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FINANCIAL SERVICES | Tony Chua, Hong Kong
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Mortgage Corp posts $1.26bn profit

The company has maintained the credit ratings of AAA by Standard & Poor’s and Aa1 by Moody’s.

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.

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