Good afternoon, ladies and gentlemen. Thank you for attending the 2015 Annual Results presentation of BOC Hong Kong Holdings Limited. I'm Ronick Chan, Board Secretary and Head of Investor Relations. Before we begin, may I draw your attention to this slide for the forward-looking statement disclaimer. Now, let me introduce our senior management team. With us today are Mr. Yue Yi, Vice Chairman and Chief Executive. Mr. Li Jiuzhong, Executive Director and Chief Risk Officer. Mr. Lin Jingzhen, Deputy Chief Executive. Mr. Yuan Shu, Deputy Chief Executive. Mr. Zhong Xiangqun, Chief Operating Officer. Madam Sui Yang, Chief Financial Officer. Mrs. Ann Kung, Deputy Chief Executive. On 18 December , 2015, a sale and purchase agreement for the disposal of Nanyang Commercial Bank, Limited was signed. As a result, a new reporting basis has been adopted in today's presentation, with key explanations highlighted on this slide for your kind attention.
For today's agenda, Yue Yi, will start with the performance highlights, followed by CFO Sui's financial results. After that, Yue Yi, will talk about our outlook and strategy for the future. Then we'll open the floor for a Q&A session. Yue Yi, please.
Thank you, Ronick. Good afternoon, ladies and gentlemen. In 2015, the overall banking environment was complex and challenging. The weak global economy, the new normal in the Mainland of China, and the frequent ups and downs in the global financial market all put pressure on the Hong Kong economy. In this difficult environment, with increasing market competition, we implemented the board's decision and delivered satisfactory business results, relied on a new strategy for Group, and successfully captured market opportunities to expand our business, drove product innovation, and increased business integration to enhance our customer services capabilities, which strengthened our risk management, internal control, and compliance management while optimizing our capital management. We also continued to improve our market position and brand image. We were named the Strongest Bank 2015 in Asia-Pacific and Hong Kong, and the Best Retail Bank in Hong Kong, both by The Asian Banker.
We were also named 2015 Bank of the Year in Hong Kong by The Banker. I'm pleased to report that the Group delivered a set of solid results for 2015. Our profit was further enhanced and it reached a new high. Compared with 2014, our profit attributable to the equity holders increased by 9% to HKD 26.8 billion or an earning per share of HKD 2.53. Return on average shareholders' equity was 14.51%. The board recommended a final dividend of HKD 0.679 per share. Including the interim dividend, our full-year dividend will amount to HKD 1.224 per share, representing a growth of 9.33% and a payout ratio of 48.3%. The Group's balance sheet grew healthy with a solid growth in deposit and advances in the year. Our total assets grew by 8.2% year-on-year. Advances to customer grew by 9.7%, supported by a deposit growth of 10.2%.
Loan-to-deposit ratio was 63.3%, staying at a favorable level. Classified or impaired loan ratio edged up 2 basis points to 24 basis points, which remained low compared with the system average and indicated our good loan quality. We continued to manage our capital and RWA with improved risk-weighted assets mix. The total capital ratio was 17.86%, and Tier 1 capital ratio was 12.89%, an increase of 0.35 and 0.51 percentage points, respectively. Our average liquidity coverage ratio stood at a healthy level of 106.5% in the fourth quarter of 2014, well above the minimum regulatory requirements. In 2015, we leveraged our competitive advantage to capture market opportunities and remained customer centric to better serve all custom segments. In response to market change and customers' needs, we continued to innovate new products and services and improve our business procedures.
We provided a full range of financial, investment, and wealth management services to personal, corporate, SME, and institutional customers. We also offered high-quality cross-border services to international companies, cross-border customers, Mainland enterprise going global, central banks, and super nations. As a result, we have grown our customer base and achieved a higher level of customer satisfaction. In the period, we saw a favorable performance in our core business. The growth of customer deposits and customer loans outperformed in market, and we gained market share compared with last year on year. We maintained our leading market position in various key business areas. For the 11th consecutive year, we ranked first as the leader arranger for syndicated loans in the Hong Kong and Macau region, and maintained the largest market share of the IPO receiving bank business for five years in a row.
We also gained the largest share of the market in new mortgage loans. In the RMB business, we captured the business opportunities and further consolidated our leadership. We strengthened the clearing bank's infrastructure and extended the clearing services hours for our RMB RTGS system in Hong Kong, further enhancing our real time RMB clearing services for overseas participating banks and RMB clearing banks in other regions. In 2015, the total transaction amount increased by about 30% year-on-year to about CNY 220 trillion, and the number of RMB transactions grew by nearly 43% to about 4.25 million. We also became the sole settlements bank for Shanghai-Hong Kong Gold Connect.
In addition to this, we were the leader in terms of RMB repo transaction volumes as the offshore RMB business participating banks and successfully issued the first RMB financial bond, the Panda Bond, by international commercial banks in the Mainland interbank bond market. This helped us expand our sources of funding and made us more flexible in promoting the offshore RMB business. To support our long-term development, we implemented several key tasks in 2015. First, we pushed forward the disposal of Nanyang Commercial Bank and the proposed restructuring of the assets in ASEAN region. This opened a new chapter in BOC Hong Kong's transformation into a regional bank. On December 18, 2015, we formally entered into a sales and purchase agreement for the shares disposal of Nanyang with Cinda.
All arrangements in relation to this transfer of Nanyang Commercial Bank's shares and the restructuring of our banking business and assets in certain ASEAN countries have been progressing as planned. Second, to make use of the group's branch network, the most extensive in Hong Kong, to increase production capacity, we kickstart the largest branch transformation project since our listing. To make our services even more customer centric through this project, we aim to enrich the product offering associated to our branch network, reinforce our ability to serve corporate and SME customers, and upgrade our investment and wealth management services. We will also optimize our business process and operations to provide premier financial services to all customer segments.
In line with the ongoing development of the internet, big data, and the cloud computing technologies, we set up an online financial development plan in order to integrate internet technology with the traditional banking. During the period, we sped up the use of new media in our making and promotion initiative and took the lead in rolling out internet financing products, including the WeChat account inquiry services and online loan 3-6-0 service. We were also among the first banks in Hong Kong to introduce the e-Cheque services. This has helped to improve our ability to attract customers, particularly young generations. Third, we sharpened the group's competitive edge and optimized our income mix and customer base with the aim of enhancing our non-interest income contribution.
To achieve this, we put more resources into our eight major business platform, namely credit cards, private banking, life insurance, asset management, cash management, custody, trust, and securities and futures, all of which we accelerate their development. We have made good progress as their contribution to our operating income increased by 1.3 percentage point. Fourth is the DCF. We enhanced our management standards, proactively managed our assets and liabilities, and continually reinforced our risk management policy and the mechanisms to meet regulatory requirements. In addition to this, we further strengthened our anti-money laundering management by establishing a financial crime compliance department and implementing a more specialized monetary procedure systems and the framework. We also upgrade our IT risk and network security in order to contain risks in a more effective manner, optimized our emergency handling framework, and improved our emergency response ability and reputational risk management.
I would like to stop here. CFO will now give more details of our financial results. CFO, please.
Thank you, Yue Yi. First, let me briefly go through the income statement with you. In 2015, our profit attributable to the equity holders increased by 9% to a record high of HKD 26.8 billion. Driven by the strong growth in non-interest income, our net operating income before impairment allowances rose by 8% to HKD 40.9 billion. Operating expenses increased by 10.3%. Non-operating items was HKD 777 million, which mainly consisted of revaluation gain on investment properties. In 2015, our net interest income was HKD 25.7 billion, slightly decreased by 3.7%. Net interest margin narrowed by 21 basis points, mainly due to decrease in average interest spread of RMB assets caused by the drop in RMB market interest rates. We proactively managed our assets and liabilities.
Underpinned by the strong growth in customer deposits, we recorded an increase of 10.5% in average interest earning assets, with increase in both average balance of advances to customers and that security investments, which earned a relatively higher yield and mitigated the impact of NIM decline to a certain extent. Our non-interest income was HKD 15.2 billion, up 36% year-on-year, accounting for 37% of the net operating income of the group, an increase of 7.6 percentage point compared with the last year. Net fee and commission income got favorable growth and reached HKD 11.5 billion, up 26%, driven by broad-based business growth. Thanks to our efforts to capture opportunities from increased transaction volume in the market, our securities brokerage income increased by 37.5%. Loans commission income surged by 73.9%. Currency exchange went up by 30.7%.
Net trading gain increased by 20.5% to about HKD 2.6 billion, mainly due to the increase in currency exchange income from customers transaction and a lower net loss on FX swap contracts, which more than offset the impact of decrease in the mark to market gain of certain debt security. Now, let's take a look at expenses. Operating expenses increased by 10.3% to HKD 11.8 billion. Cost to income ratio stayed at a low level of 28.9%, among the lowest in the local banking sector. While maintaining concerns cost control measures to enhance operating efficiency, we continued to invest in our infrastructure, premises, and equipment to support our long-term development. Staff costs was HKD 6.6 billion, increased by 8.9% due to annual salary increment, increase in head count, and performance related incentive.
Depreciation expenses rose by 8% due to larger charge on following the up forward property revaluation in Hong Kong and on our continuous investment in information technology. Other operating expenses went up by 22.1%, mainly driven by higher promotional expenses related to new products, deposits business, and credit card business, and higher business test arising from the group's disposal of certain debt security investment. The group's loan quality remained solid, with classified or impairment loan ratio at low level of 0.24%. In view of the uncertainty in the economic environment, the group strictly adhered to the prudent credit policy and managed its loan portfolio in a proactivity and careful manner. The formation of new classified or impaired loans was HKD 1.74 billion, about 0.5% of total loan outstanding. This was mainly due to the downgrade of a few corporate loans.
Loan impairment allowances recorded a net charge of HKD 982 million, an increase of HKD 855 million compared with 2014. Our credit cost was 0.12% and remained low compared with banking industry. Net charge of individually assessed impairment allowances was HKD 590 million, an increase of HKD 667 million compared with 2014. On one hand, we recorded an increase in provisions due to the downgrade of a few corporate loans in 2015. On the other hand, there was a large amount of release from individually assessed impairment allowances, which reduced the provision in 2014. Net charge of collectively assessed impairment allowances was HKD 548 million, an increase of HKD 949 million year-on-year. This was mainly attributable to our loan growth and the fact that we took a more prudent approach to updating the parameters in our collective assessment model. Our total assets increased by 8.2% to HKD 2.37 trillion.
We continued to proactively manage our asset and liability structure and optimize our assets mix. We reduced our cash and balances with banks and other financial institutions by 32.6% and increased our placement with banks and other financial institutions by 233%. We also appropriately lengthened maturity of interbank placements to gain a higher return. Our securities investment increased by over 30%. Advances in other accounts increased by 8.2%. Total equity grew by 9.1%, largely attributable to the increase in the retained earnings. The balance of our security investment was HKD 575 billion. Balancing between risk and return, the group optimized its investment portfolio with 88% of our debt security holding rated A or above. The group selectively increased the government related bonds and high quality corporate bonds. The sale of our investments were in government or government related papers.
22% in the government corporate entities, and 41% in banks and other financial institutions. Leveraging our strong customer base and enhanced customer segmentation with lending to selective borrowers, we achieved a quality and sustainable growth of 9.7% in advance to customer in 2015. Corporate loans for use in Hong Kong increased by HKD 47.9 billion or 19%, of which favorable growth was seen in the industries such as property development, financial concerns, transport and transport equipment, and manufacturing. Individually, loans for use in Hong Kong increased by HKD 21 billion or 8.4%. Of this, residential mortgage loans grew by 8.5%. Trade finance was largely flat compared with the last year end. Loans for use outside Hong Kong increased by HKD 9.4 billion or 4.1%. Loan to deposit ratio edged down to 63.25%, down marginally compared with the previous year.
We continued to leverage our extensive branch network and maintained a flexible deposit strategy to support business growth. At the same time, we proactively controlled deposit costs and expanded deposit base by 10.2% to HKD 1.41 trillion. Our demand deposit and current account increased strongly by 38.7%, and savings deposit went up by 15.4%. Customs accounted for 6.5% of our deposit base, 4 percentage point higher compared with the last year end. Now let's look at our performance by business segment. In personal banking, we remain the market leader in new mortgage loans and the UnionPay card business. We achieved strong growth in commission income from investment and insurance businesses by continuously expanding product and service offering. In corporate banking, we seized opportunity from significant national strategy and deepened our diversified cooperation with the state-owned enterprises.
We also capitalized our relationship with leading industry players, fully developed business with local commerce and community organizations, and continuously enhanced our service capability to SME customers. We strengthened collaboration with BOC and improved the cooperation models for Guangdong, Hong Kong, and Macao regions, as well as with ASEAN region. Moving on to treasury business. Taking advantage of market trends, we proactively responded to customer demand and promoted RMB products to satisfy their diversified needs. Our market leadership in RMB treasury business was further enhanced. As for our insurance business, sales volume increased as a result of our ongoing efforts to enhance products and diversify distribution channels, thereby maintaining our leadership in the local RMB insurance market. Our eight major business platforms continued to develop favorably. Our private banking business continued to refine and optimize its open product platform.
Custody business expanded customer base and remained one of the largest RQFII service provider in Hong Kong. Cash management strengthened its service capability in cross-border cash management. It successfully built cross-border cash pools for various large corporate and proactively cooperated with Cross-Border Interbank Payment System to solidify its leadership in cross-border remittances. That concludes our financial review. I hand you back to Yue Yi Thank you.
Thank you, CFO . Looking to 2016, the world economy is expected to continue its deep adjustment with slower growth, clean structure problems, and the frequent swings in the financial market. Both foreseeable and unforeseeable risks are likely to rise. It will require effort and a great deal of time for the global economy recovery to get back on track. Banks will no doubt be affected, which will mean continued challenges in the operating environment. However, we can also see great opportunities for the Hong Kong economy, especially those arising from the implementation of China's important strategies, including the Belt and Road initiatives, RMB internationalizations, and the innovation-driven strategies. The Mainland-Hong Kong Mutual Recognition of Funds, along with the Shenzhen-Hong Kong Stock Connect, which will come into effect this year, will provide additional fuel for local capital markets.
China's 13th Five-Year Plan has clearly stated that Hong Kong needs to leverage its unique advantage. Hong Kong stays together with its role in national economy development, and the opening-up policy should therefore be enhanced. There will be a huge potential for Hong Kong to explore in the areas of medicine, innovation and technology, professional and commercial services, finance, and urban development. The Group's strategic plans in response to changes in the external environment will further increase confidence in our future development. We will continue to implement the Group's new development strategy and explore opportunities to satisfy the needs of our countries in areas where Hong Kong's strategy lie.
We will further optimize our business strategy and proactively expand our products and services to fully support the development of Hong Kong's economy and our customers, while improving the living standards of local people towards the long-term prosperity and stabilities of the community. in 2016, we will focus on the following. In corporate banking, we will capture opportunities to expand our customer base of large corporates, SMEs, government agencies, and institutional, with a view of fully promoting our business development in corporate banking as well as optimizing its structure. Through the integration of our commercial and investment banking services, we will increase our support for large corporate customers, major projects, and large-scale construction projects. Our goal is also to serve commercial and SME customers better and help with expansion of innovation technology startups.
What's more, we will set up our cooperation with the Hong Kong government and the public sector in order to facilitate the transformation of our local industry and the development of the community and public services. With our customer-centric focus, we will expand our wealth management and private banking business in order to increase their contributions to the Group's earnings. We will be leveraging our branch network, which is the most extensive in Hong Kong, to improve our services model and provide more convenient and efficient services to all customers. We will also enhance our capabilities in wealth management and cross-border financial services to help our customers with assets allocation as well as other value-added services. Capitalizing on the opportunity, RMB's inclusion into SDR, we will develop new products to explore new growth engines and accelerate the expansion of our treasury and financial markets business.
By strengthening cross-regional cooperation and offering our customers innovation RMB products, we will reinforce and expand our leadership in the RMB business. We are also working to establish ourselves as a regional center for BOC Group's overseas financial market and a funding pool. This will help to make our fund usage more efficient and expand our investment tools and the product spectrum so as to increase treasury returns. As we enter the areas of pan-asset management, we will accelerate the development of our eight major business platforms with a view to achieving faster growth in scale and profitability. This will help to improve our income mix and business structure, thereby increasing our ability to overcome headwinds. We will transform our branch network by improving cross-channel collaboration to form unified platforms and interface. This will promote our integrated services capability and overall production capacity.
We will also optimize the distribution of our branch outlets and build market-leading intelligent flagship branches. By strengthening our e-channels, including internet banking and mobile banking, we hope to become the bank with the best customer experience. We will build our competitive advantage in internet finance to develop our online financial capabilities. Through modern technology, we will accelerate our transaction from a traditional business model towards an internet plus model. We will also introduce a new operating and risk management model by taking advantage of big data, cloud computing, and mobile internet, while continuing to adopt online financial products such as online payments, internet financing, and wealth management, with the aim of becoming the best internet bank in Hong Kong. Looking ahead, we will develop the Southeast Asia market to open a new chapter in our regional expansion.
Following the sales of NCB, we will expand in Southeast Asia markets, providing customers there with the sophisticated products and services we currently offer to our Hong Kong customers. In addition, we will refine and improve our risk management, internal controls, and compliance to safeguard our sustainable development. As responsible corporate citizens, we will also continue to support the community through our CSR activities, extending help to the socially disadvantaged and promote education and environmental conservation. Having started in Hong Kong 99 years ago, BOC Hong Kong next year will mark its centenary. As a mainstream local bank with deep roots in Hong Kong, we will remain committed to this market by providing high-quality financial services to all customers and the community, creating even higher value to our stakeholders while contributing to the long-term prosperity and stability of Hong Kong as an international finance center.
I conclude our presentation here. My colleagues and I will be pleased to take your questions. Thank you.
For this Q&A session, as usual, if you want to ask questions, please raise your hand and kindly ask only one question each time. Thank you. Let's start with Gary, please.
Thank you. Congratulations on the very solid results. It's Gary Lam from Citi. Two aspects of questions, if I may. Clearly can see that you have reclassified the NCB as a discontinued operation. Would you mind sharing what the expected timeline to complete this transaction is, as well as the expected financial impact through the deal? Secondly, you may as well comment on the color for the ASEAN asset acquisitions. Any information regarding the progress of those would be appreciated. Thank you.
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Thank you for your questions. I think this question is a very interesting area to the media as well. For BOCHK, we have already formally signed a sale and purchase agreement with Cinda on 18 December 2015. You may know the consideration actually is equivalent to about 2 times of the net book value of NCB at the end of 2014, which should be the biggest ever sale of a banking stake in the Asia ex-Japan market.
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According to the sale and purchase agreement, the long stop date will be 30 June or such other day as agreed in writing by the both parties. Currently, we are working smoothly together with the buyer. I would say that everything is very smooth. The sale of NCB can help to resolve the issue of business overlap for BOCHK. Also we can optimize our resources allocation, and allow us to redeploy our funding to the high growth areas. You may already know that after the sale of NCB, we expect to reap about HKD 30 billion in pre-tax gain, which will help to increase our Tier 1 capital ratio by 8 percentage points.
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ASEAN is a high growth market and which is also a major hub and region for the Belt and Road Initiative. For BOCHK, its proposed acquisition of BOC ASEAN asset is in good progress, and we expect that we would be able to confirm the first batch of asset acquisitions in the first half of this year. We will confirm the second batch in the second half of this year.
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BOCHK has already established the management structure for overseeing the ASEAN strategy. We have also established a steering committee to formulate the overall plans for this. We have also appointed one DCE responsible for corporate banking business to manage and also to be responsible for the ASEAN strategy. Under the support of different Business divisions, we have already have a plan to develop our personal banking, corporate banking and treasury businesses. Thank you.
York. Yeah.
Thank you very much. This is York Poon from HSBC. Congratulations for the solid result in last year. I just have a simple question. Can you tell us about your NPL ratio in China last year? What is the credit quality outlook? Thank you.
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Thank you for your question. BOCHK is a local community bank, and our customers are mainly local customers, Mainland corporates going global. Our percentage of assets put into Mainland China is not much. We also have resources deployed in the logistics and corporates which are of better quality. We do not have entry to industries such as those with excess capacities. You could see that our asset quality is benign for over the year. Now I will ask Mr. Li to further elaborate on the asset quality.
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At the end of 2015, BOCHK maintained benign asset quality, with the NPL ratio moving up by 2 basis points to 0.24%. The NPL ratio of our Mainland business improved to 1.23% at the end of 2015 from 1.99% a year ago.
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Our total loan provisions in 2015 increased a little, and it is mainly because our provisions were extremely low in 2014, which is because of a larger amount of IA impairment allowances were released in that particular year. Our CA impairment allowances increased along with loan growth, and at the same time, we made sufficient amounts of IA impairment allowances following the rating downgrades of a few corporate customers in accordance with our prudent credit management principles. Therefore, our total loan provisions in 2015 increased slightly. Nonetheless, our total credit cost was only 0.12%, which is at a low level.
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Our total credit costs remained at a low level compared with our peers over the past few years. Our coverage ratio of CA impairment allowance to total loans has been higher than the NPL ratio. With rising uncertainties in the global economy, as you may notice, and the slowdown in the local economic growth, it will be increasingly challenging for us to sustain a low NPL ratio. But we will continue to adhere to our long-standing credit management principles, and we will make our utmost effort to manage asset quality with an aim to maintain a healthy NPL ratio. Thank you.
Let's give the opportunities to the lady. Sarah, please.
Thanks. This is Sarah Tian from CICC. I have got a question actually, after the previous one. You see that our capital adequacy ratio stay at a very healthy level, especially after our disposal of the NCB. How is the management plan on the use of the capital, and will there be any possibility to distribute any special dividend going forward? Also, what is BOCHK's long term dividend policy in the future? Thanks.
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Thank you for your questions. As we already announced, after the sale of NCB, it will help to increase our capital strength. The net proceeds, what we consider for the future use of our capital will be as followings. Firstly, the future regulatory requirement, especially the capital requirement, will continue to increase. We need to meet with that. Secondly, we will also deploy the resources in order to strengthen the position in Hong Kong to sustain our growth in the future. Thirdly, in view of our expansions in the ASEAN markets, we also want to capitalize the opportunities in the One Belt One Road and RMB internationalization strategies.
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Regarding the decisions whether there will be a special dividend after the sale of NCB, this will be determined by the board after the completion of the transactions. Aside from this, we will continue to maintain our existing dividend policy, which is based on our 40%-60% payout ratio guidance. The actual amount will be taken into considerations of various factors, such as our capital levels, future business development needs, the regulatory requirement, and also the trend of the industry payout. We will determine the actual amount after considering all those factors. Thank you.
I think we only have time to take the last questions. Who would like to be I think, Stanley, please.
Hi, this is Stanley from BOCI-Prudential . One quick question on the loan growth, because you have very satisfactory loan growth in 2015. Will you please share with us what's the loan growth drivers? Also, what's your loan growth outlook for 2016? Thank you.
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Thank you for your question. Amid moderating global and local economic growth, coupled with depressed commodity prices and contracted international trade, the loan growth for Hong Kong banks was only 3.5% in 2015.
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Despite the adverse operating environment, we continued to capture opportunities in the personal and corporate lending businesses with growth achieved in various loan categories. BOC Hong Kong's loan growth increased by 9.7% in 2015, which was better than the sector average. This was the result of our efforts in reinforcing our financial services to global corporates and the fact that we remained the top loan arranger for 11 consecutive years in the Hong Kong and Macau region. At the same time, we continued to deepen our service to SME customers and step up our collaboration effort with entities of parent bank on the syndicated loans and corporate financing along the Belt and Road. In addition, we remained the leader in new mortgage loans, and our personal loan business grew at a solid pace during the year.
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For BOC Hong Kong, like our peers, 2016 is a year full of opportunities and challenges. Supply side reform in Mainland China, vibrant corporate M&A activities and the demand arising from the Belt and Road initiatives will benefit corporate lending. We will leverage our advantages to meet the financing needs of different customer segments, global corporates, commercial clients and SMEs. We will deploy more resources to the development of local SME financing and also personal mortgage businesses, which also depends on the market activities. We hope the personal loans and SME loans to grow faster than the big corps this year. We will continue to proactively develop other personal loan categories such as credit card installments, tax loans and unsecured personal loans. This all will support our diversified growth.
On an ex-NCB basis, BOC Hong Kong targets to grow its loans by close to double digits for 2016, a pace similar to recent years. Thank you.
Time flies. Our analyst briefing today is now completed. For those who want to talk to our IR people separately, please stay and we will arrange separately. Thank you all again for coming, and we will see you next time. Thank you.