Markets • Strong growth in operating income driven by increase in net interest income and higher non-interest income • Segmental net interest margin rose, supported by surplus funds deployment and benefiting from the Group’s effective funding cost management • Trading business de
Slide 9: Chinese Mainland and Macau
Chinese Mainland and Macau Chinese Mainland: • DSB (China) reported mild loan growth amid a declining interest rate environment and grew non-interest income and operating income driven by active promotion of cross border services • BOCQ’s profit contribution increased with no impairment charges reco
Slide 10: Dah Sing Financial Holdings
Dah Sing Financial Holdings 10
Slide 11: Insurance and Investment Operations
Insurance and Investment Operations • Insurance and investment operations in Hong Kong and Macau reported steady profitability, supported by disciplined underwriting and solid investment performance • Growth in general insurance revenue, driven by profitable distribution strategy, effective pricing,
Slide 12: Insurance and Investment Operations
Insurance and Investment Operations • Total AUM from insurance and investment operations increased steadily • Investment activities, comprising both the insurance investment portfolio and the Group investment portfolio, delivered another strong year of returns primarily driven by favourable equity m
Slide 13: Financial Overview
Financial Overview ED inven ee Ca} DAHSING FINANCIAL GROUP 13
Slide 14: DSBG's Operating Income and Net Interest Margin
DSBG’s Operating Income and Net Interest Margin Income from core businesses Net interest margin 4,500 2.6% 4,119 2.49% 4,000 3,796 92 3,648 2.41% 292 2.4% 3,500 3,287 173 975 2.32% 145 726 727 3,000 603 2.2% 2.17% 2,500 HK$ million 2,000 2.0% 1,500 2,539 2,749 2,777 3,052 1,000 1.8% 77% 75% 73% 74%
Slide 15: DSBG's Operating Expenses and Credit Impairment Losses
DSBG’s Operating Expenses and Credit Impairment Losses Operating expenses Credit impairment losses 1,800 1,400 1,247 1,750 1,745 1,739 1,200 1,055 1,707 1,000 1,700 HK$ million HK$ million 800 728 1,650 600 544 1,600 1,595 400 1,550 200 1,500 0 1H24 2H24 1H25 2H25 1H24 2H24 1H25 2H25 15
Slide 16: Gross Advances to Customers and Trade Bills, and Asset Quality
Gross Advances to Customers and Trade Bills, and Asset Quality Gross advances to customers and trade bills 2,500 Stage 3 ECL allowances Change relative to 2024 year-end: +1.9% 2,230 160,000 Stage 1 & 2 150,000 139.9 bn 141.5 bn 142.5bn 2,000 1,642 140,000 1,533 39.1% HK$ million 1,500 130,000 22% 24
Slide 17: Hong Kong Commercial Real Estate
Hong Kong Commercial Real Estate Total loan exposure to HKCRE Impaired HKCRE loans 26,000 25,781 2,250 2,214 25,500 2,200 2,177 25,000 2,150 24,469 24,500 HK$ million HK$ million 2,100 24,000 23,475 2,050 23,500 2,021 2,000 23,000 22,500 1,950 22,000 1,900 31 Dec 2024 30 Jun 2025 31 Dec 2025 31 Dec
Slide 18: Key Return Indicators
Key Return Indicators Return on average total assets and Basic EPS of DSBG and DSFH shareholders’ funds of DSBG 6.45 6.50 8% 7.2% 6.00 5.50 5.25 4.99 6.2% 5.00 6% 4.50 4.00 3.83 3.50 HK$ 4% 3.00 2.50 2.00 1.76 1.47 2% 1.50 1.32 1.14 0.8% 1.0% 1.00 0.50 0% 0.00 2024 2025 2022 2023 2024 2025 Return on
Slide 19: Capital Adequacy and Liquidity
Capital Adequacy and Liquidity Capital adequacy ratio Liquidity maintenance ratio 25% 23.1% 70% 22.5% 21.0% 3.6% 60% 20% 3.6% 3.4% 0.7% 50% 0.7% 15% 0.7% 40% 64.2% 60.7% 60.8% 10% 30% 18.2% 18.8% 16.9% 20% 5% 10% 0% 0% 31 Dec 24 30 Jun 25 31 Dec 25 31 Dec 24 30 Jun 25 31 Dec 25 CET1 Additional T1 T2
Slide 20: Conclusions
Conclusions ED inven ee Ca} DAHSING FINANCIAL GROUP 20
Slide 21: Conclusions
Conclusions • Higher net interest margin and net interest income through focus on CASA growth and effective control of funding cost • Increase in non-interest income driven by strong wealth management, trading and investment performance • Substantial increase in core profitability before the non-cas
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