# 02356_28042026_1707_2025 Annual Report

> Source: `02356_28042026_1707_2025 Annual Report.pdf`
> Pages: 343
> Converted: 2026-05-04T09:47:47

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# 大新銀行集團有限公司
# DAH SING BANKING GROUP LIMITED

大新銀行有限公司之控股公司
The holding company of Dah Sing Bank, Limited
(股份代號 Stock Code : 2356)

# 2025 年報
# 2025 ANNUAL REPORT

同步 更進步 Together We Progress and Prosper

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## 堅定信心 銳志前行
## Advancing with Confidence and Purpose

大新銀行集團以清晰視野與穩健步伐邁步前行，審慎不懈推動持續增長。憑藉穩固根基與明確願景，我們以韌性及前瞻思維，沉著應對市場萬變與經濟不確定性。

Dah Sing Banking Group moves forward with clarity and strength, guided by prudence and a commitment to sustainable growth. With solid fundamentals and a clear vision, we navigate evolving market conditions and economic uncertainties with resilience and foresight.

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### 目錄
### CONTENTS

| | | |
| :--- | :--- | ---: |
| 財務概要 | Financial Summary | 2 |
| 組織摘要 | Corporate Information | 4 |
| 董事及高層管理人員簡介 | Directors’ and Senior Management’s Profile | 6 |
| 主席報告書 | Chairman’s Statement | 18 |
| 業務回顧 | Review of Operations | 22 |
| 企業管治報告 | Corporate Governance Report | 44 |
| 董事會報告書 | Report of the Directors | 88 |
| 附屬公司董事 | Directors of Subsidiaries | 112 |
| 綜合收益賬 | Consolidated Income Statement | 113 |
| 綜合全面收益表 | Consolidated Statement of Comprehensive Income | 114 |
| 綜合財務狀況表 | Consolidated Statement of Financial Position | 115 |
| 綜合權益變動表 | Consolidated Statement of Changes in Equity | 116 |
| 綜合現金流量結算表 | Consolidated Statement of Cash Flows | 118 |
| 綜合財務報表附註 | Notes to the Consolidated Financial Statements | 119 |
| 未經審核補充財務資料 | Unaudited Supplementary Financial Information | 319 |
| 獨立核數師報告 | Independent Auditor’s Report | 328 |
| 主要附屬銀行 － 分行分布表 | Major Banking Subsidiaries – Lists of Branches | 336 |

---

# 財務概要

| 以百萬港元位列示 | HK$ Million | 2021 | 2022 | 2023 | 2024 | **2025** |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: |
| 股東資金 | Shareholders' funds | 29,913 | 29,914 | 32,578 | 33,512 | **35,228** |
| 額外權益性工具 | Additional equity instruments | 899 | 311 | 311 | 311 | **311** |
| 後償債務 | Subordinated notes | 4,128 | 3,801 | 5,917 | 4,147 | **4,275** |
| 客戶存款 | Deposits from customers | 196,135 | 199,792 | 207,234 | 201,568 | **205,304** |
| 已發行的存款證 | Certificates of deposit issued | 6,590 | 4,229 | 2,428 | 4,295 | **888** |
| 存款總額 | Total deposits | 202,725 | 204,021 | 209,662 | 205,863 | **206,192** |
| 負債總值 (包括後償債務) | Total liabilities (including subordinated notes) | 218,168 | 221,861 | 227,855 | 222,516 | **222,372** |
| 客戶貸款 (不包括貿易票據) | Advances to customers (excluding trade bills) | 144,313 | 136,530 | 143,049 | 138,374 | **140,158** |
| 資產總值 | Total assets | 248,979 | 252,086 | 260,744 | 256,339 | **257,911** |
| 股東應佔溢利 | Profit attributable to shareholders | 1,658 | 1,609 | 1,860 | 2,060 | **2,476** |
| 全年派發股息 | Total dividend distribution | 478 | 548 | 843 | 928 | **1,125** |

| 以港元位列示 | HK$ | 2021 | 2022 | 2023 | 2024 | **2025** |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: |
| 每股基本盈利 | Basic earnings per share | 1.18 | 1.14 | 1.32 | 1.47 | **1.76** |
| 每股股息 | Dividends per share | 0.34 | 0.39 | 0.60 | 0.66 | **0.80** |

| 以百分比列示 | Percentage % | 2021 | 2022 | 2023 | 2024 | **2025** |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: |
| 貸款對存款比率 (註1) | Loan to deposit ratio (Note 1) | 71.2% | 66.9% | 68.2% | 67.2% | **68.0%** |

**註：**

1. 貸款對存款比率為客戶貸款總額（不包括貿易票據）對存款總額（包括已發行的存款證）之比率。

**Note:**

1. Loan to deposit ratio is calculated as the ratio of total advances to customers (excluding trade bills) to total deposits (including certificates of deposit issued).

---

# FINANCIAL SUMMARY

## 客戶貸款／存款總額 Advances to customers / Total deposits
百萬港元 HK$ Million

| Year | Advances to customers (excluding trade bills) | Total deposits | Loan (excluding trade bills) to deposit (including certificates of deposit issued) ratio |
| :--- | :--- | :--- | :--- |
| 25 | 140,158 | 206,192 | 68.0% |
| 24 | 138,374 | 205,863 | 67.2% |
| 23 | 143,049 | 209,662 | 68.2% |
| 22 | 136,530 | 204,021 | 66.9% |
| 21 | 144,313 | 202,725 | 71.2% |

## 資產總值 Total assets
百萬港元 HK$ Million

| Year | Total assets |
| :--- | :--- |
| 25 | 257,911 |
| 24 | 256,339 |
| 23 | 260,744 |
| 22 | 252,086 |
| 21 | 248,979 |

## 股東資金 Shareholders’ funds
百萬港元 HK$ Million

| Year | Shareholders’ funds |
| :--- | :--- |
| 25 | 35,228 |
| 24 | 33,512 |
| 23 | 32,578 |
| 22 | 29,914 |
| 21 | 29,913 |

## 每股基本盈利／每股股息 Basic earnings per share / Dividends per share
港元 HK$

| Year | Dividends per share | Basic earnings per share |
| :--- | :--- | :--- |
| 25 | 0.80 | 1.76 |
| 24 | 0.66 | 1.47 |
| 23 | 0.60 | 1.32 |
| 22 | 0.39 | 1.14 |
| 21 | 0.34 | 1.18 |

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# 組織摘要

## 董事會

### 執行董事
王守業
主席
黃漢興
副主席、董事總經理兼行政總裁
王伯凌
麥曉德
副行政總裁

### 獨立非執行董事
蘇澤光
史習陶
裴布雷
衛皓民
陳霞芳
張建生

## 審核委員會
衛皓民
主席
史習陶
裴布雷
陳霞芳

## 提名及薪酬委員會
史習陶
主席
陳霞芳
王伯凌

## 公司秘書
李宗榮

## 高層管理人員
王祖興
大新銀行有限公司副主席、董事總經理兼行政總裁
王美珍
大新銀行有限公司執行董事兼副行政總裁
馬苑麗
大新銀行有限公司執行董事兼替任行政總裁
陳維堅
大新銀行有限公司執行董事兼替任行政總裁
何嘉揚
大新銀行（中國）有限公司行政總裁兼董事
劉伯雄
澳門商業銀行股份有限公司行政總裁兼董事

## 核數師
羅兵咸永道會計師事務所
香港執業會計師
註冊公眾利益實體核數師

## 註冊辦事處
香港灣仔皇后大道東248號
大新金融中心26樓
電話：2507 8866
傳真：2598 5052
環球財務電訊：DSBAHKHH
網址：http://www.dahsing.com

## 股份登記及過戶處
香港中央證券登記有限公司
香港灣仔皇后大道東183號
合和中心17樓1712至1716室

## 股份上市及股份代號
香港聯合交易所有限公司
股份代號：2356

## 主要附屬銀行
大新銀行有限公司
大新銀行（中國）有限公司
澳門商業銀行股份有限公司

（請參閱本年報第336至340頁所載各附屬銀行之分行分布表。）

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# CORPORATE INFORMATION

## BOARD OF DIRECTORS

### Executive Directors
David Shou-Yeh Wong
*Chairman*

Hon-Hing Wong (Derek Wong)
*Vice Chairman, Managing Director and Chief Executive*

Gary Pak-Ling Wang

Nicholas John Mayhew
*Deputy Chief Executive*

### Independent Non-Executive Directors
Jack Chak-Kwong So
Robert Tsai-To Sze
Blair Chilton Pickerell
Paul Franz Winkelmann
Nancy Ha-Fong Chan
Kin-Sang Cheung (Alex Cheung)

## AUDIT COMMITTEE
Paul Franz Winkelmann
*Chairman*

Robert Tsai-To Sze
Blair Chilton Pickerell
Nancy Ha-Fong Chan

## NOMINATION AND REMUNERATION COMMITTEE
Robert Tsai-To Sze
*Chairman*

Nancy Ha-Fong Chan
Gary Pak-Ling Wang

## COMPANY SECRETARY
Richard Tsung-Yung Li

## SENIOR MANAGEMENT
Harold Tsu-Hing Wong
*Vice Chairman, Managing Director and Chief Executive of Dah Sing Bank, Limited*

Phoebe Mei-Chun Wong
*Executive Director and Deputy Chief Executive of Dah Sing Bank, Limited*

Barbara Yuen-Lai Ma
*Executive Director and Alternate Chief Executive of Dah Sing Bank, Limited*

Cliff Wai-Kin Chan
*Executive Director and Alternate Chief Executive of Dah Sing Bank, Limited*

Eric Ka-Yeung Ho
*Chief Executive Officer and Director of Dah Sing Bank (China) Limited*

Pak-Hung Lau
*Chief Executive Officer and Director of Banco Comercial de Macau, S.A.*

## AUDITORS
PricewaterhouseCoopers
*Certified Public Accountants in Hong Kong*
*Registered Public Interest Entity Auditor*

## REGISTERED OFFICE
26th Floor, Dah Sing Financial Centre
248 Queen’s Road East, Wan Chai, Hong Kong
Tel: 2507 8866
Fax: 2598 5052
S.W.I.F.T.: DSBAHKHH
Website: http://www.dahsing.com

## SHARE REGISTRAR AND TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor, Hopewell Centre
183 Queen’s Road East, Wan Chai, Hong Kong

## SHARE LISTING AND STOCK CODE
The Stock Exchange of Hong Kong Limited
Stock Code: 2356

## MAJOR BANKING SUBSIDIARIES
Dah Sing Bank, Limited
Dah Sing Bank (China) Limited
Banco Comercial de Macau, S.A.

(Please see pages 336 to 340 of this Annual Report for respective lists of branches.)

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# 董事及高層管理人員簡介

## 董事會

### 王守業先生
主席

王先生，85歲，於2004年獲委任為本公司主席。彼亦為大新金融集團有限公司（「大新金融」，為香港聯合交易所有限公司證券上市規則所界定之本公司主要股東）、大新銀行有限公司（「大新銀行」，本公司之主要營運附屬公司）、澳門商業銀行股份有限公司、大新保險有限公司及澳門保險股份有限公司之主席。王先生為廣東外商公會名譽會長。彼曾為香港銀行學會副會長。彼持有麻省理工學院機電工程理學士學位及擁有逾60年銀行及金融業務經驗。彼為大新金融之執行董事及集團總經理以及大新銀行之副主席、董事總經理兼行政總裁王祖興先生之父親。

### 黃漢興先生
副主席、董事總經理兼行政總裁

黃先生，73歲，於2004年獲委任為本公司執行董事，並於2011年4月晉升為副主席。彼於2017年6月獲委任為董事總經理兼行政總裁。黃先生於1977年加入大新銀行有限公司服務，輾轉掌管多個部門，繼1989年成為董事及於2000年晉升為董事總經理後，至2011年4月獲委任為副主席。彼亦為大新金融集團有限公司（為香港聯合交易所有限公司證券上市規則所界定之本公司主要股東）副主席、董事總經理兼行政總裁及集團內多間主要附屬公司之董事。彼於2008年6月至2023年8月期間出任大新銀行（中國）有限公司之董事長。彼為本集團擁有12.65%權益之重慶銀行股份有限公司（於香港及上海上市）之非執行董事及副董事長。黃先生為英國銀行學會會士以及香港銀行學會及英國國際零售銀行理事會創始會員。彼持有香港理工學院（現稱香港理工大學）商業學高級文憑及擁有逾45年銀行業務經驗。

### 蘇澤光先生
獨立非執行董事

蘇先生，81歲，於2025年4月獲委任為本公司及大新銀行有限公司之獨立非執行董事。蘇先生現為友邦保險控股有限公司（於香港聯合交易所上市）之獨立非執行董事及審核委員會、提名委員會以及薪酬委員會成員，華潤電力控股有限公司（於香港聯合交易所上市）之獨立非執行董事、可持續發展委員會主席及審核與風險委員會以及提名委員會成員，香港特別行政區政府特首顧問團（經濟高質量與持續發展）成員以及醫院管理局管治及架構改革委員會成員。

蘇先生於2015年6月至2024年5月擔任香港機場管理局主席，於2008年1月至2022年10月擔任瑞信大中華區獨立高級顧問，於2018年3月至2022年6月擔任行政長官創新及策略發展顧問團非官方成員，於2008年3月至2018年3月擔任中國人民政治協商會議全國委員會委員，於2013年10月至2015年12月擔任香港與內地經貿合作諮詢委員會主席及於2007年至2013年擔任香港電影發展局主席。彼於1985年至1992年擔任香港貿易發展局執行董事並於2007年10月至2015年5月擔任其主席。

蘇先生於1995年至2003年出任香港鐵路有限公司（於香港聯合交易所上市）主席兼行政總裁，於2003年至2007年擔任電訊盈科有限公司（於香港聯合交易所上市）副主席兼集團董事總經理，於2000年至2007年擔任香港上海滙豐銀行有限公司非執行董事及於2002年至2015年擔任國泰航空有限公司（於香港聯合交易所上市）獨立非執行董事。

蘇先生在1969年於香港大學畢業，獲頒文學士學位，並於2011年獲香港大學頒授名譽社會科學博士。彼分別於2011年及2017年獲香港特別行政區政府頒授金紫荊星章及大紫荊勳章。

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# DIRECTORS’ AND SENIOR MANAGEMENT’S PROFILE

## BOARD OF DIRECTORS

### Mr. David Shou-Yeh Wong
*Chairman*

Mr. Wong, aged 85, was appointed as the Chairman of the Company in 2004. He is also the Chairman of Dah Sing Financial Holdings Limited (“DSFH”, a substantial shareholder of the Company as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited), Dah Sing Bank, Limited (“DSB”, a key operating subsidiary of the Company), Banco Comercial de Macau, S.A., Dah Sing Insurance Company Limited and Macau Insurance Company Limited. Mr. Wong is the Honorary President of Guangdong Chamber of Foreign Investors. He was the Vice President of The Hong Kong Institute of Bankers. He holds a Bachelor of Science degree in Electrical Engineering from Massachusetts Institute of Technology and has over 60 years of experience in banking and finance. He is the father of Mr. Harold Tsu-Hing Wong, an Executive Director and the Group General Manager of DSFH and the Vice Chairman, Managing Director and Chief Executive of DSB.

### Mr. Hon-Hing Wong (Derek Wong)
*Vice Chairman, Managing Director and Chief Executive*

Mr. Wong, aged 73, was appointed as an Executive Director of the Company in 2004 and promoted as the Vice Chairman in April 2011. He was appointed as the Managing Director and Chief Executive of the Company in June 2017. Mr. Wong joined Dah Sing Bank, Limited in 1977 and has served and managed various departments before appointed as a Director in 1989, promoted to the Managing Director in 2000 and then appointed as the Vice Chairman in April 2011. He is also the Vice Chairman, Managing Director and Chief Executive of Dah Sing Financial Holdings Limited (a substantial shareholder of the Company as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited) and a director of various major subsidiaries of the Group. He was the Chairman of Dah Sing Bank (China) Limited for the period from June 2008 to August 2023. He is a Non-Executive Director and the Vice Chairman of Bank of Chongqing Co., Ltd. (listed in Hong Kong and Shanghai) in which the Group has a 12.65% equity interest. Mr. Wong is an Associate of The Institute of Bankers (U.K.) and a Founder Member of The Hong Kong Institute of Bankers and The International Retail Banking Council of the U.K. He holds a Higher Diploma in Business Studies from the Hong Kong Polytechnic College (now known as Hong Kong Polytechnic University) and has over 45 years of experience in banking.

### Mr. Jack Chak-Kwong So
*Independent Non-Executive Director*

Mr. So, aged 81, was appointed as an Independent Non-Executive Director of the Company and Dah Sing Bank, Limited in April 2025. Mr. So is currently an independent non-executive director and a member of the Audit Committee, the Nomination Committee and the Remuneration Committee of AIA Group Limited (listed on the Hong Kong Stock Exchange), an independent non-executive director, the Chairman of the Sustainability Committee and a member of the Audit and Risk Committee and the Nomination Committee of China Resources Power Holdings Company Limited (listed on the Hong Kong Stock Exchange), a member of the Chief Executiveʼs Council of Advisers of the HKSAR Government on Economic Advancement and Sustainability and a member of Governance and Structure Reform Committee of The Hospital Authority.

Mr. So was previously the Chairman of Airport Authority Hong Kong from June 2015 to May 2024, an independent senior advisor to Credit Suisse, Greater China from January 2008 to October 2022, a non-official member of the Chief Executiveʼs Council of Advisers on Innovation and Strategic Development from March 2018 to June 2022, a member of the Chinese Peopleʼs Political Consultative Conference from March 2008 to March 2018, the Chairman of the Consultative Committee on Economic and Trade Co-operation between Hong Kong and the Mainland from October 2013 to December 2015, and the Chairman of the Hong Kong Film Development Council from 2007 to 2013. He served as an executive director of the Hong Kong Trade Development Council from 1985 to 1992 and served as its Chairman from October 2007 to May 2015.

Mr. So was the Chairman and Chief Executive of MTR Corporation Limited (listed on the Hong Kong Stock Exchange) from 1995 to 2003, Deputy Chairman and Group Managing Director of PCCW Limited (listed on the Hong Kong Stock Exchange) from 2003 to 2007, a non-executive director of The Hongkong and Shanghai Banking Corporation Limited from 2000 to 2007 and an independent non-executive director of Cathay Pacific Airways Limited (listed on the Hong Kong Stock Exchange) from 2002 to 2015.

Mr. So graduated from the University of Hong Kong with a Bachelor of Arts degree in 1969 and received an Honorary Doctorate in Social Science from the University of Hong Kong in 2011. He was awarded the Gold Bauhinia Star and the Grand Bauhinia Medal by the HKSAR Government in 2011 and 2017 respectively.

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### 史習陶先生
**獨立非執行董事**

史先生，85歲，於2004年獲委任為本公司之獨立非執行董事。彼亦為大新金融集團有限公司（「大新金融」，為香港聯合交易所有限公司證券上市規則所界定之本公司主要股東）、大新銀行有限公司（「大新銀行」）及大新保險有限公司之獨立非執行董事。彼現為本公司、大新金融及大新銀行之提名及薪酬委員會主席及審核委員會成員。彼曾任本公司、大新金融及大新銀行審核委員會主席直至2023年12月。史先生現為南洋集團有限公司及新華匯富金融控股有限公司之獨立非執行董事。史先生為香港會計師公會資深會員。彼曾出任為一間國際會計師行前合夥人，於該行執業超逾20年。

### 裴布雷先生
**獨立非執行董事**

裴布雷先生，69歲，於2017年12月獲委任為本公司之獨立非執行董事及於2021年6月獲委任為本公司之審核委員會之成員。彼亦於2017年12月獲委任為大新銀行有限公司（「大新銀行」）之獨立非執行董事，於2018年8月獲委任為大新銀行之風險管理及合規委員會之成員、於2020年6月獲委任為大新銀行之風險管理及合規委員會之主席及於2021年6月獲委任為大新銀行之審核委員會之成員。

裴布雷先生為Principal Financial Group, Inc.（於美國納斯達克股票交易所上市）之獨立董事以及財務委員會與人力資源委員會之成員。彼為第一太平有限公司（於香港聯合交易所上市）之獨立非執行董事以及財務委員會、企業管治委員會及特設遴選委員會之成員、盈富基金（香港單位信託及其基金單位於香港聯合交易所上市）之監督委員會委員，及為香港大學經濟及工商管理學院國際顧問委員會之成員。

裴布雷先生於2008年12月至2014年11月期間曾任香港大學校董會成員及於2015年7月至2016年7月期間曾任香港聯合交易所主板及創業板上市委員會成員。彼於2013年6月至2017年12月期間出任大新金融集團有限公司（本公司之母公司）之獨立非執行董事及審核委員會成員。裴布雷先生亦於2016年4月1日至2025年3月31日期間曾任領展房地產投資信託基金（於香港聯合交易所上市）之獨立非執行董事、提名委員會之成員及薪酬委員會之主席。

裴布雷先生於2010年加入日興資產管理集團為亞洲區總裁及全球首席市務總監並出任日興資產管理集團亞洲區主席直至2015年7月。彼於1984年加入怡和集團(Jardine Matheson Holdings Group)，並曾於怡和集團擔任多個職位。於2003年，彼加入HSBC Investments (Hong Kong) Limited（現稱HSBC Global Asset Management (Hong Kong) Limited）為亞太區行政總裁。於2007年至2010年期間，彼曾擔任摩根士丹利投資管理(Morgan Stanley Investment Management)之董事總經理及亞洲區首席執行官。

裴布雷先生持有美國哈佛商學院工商管理碩士學位及美國史丹福大學東亞研究系文學碩士學位及政治學文學士學位。

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### Mr. Robert Tsai-To Sze
*Independent Non-Executive Director*

Mr. Sze, aged 85, was appointed as an Independent Non-Executive Director (“INED”) of the Company in 2004. He is also an INED of Dah Sing Financial Holdings Limited (“DSFH”, a substantial shareholder of the Company as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited), Dah Sing Bank, Limited (“DSB”) and Dah Sing Insurance Company Limited. He is currently the Chairman of the Nomination and Remuneration Committee and a member of the Audit Committee (“AC”) of the Company, DSFH and DSB. He served as the Chairman of the AC of the Company, DSFH and DSB until December 2023. Mr. Sze is an INED of Nanyang Holdings Limited and Sunwah Kingsway Capital Holdings Limited. Mr. Sze is a Fellow of The Hong Kong Institute of Certified Public Accountants. He was a former partner of an international firm of accountants with which he practised for over 20 years.

### Mr. Blair Chilton Pickerell
*Independent Non-Executive Director*

Mr. Pickerell, aged 69, was appointed as an Independent Non-Executive Director (“INED”) of the Company in December 2017 and a member of the Audit Committee (“AC”) of the Company in June 2021. He was also appointed as an INED of Dah Sing Bank, Limited (“DSB”) in December 2017, a member of the Risk Management and Compliance Committee (“RMCC”) of DSB in August 2018 and the Chairman of the RMCC of DSB in June 2020 and a member of the AC of DSB in June 2021.

Mr. Pickerell is an Independent Director and a member of the Finance Committee and Human Resources Committee of Principal Financial Group, Inc. (which is listed on NASDAQ in the U.S.). He is an INED, a member of the Finance Committee, Corporate Governance Committee and Ad Hoc Selection Committee of First Pacific Company Limited (which is listed on the Hong Kong Stock Exchange), a member of the Supervisory Committee of The Tracker Fund of Hong Kong (a Hong Kong unit trust whose units are listed on the Hong Kong Stock Exchange) and a member of the International Advisory Council of the Faculty of Business and Economics of The University of Hong Kong.

Mr. Pickerell was a court member of The University of Hong Kong from December 2008 to November 2014 and a member of the Main Board and GEM Listing Committees of the Hong Kong Stock Exchange from July 2015 to July 2016. He was an INED, a member of the AC of Dah Sing Financial Holdings Limited (the parent company of the Company) from June 2013 to December 2017. Mr. Pickerell was also an INED, a member of the Nomination Committee and the Chairman of the Remuneration Committee of Link Real Estate Investment Trust (which is listed on the Hong Kong Stock Exchange) during the period from 1 April 2016 to 31 March 2025.

Mr. Pickerell joined Nikko Asset Management Group as the Head of Asia and Global Chief Marketing Officer in 2010 and served as the Chairman, Asia of Nikko Asset Management Company until July 2015. He joined Jardine Matheson Holdings Group in 1984 and held various positions in Jardine Matheson Holdings Group. In 2003, he joined HSBC Investments (Hong Kong) Limited (now known as HSBC Global Asset Management (Hong Kong) Limited) as Chief Executive, Asia Pacific. From 2007 to 2010, he served as Managing Director and Chief Executive Officer, Asia of Morgan Stanley Investment Management.

Mr. Pickerell holds an MBA degree from Harvard Business School, U.S.A. and an MA degree (in East Asian Studies) and a BA degree (in Political Science) from Stanford University, U.S.A.

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# 衛皓民先生
## 獨立非執行董事

衛皓民先生，70歲，於2024年1月獲委任為本公司之獨立非執行董事及審核委員會主席。彼現為大新金融集團有限公司（「大新金融」，為香港聯合交易所有限公司證券上市規則所界定之本公司主要股東）及大新銀行有限公司（「大新銀行」）之獨立非執行董事及審核委員會主席。彼亦為大新銀行風險管理及合規委員會成員。衛皓民先生於1984年加入羅兵咸永道會計師事務所（「羅兵咸永道」），並於1990年成為合夥人，並為羅兵咸永道在香港設立金融服務業的首批合夥人之一。彼專門從事本地及國際金融機構審計工作。彼擔任羅兵咸永道大中華區風險管理及合規事務主管合夥人長達14年，直至2014年6月。彼亦為羅兵咸永道大中華區風險及質素部門的負責人，負責監督羅兵咸永道的審計及專業操守準則。於2001年，彼加入羅兵咸永道香港合夥人管治委員會，及後獲委任為羅兵咸永道中國及香港管理委員會成員。繼於2014年6月於羅兵咸永道香港退休後，衛皓民先生於2014年7月至2015年12月期間擔任羅兵咸永道香港高級顧問，負責風險管理和質素事宜。衛皓民先生現為保險投訴局投訴局理事會之獨立非執行董事及非業界理事。彼亦為保險業監管局紀律處分委員會小組非保監局成員。衛皓民先生於2004年至2009年期間擔任香港會計師公會轄下財務報告準則委員會主席，並於2009年擔任香港會計師公會會長。於2005年，彼獲委任為公司法改革常務委員會成員，任期6年。衛皓民先生於2016年4月至2019年3月期間出任香港財務匯報局（現為會計及財務匯報局）行政總裁。彼為香港會計師公會的資深會員。彼持有都柏林三一學院商業文學士學位。

# 陳霞芳女士
## 獨立非執行董事

陳女士，64歲，於2024年1月獲委任為本公司及大新銀行有限公司（「大新銀行」）之獨立非執行董事及審核委員會成員。彼於2025年5月獲委任為本公司及大新銀行之提名及薪酬委員會成員。陳女士於2022年3月至2023年12月期間出任大新銀行全資附屬公司大新銀行（中國）有限公司之獨立非執行董事及審計委員會、關聯交易控制委員會、風險管理委員會及戰略委員會之成員以及提名與薪酬委員會主席。陳女士於1981年7月加入交通銀行股份有限公司香港分行（「交通銀行」）為管理培訓生。彼於1992年4月至1998年6月期間擔任交通銀行助理總經理，主要負責制定及執行貿易融資、信貸管理及銀行保險等業務營運守則，彼亦統籌貿易融資業務及貸款營運中央化的項目。陳女士於1998年7月至2021年3月期間出任交通銀行副總經理，主要負責監督貿易融資業務、信貸管理、匯款及零售銀行業務的日常營運以及推出私人銀行業務。彼於2002年8月獲委任為交通銀行替任行政總裁。陳女士於1999年9月至2019年10月期間擔任交通銀行信託有限公司之董事，並於2006年6月獲委任為董事長。於2021年6月退休前，彼曾擔任交通銀行（香港）有限公司之副董事長、董事及行政總裁。彼於金融業擁有逾38年經驗。陳女士為英國倫敦銀行與金融學院特許會士及香港銀行學會會士。彼為香港董事學會資深會員及香港銀行學會銀行專業會士。陳女士持有香港中文大學信息科技管理理學碩士學位及香港理工大學企業融資碩士學位。

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## Mr. Paul Franz Winkelmann
### Independent Non-Executive Director

Mr. Winkelmann, aged 70, was appointed as an Independent Non-Executive Director (“INED”) and the Chairman of the Audit Committee (“AC”) of the Company in January 2024. Mr. Winkelmann is currently an INED and the Chairman of the AC of Dah Sing Financial Holdings Limited (“DSFH”, a substantial shareholder of the Company as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited) and Dah Sing Bank, Limited (“DSB”). He is also a member of Risk Management and Compliance Committee of DSB.

Mr. Winkelmann joined PricewaterhouseCoopers (“PwC”) in 1984 and was admitted to partnership in 1990 to become a member of the first group of partners to set up PwC’s financial services practice in Hong Kong. He specialized in the audits of financial institutions, both local and international. He was partner-in-charge of PwC’s risk and compliance matters for Greater China for 14 years up to June 2014. He was also the leader of PwC’s Greater China Risk and Quality function overseeing auditing and ethical standards within PwC. In 2001, he joined the governance Board of Partners of PwC in Hong Kong and subsequently was appointed to the Management Board of PwC China and Hong Kong. Following his retirement from PwC Hong Kong in June 2014, Mr. Winkelmann was engaged as a senior advisor of PwC in Hong Kong on risk and quality matters during the period from July 2014 to December 2015.

Mr. Winkelmann is currently an INED and a Non-Industry Member of the General Committee of the Insurance Complaints Bureau. He is also the Non-IA Eligible DP Member of Disciplinary Panel Pool of the Insurance Authority. He was the Chairman of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants (“HKICPA”) from 2004 to 2009 and the President of HKICPA in 2009. In 2005, he was appointed to the Standing Committee on Company Law Reform and served for a period of 6 years. Mr. Winkelmann was the Chief Executive Officer of Financial Reporting Council of Hong Kong (now known as the Accounting and Financial Reporting Council) from April 2016 to March 2019. He is a fellow member of the HKICPA. He holds a Bachelor of Arts (Business) Degree from Trinity College, Dublin.

## Ms. Nancy Ha-Fong Chan
### Independent Non-Executive Director

Ms. Chan, aged 64, was appointed as an Independent Non-Executive Director (“INED”) and a member of the Audit Committee (“AC”) of the Company and Dah Sing Bank, Limited (“DSB”) in January 2024. She was appointed as a member of the Nomination and Remuneration Committee (“NRC”) of the Company and DSB in May 2025. From March 2022 to December 2023, Ms. Chan was an INED and a member of the AC, the Connected Transactions Control Committee, the Risk Management Committee and the Strategy Committee, and the Chairman of the NRC of Dah Sing Bank (China) Limited, a wholly owned subsidiary of DSB.

Ms. Chan joined Bank of Communications Co. Limited, Hong Kong Branch (“BOCOM”) as a management trainee in July 1981. She was the Assistant General Manager of BOCOM from April 1992 to June 1998, primarily responsible for the formulation and implementation of the operation procedures for trade finance, loan administration and bancassurance business, and she also led the trade finance and loan operations centralization project. Ms. Chan was the Deputy General Manager of BOCOM from July 1998 to March 2021 responsible for overseeing the daily operation of trade finance, loan administration, remittance and retail banking business and the launch of private banking business. She was appointed as Alternate Chief Executive of BOCOM in August 2002. Ms. Chan was a Director of Bank of Communications Trustee Limited from September 1999 to October 2019 and was appointed as the Chairman in June 2006. She was the Vice Chairman, Director and Chief Executive of Bank of Communications (Hong Kong) Limited before her retirement in June 2021. She has over 38 years of experience in the financial industry. Ms. Chan is an associate member of The Chartered Institute of Bankers, United Kingdom and The Hong Kong Institute of Bankers (“HKIB”). She is a Fellow of The Hong Kong Institute of Directors and a Certified Banker of HKIB. Ms. Chan holds a Master of Science degree in Information and Technology Management from the Chinese University of Hong Kong and a Master of Corporate Finance degree from the Hong Kong Polytechnic University.

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## 張建生先生
### 獨立非執行董事

張先生，67歲，於2024年1月獲委任為本公司之獨立非執行董事及大新銀行有限公司之獨立非執行董事及風險管理及合規委員會成員。張先生於2009年7月至2022年12月期間任職於星展銀行（香港）有限公司（「星展銀行」），並於2011年6月起擔任香港董事總經理兼企業及機構銀行總監一職，負責拓展星展銀行於香港的企業及商業銀行業務，直至2022年12月退休。彼亦於2012年12月至2022年12月期間出任星展銀行之替任行政總裁。於加入星展銀行前，彼為華僑銀行東北亞洲區總經理及香港分行總經理。在此等委任前，彼曾於花旗銀行香港、荷蘭銀行香港及荷蘭合作銀行香港分行等主要國際銀行出任企業及商業銀行和風險管理方面之高級職位。張先生於企業及商業銀行業擁有逾40年經驗。張先生現為嘉華國際集團有限公司及越秀地產股份有限公司（均於香港聯合交易所上市）之獨立非執行董事。彼為世界綠色組織董事會主席、香港金融學會會員及香港理工大學會計及金融諮詢委員會成員。彼於2011年至2016年期間曾為香港出口信用保險局之諮詢委員會成員及於2021年至2023年期間曾任銀行業行業培訓諮詢委員會委員。張先生持有香港大學經濟學社會科學學士學位。

## 王伯凌先生
### 執行董事

王先生，65歲，於2004年獲委任為本公司執行董事。彼於1995年加入大新銀行有限公司（「大新銀行」）擔任集團財務總監一職，於1997年晉升為董事，多年專責集團整體的財務管理及監控、營運操作與資訊系統職能。王先生於2011年5月晉升為大新銀行董事總經理兼行政總裁及於2017年8月調任為大新銀行副行政總裁及替任行政總裁。彼亦為大新金融集團有限公司（「大新金融」，為香港聯合交易所有限公司證券上市規則所界定之本公司主要股東）之執行董事兼副行政總裁以及澳門商業銀行股份有限公司、大新銀行（中國）有限公司（「大新中國」）、大新保險有限公司及澳門退休基金管理股份有限公司之董事以及大新中國之主席及本公司、大新金融及大新銀行提名及薪酬委員會成員。王先生曾擔任本公司、大新金融及大新銀行之集團財務及營運總監至2021年6月。王先生為專業會計師、英國特許公認會計師公會資深會員及香港會計師公會會員。彼持有香港大學社會科學學士學位及擁有逾40年財務管理及銀行營運經驗。

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### Mr. Kin-Sang Cheung (Alex Cheung)
*Independent Non-Executive Director*

Mr. Cheung, aged 67, was appointed as an Independent Non-Executive Director (“INED”) of the Company and an INED and a member of the Risk Management and Compliance Committee of Dah Sing Bank, Limited in January 2024. Mr. Cheung worked with DBS Bank (Hong Kong) Limited (“DBS”) from July 2009 to December 2022 where he served as Managing Director and Head of Institutional Banking Group in Hong Kong from June 2011 until his retirement in December 2022, responsible for growing DBS’s franchise in the corporate and commercial banking businesses in Hong Kong. He was also the Alternate Chief Executive of DBS from December 2012 to December 2022. Prior to joining DBS, he was the Regional General Manager, North East Asia and General Manager of Oversea-Chinese Banking Corporation Limited, Hong Kong Branch. Prior to such appointments, Mr. Cheung held senior positions in corporate commercial banking and risk management with major international banks including Citibank, Hong Kong, ABN AMRO Bank N.V., Hong Kong and Rabobank, Hong Kong Branch. Mr. Cheung has over 40 years of corporate and commercial banking experience. Mr. Cheung is currently as an INED of K. Wah International Holdings Limited and Yuexiu Property Company Limited (both are listed on the Hong Kong Stock Exchange). He is the Chairman of the Board of Governors of World Green Organisation, a member of the Hong Kong Academy of Finance and a member of the Advisory Committee on Accounting and Finance of the Hong Kong Polytechnic University. He was a member of the Advisory Board of Hong Kong Export Credit Insurance Corporation from 2011 to 2016 and a member of the Banking Industry Training Advisory Committee from 2021 to 2023. Mr. Cheung holds a Bachelor of Social Sciences degree in Economics from the University of Hong Kong.

### Mr. Gary Pak-Ling Wang
*Executive Director*

Mr. Wang, aged 65, was appointed as an Executive Director of the Company in 2004. He joined Dah Sing Bank, Limited (“DSB”) as the Group Financial Controller in 1995 and was promoted as a Director in 1997, responsible for the overall financial management and control, operations and IT functions of the Group for a number of years. Mr. Wang was promoted as the Managing Director and Chief Executive of DSB in May 2011 and was re-designated as the Deputy Chief Executive and Alternate Chief Executive of DSB in August 2017. He is also an Executive Director and Deputy Chief Executive of Dah Sing Financial Holdings Limited (“DSFH”, a substantial shareholder of the Company as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited), a Director of Banco Comercial de Macau, S.A., Dah Sing Bank (China) Limited (“DSB China”), Dah Sing Insurance Company Limited and Macau Pension Fund Management Company Limited, the Chairman of DSB China and a member of the Nomination and Remuneration Committee of the Company, DSFH and DSB. Mr. Wang was the Group Chief Financial and Operating Officer of the Company, DSFH and DSB until June 2021. Mr. Wang is a qualified accountant, a Fellow of The Association of Chartered Certified Accountants of the U.K. and a member of the Hong Kong Institute of Certified Public Accountants. He holds a Bachelor of Social Sciences degree from The University of Hong Kong and has over 40 years of experience in financial management and banking.

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# 高層管理人員

## 麥曉德先生
### 執行董事及副行政總裁

麥曉德先生，58歲，於2017年6月獲委任為本公司執行董事及副行政總裁。彼於1998年加入大新銀行有限公司（「大新銀行」）及現為大新銀行執行董事、副行政總裁及替任行政總裁。彼亦為大新銀行之集團財資、環球市場處及企業融資部主管，負責銀行財資業務及企業融資策劃。麥曉德先生為大新保險有限公司及澳門保險股份有限公司之董事。彼於2004年8月至2017年5月期間出任大新金融集團有限公司（本公司之母公司）之執行董事。麥曉德先生持有英國倫敦大學榮譽文學士學位（中文及經濟）。彼於英國及香港擁有逾35年之金融服務經驗。

## 王祖興先生
### 大新銀行有限公司副主席、董事總經理兼行政總裁

王先生，56歲，為大新銀行有限公司（「大新銀行」）副主席、董事總經理兼行政總裁。彼於2000年加入大新銀行及於2005年獲委任為執行董事並於2010年3月獲委任為董事會副主席。王先生於2017年8月獲委任為大新銀行之董事總經理兼行政總裁。彼於2011年4月至2017年6月期間擔任本公司之執行董事、董事總經理兼行政總裁。彼於2011年4月獲委任為大新金融集團有限公司（「大新金融」，為香港聯合交易所有限公司證券上市規則所界定之本公司主要股東）之集團總經理，並於2024年1月獲委任為大新金融之執行董事。彼亦為大新銀行（中國）有限公司、澳門商業銀行股份有限公司、大新保險有限公司、澳門保險股份有限公司及澳門退休基金管理股份有限公司之董事。王先生現為香港銀行學會之理事會成員。彼曾為商務及經濟發展局工業貿易署轄下工業貿易諮詢委員會之委員及保險業監管局成立的長期業務業界諮詢委員會非官方成員。王先生持有美國哈佛大學工商管理碩士學位及倫敦國王學院榮譽法律學士學位，並為英格蘭及威爾斯以及香港之合資格律師。王先生為本公司、大新銀行及大新金融董事會主席王守業先生之兒子。

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# SENIOR MANAGEMENT

### Mr. Nicholas John Mayhew
*Executive Director and Deputy Chief Executive*

Mr. Mayhew, aged 58, was appointed as an Executive Director and the Deputy Chief Executive of the Company in June 2017. He joined Dah Sing Bank, Limited (“DSB”) in 1998 and is currently an Executive Director, the Deputy Chief Executive and Alternate Chief Executive of DSB. He also serves as the Group Head of Treasury, Global Markets & Corporate Finance of DSB, responsible for its treasury and corporate finance activities. Mr. Mayhew is a Director of Dah Sing Insurance Company Limited and Macau Insurance Company Limited. He was an Executive Director of Dah Sing Financial Holdings Limited (the parent company of the Company) during the period from August 2004 to May 2017. Mr. Mayhew holds a Bachelor of Arts degree (Hons) (in Chinese and Economics) from the University of London. He has over 35 years of experience in financial services both in the U.K. and Hong Kong.

### Mr. Harold Tsu-Hing Wong
*Vice Chairman, Managing Director and Chief Executive of Dah Sing Bank, Limited*

Mr. Wong, aged 56, is currently a Vice Chairman, Managing Director and Chief Executive of Dah Sing Bank, Limited (“DSB”). Mr. Wong joined DSB in 2000, and was appointed as an Executive Director in 2005 and a Vice Chairman in March 2010. Mr. Wong was appointed as Managing Director and Chief Executive of DSB in August 2017. From April 2011 to June 2017, he was an Executive Director, Managing Director and Chief Executive of the Company. He was appointed as the Group General Manager of Dah Sing Financial Holdings Limited (“DSFH”, a substantial shareholder of the Company as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited) in April 2011 and appointed as an Executive Director of DSFH in January 2024. He is also a Director of Dah Sing Bank (China) Limited, Banco Comercial de Macau, S.A., Dah Sing Insurance Company Limited, Macau Insurance Company Limited and Macau Pension Fund Management Company Limited. Mr. Wong is currently an Executive Committee Member of the Hong Kong Institute of Bankers. He was a Non-official Member of the Trade and Industry Advisory Board of Trade and Industry Department under Commerce and Economic Development Bureau and a Non-official Member of the Advisory Committee on Long Term Business established by the Insurance Authority. Mr. Wong holds a Master of Business Administration degree from Harvard University, U.S.A. and a Bachelor of Laws (Honours) degree from King’s College, London, and is a qualified solicitor in England and Wales and in Hong Kong. Mr. Wong is a son of Mr. David Shou-Yeh Wong, the Chairman of the Boards of the Company, DSB and DSFH.

---

# 王美珍女士
## 大新銀行有限公司執行董事兼副行政總裁

王女士，59歲，於2012年2月加入大新銀行有限公司（「大新銀行」）出任零售銀行處主管，專責發展及管理零售銀行、銀行保險、零售證券、財富管理業務、私人銀行及汽車貸款業務。彼於2012年5月獲委任為大新銀行執行董事及於2014年5月獲委任為大新銀行替任行政總裁。彼於2022年4月獲委任為大新銀行副行政總裁及集團個人銀行主管。王女士持有英國布魯內爾大學（經 Henley Management College）工商管理碩士及香港大學文學士學位。彼擁有逾35年零售及個人銀行業務經驗，曾任職其他在香港經營之銀行，包括渣打銀行及中信銀行國際。

# 陳維堅先生
## 大新銀行有限公司執行董事兼替任行政總裁

陳先生，54歲，於2009年加入大新銀行有限公司（「大新銀行」）出任總經理及財富管理處主管，及於2019年3月獲委任為大新銀行執行董事。彼於2022年6月獲委任為大新銀行替任行政總裁。陳先生為集團財富管理處主管，專責制訂及執行大新銀行財富管理業務之整體策略，包括證券經紀業務、零售財富管理業務及私人銀行業務。彼持有劍橋大學文學士學位及哈佛商學院工商管理碩士學位。彼為CFA協會之特許金融分析師及私人財富管理公會之註冊私人財富管理師。陳先生擁有逾25年於金融服務、製造及公共行政多個範疇之豐富經驗。

# 馬苑麗女士
## 大新銀行有限公司執行董事兼替任行政總裁

馬女士，59歲，於2020年2月加入大新銀行有限公司（「大新銀行」）出任集團企業銀行處主管，專責發展及管理企業銀行業務。彼於2021年2月獲委任為大新銀行之執行董事兼替任行政總裁。彼擁有逾35年於香港、英國及美國豐富的銀行經驗，主要負責商業及企業銀行各界別的客戶。馬女士持有倫敦政治經濟學院之經濟學理學士學位。

# 何嘉揚先生
## 大新銀行（中國）有限公司行政總裁兼董事

何先生，53歲，於2007年7月加入大新銀行有限公司（「大新銀行」），曾擔任集團企業發展和投資者關係總經理，且於2018年11月獲委任為本公司主要營運附屬公司大新銀行（中國）有限公司（「大新銀行（中國）」）之董事。彼於2020年6月獲委任為大新銀行（中國）之執行董事及於2021年7月獲委任為大新銀行（中國）之行政總裁。何先生擁有逾25年從事中國及香港金融及銀行業務經驗。在加入大新銀行前，曾任職於投資銀行、國際商業銀行以及國際會計師事務所。

# 劉伯雄先生
## 澳門商業銀行股份有限公司行政總裁兼董事

劉先生，61歲，於2020年1月加入大新銀行有限公司（「大新銀行」）及獲委任為本公司主要營運附屬公司澳門商業銀行股份有限公司（於澳門註冊成立）之行政總裁兼董事。劉先生擁有逾39年於香港、馬來西亞、美國及澳門的豐富銀行業務經驗。彼於1986年加入香港上海滙豐銀行有限公司開始其於銀行界之事業發展，加入大新銀行前，彼為香港上海滙豐銀行有限公司澳門分行之行政總裁。

---

### Ms. Phoebe Mei-Chun Wong
**Executive Director and Deputy Chief Executive of Dah Sing Bank, Limited**

Ms. Wong, aged 59, joined Dah Sing Bank, Limited (“DSB”) as Head of Retail Banking in February 2012, responsible for the development and management of overall retail banking, bancassurance, retail brokerage, wealth management businesses, private banking and vehicle financing. She was appointed as an Executive Director of DSB in May 2012 and an Alternate Chief Executive of DSB in May 2014. She was further appointed as a Deputy Chief Executive of DSB and Group Head of Personal Banking in April 2022. Ms. Wong holds a Master of Business Administration degree from Brunel University (UK) via Henley Management College and a Bachelor of Arts degree from the University of Hong Kong. She has over 35 years of experience in retail and personal banking business with other banks operating in Hong Kong, including Standard Chartered Bank and CITIC Bank International.

### Mr. Cliff Wai-Kin Chan
**Executive Director and Alternate Chief Executive of Dah Sing Bank, Limited**

Mr. Chan, aged 54, joined Dah Sing Bank, Limited (“DSB”) as General Manager and Head of Wealth Management in 2009, and was appointed as an Executive Director of DSB in March 2019. He was further appointed as an Alternate Chief Executive of DSB in June 2022. Mr. Chan is Group Head of Wealth Management and is responsible for the formulation and execution of overall business strategies of DSBʼs wealth management business, including securities brokerage, retail wealth management, and private banking. He holds a Bachelor of Arts degree from the University of Cambridge and a Master degree in Business Administration from the Harvard Business School. He is a Chartered Financial Analyst of the CFA Institute and a Certified Private Wealth Professional of the Private Wealth Management Association. Mr. Chan has over 25 years of extensive experience in various areas including financial services, manufacturing and public administration.

### Ms. Barbara Yuen-Lai Ma
**Executive Director and Alternate Chief Executive of Dah Sing Bank, Limited**

Ms. Ma, aged 59, joined Dah Sing Bank, Limited (“DSB”) as Group Head of Corporate Banking in February 2020, responsible for overseeing and supervising corporate banking business. She was appointed as an Executive Director and an Alternate Chief Executive of DSB in February 2021. She has over 35 years of solid banking experience in Hong Kong, the United Kingdom and the United States, mainly in commercial and corporate banking with a full spectrum of clients in various sectors. Ms. Ma attained a Bachelor of Science in Economics from The London School of Economics and Political Science.

### Mr. Eric Ka-Yeung Ho
**Chief Executive Officer and Director of Dah Sing Bank (China) Limited**

Mr. Ho, aged 53, joined Dah Sing Bank, Limited (“DSB”) in July 2007. He was the Head of Corporate Development, Strategy and Investor Relations of the Group before the appointment as a Director of Dah Sing Bank (China) Limited (“DSB China”), a key operating subsidiary of the Company, in November 2018. He was then appointed as an Executive Director of DSB China in June 2020 and the Chief Executive Officer of DSB China in July 2021. Mr. Ho has over 25 years of experience in finance and banking industry in China and Hong Kong. He worked for investment bank, international commercial bank and international accounting firm before joining DSB.

### Mr. Pak-Hung Lau
**Chief Executive Officer and Director of Banco Comercial de Macau, S.A.**

Mr. Lau, aged 61, joined Dah Sing Bank, Limited (“DSB”) and was appointed as the Chief Executive Officer and a Director of Banco Comercial de Macau, S.A. (incorporated in Macau), a key subsidiary of the Company, in January 2020. Mr. Lau has over 39 years of solid banking experience in Hong Kong, Malaysia, the United States and Macau. He started his career in banking by joining HSBC in 1986 and immediately before joining DSB, he was the CEO of HSBC Macau Branch.

---

# 主席報告書

本集團於2025年妥善應對複雜的營商環境。儘管全球經濟增長在持續的地緣政治緊張局勢下保持溫和，本地消費的顯著復甦為我們的核心業務奠定具韌性的基礎。

香港經濟在全年展現復甦現象。住宅物業市場反彈，樓價呈見底跡象，全年成交量亦達到較高水平。受投資者信心恢復及南下資金流增加所帶動，股票市場活動顯著回升。隨著居民資產負債情況改善，消費支出得以提升。宏觀經濟環境改善為我們創造業務增長機遇，同時，我們依然堅守嚴謹的信貸風險管理。

我們的交易活動於2025年表現強勁，受惠於港元利率下調及外匯市場的急劇波動。該等因素抵銷因港元與美元息差擴大而提高的資金掉期成本。

我們在去年順利完成與永明金融集團在香港分銷永明產品的首兩年銀保合作，我們的財富管理業務連續第二年取得卓越成果，反映此策略性合作所帶來的持續成功及進展。

儘管香港商業房地產市場疲弱及中國內地房地產行業持續面臨挑戰，導致整體貸款增長受壓，我們仍錄得客戶貸款及墊款總額的溫和增長。同時，我們削減香港商業房地產相關貸款的風險敞口，以維持審慎的信貸風險控制。

2025年，住宅物業市場於2025年第四季受惠於利率下調而出現復甦跡象。雖然本地零售市場仍受到挑戰，但北上消費的增長已趨於穩定。全球貿易戰及地緣政治局勢持續緊張，影響了我們主要市場的經濟。在好壞參半的經濟背景下，本集團表現出強韌的實力，錄得扣除減值虧損前之營運溢利增長24%，而營運支出則錄得溫和升幅。成本對收入比率為43.5%，較去年的48.2%有所改善。

儘管我們在利率普遍下降的環境下經營，大新銀行的淨息差仍擴大24個基點至2.41%。這項改善反映我們成功增加往來存款及儲蓄存款結餘，並積極對資金成本實施嚴謹控制。即使本地銀行業在美聯儲減息後承受息差壓力，該等舉措仍使我們具備擴大淨息差的能力。

受利息及非利息收入穩健增長的推動，營運收入增長14%至79億1千5百萬港元。淨利息收入上升10%至58億2千9百萬港元，而非利息收入則增加27%至20億8千7百萬港元。

不包括2005年收購澳門商業銀行所產生的商譽之非現金減值虧損，扣除信貸減值虧損後之營運溢利按年增加49%，主要受營運收入增加所帶動，反映核心業務的盈利能力錄得顯著增幅。年內信貸減值虧損錄得輕微下降，反映我們審慎的資產質素管理。

我們應佔重慶銀行的業績按年增加8%至7億2千9百萬港元，年內並無錄得於聯營公司投資之減值虧損。

因此，本集團錄得本年度股東應佔溢利增加20%至24億7千6百萬港元。

---

### CHAIRMAN’S STATEMENT

The Group navigated a complex business environment in 2025. Whilst global economic growth remained moderate amidst persistent geopolitical tensions, a notable recovery in domestic consumption provided a resilient foundation for our core operations.

The Hong Kong economy showed signs of recovery throughout the year. The residential property market rebounded, with signs of residential prices bottoming out and full-year transactions reaching a higher level. Stock market activity picked up significantly, driven by renewed investor confidence and increased southbound capital flows. Consumer spending also improved as household balance sheets recovered. This improving macroeconomic backdrop created opportunities for us to grow our business while maintaining disciplined credit risk management.

Our trading activities delivered a robust performance during 2025, driven by lower HKD interest rates and heightened FX market volatility. These factors offset the higher net cost in our funding swap activities arising from a wide differential between HKD and USD interest rates.

We successfully completed the first two years of bancassurance partnership with the Sun Life Group for distributing Sun Life products in Hong Kong. Our wealth management business achieved stronger results for the second consecutive year, reflecting the continued success and progress of this strategic collaboration.

Despite overall subdued loan growth due to the sluggish commercial real estate (“CRE”) market in Hong Kong and continued challenges in Chinese Mainland’s property sector, we managed to deliver modest growth in gross loans and advances to customers. Meanwhile, we reduced exposure to Hong Kong CRE related loans to maintain prudent credit risk control.

In 2025, signs of recovery emerged in the residential property market during the fourth quarter of 2025, benefitting from declining interest rates. The growth of northbound consumption has somewhat stabilised though the local retail market remained challenging. The global trade war and geopolitical tensions persisted, affecting the economies of our key markets. Amid the mixed economic backdrop, the Group delivered a resilient performance, reporting a 24% increase in operating profit before impairment losses, alongside a moderate rise in operating expenses. The cost-to-income ratio improved to 43.5%, compared to 48.2% in the previous year.

DSB’s net interest margin (“NIM”) expanded by 24 basis points to 2.41% despite operating in a broadly declining interest rate environment. This improvement reflected our success in actively growing our Current Account and Savings Account (“CASA”) deposit balance and exercising disciplined control over funding costs. These initiatives enabled us to widen the NIM, even as the local banking sector faced margin pressures following the US Federal Reserve’s rate cuts.

Operating income grew by 14% to HK$7,915 million, driven by solid growth in both interest and non-interest incomes. Net interest income rose by 10% to HK$5,829 million, while non-interest income increased by 27% to HK$2,087 million.

Excluding the non-cash impairment loss of goodwill arising from the acquisition of Banco Comercial de Macau in 2005, operating profit after credit impairment losses increased by 49% year on year, mainly driven by higher operating income, representing a substantial increase in profitability in our core businesses. Reflecting our prudent asset quality management, credit impairment losses declined mildly over the year.

Our share of results from Bank of Chongqing increased by 8% year on year to HK$729 million, and no impairment loss on the investment in the associate was recorded for the year.

As a result, our Group reported a 20% growth in profit attributable to shareholders at HK$2,476 million for the year.

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# 前瞻

展望2026年，我們保持審慎樂觀取態。受惠於貨幣環境放寬、消費需求持續增長，以及加強香港作為國際金融及財富管理中心地位之政策措施，預期香港經濟將穩步擴張。住宅物業市場方面，按揭利率進一步下調以及本地買家與中國內地投資者的持續需求，料將支持樓價及成交量繼續復甦。於商業房地產領域，本集團持適度正面態度，預期需求將會增加。作為集團持續策略的一部分，我們最近收購了位於黃竹坑並擁有冠名權的新物業，以進一步鞏固本集團網絡。該項物業收購將透過整合目前分布於不同地點的若干營運部門，在不影響大新金融中心總部整體運作的情況下提升營運效率，同時亦為配合未來業務增長提供必要的空間。

我們的重心仍將集中於可控範疇，包括嚴謹的成本管理、對增長領域進行選擇性投資，以及維持強健的資產負債表。我們相信，此審慎策略將使我們能夠有效應對未來的市場發展，同時使本集團處於有利位置，以在未來穩步前進。近期的中東事件反映全球風險仍然存在，我們預計此類風險在短期內將維持高企。本集團將維持審慎保守，保持強韌的財務狀況，同時尋求符合我們策略之機遇，以為股東創造可持續的回報。

董事會建議派發末期股息每股0.49港元，全年股息總額達每股0.80港元，較2024年的0.66港元增加21%。建議派發之末期股息須待2026年股東周年大會批准。

本人衷心感謝諸位董事作出之寶貴貢獻，亦感謝本集團的管理團隊及各同事盡忠職守，克服各種挑戰和確保卓越營運。同時本人對各客戶及股東對本集團的堅定信任及支持表示誠摯謝意。本人相信同事們的恪守承諾及靈活變通，將繼續有助本集團實現策略性目標及推進整體業務增長。

主席
**王守業**

香港，2026年3月30日

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## FUTURE PROSPECTS

Looking ahead to 2026, we remain cautiously optimistic. Hong Kong’s economy is expected to expand at a steady pace, supported by easing monetary conditions, ongoing growth in consumer demand and policy measures to strengthen its role as an international financial and wealth management hub. In the residential property sector, further reductions in mortgage rates and sustained demand from local buyers and Chinese Mainland investors are anticipated to support a continued recovery in home prices and transaction volumes. In the CRE sector, the Group remains somewhat positive, anticipating an increase in demand. As part of our ongoing strategy, we recently acquired new premises with naming rights in Wong Chuk Hang to further strengthen the Group’s franchise. This property acquisition will enhance our operational efficiency by consolidating certain operational units currently located across different sites without impacting the overall head office operations at Dah Sing Financial Centre, while also providing essential capacity to accommodate future business growth.

Our focus will remain on areas within our control including disciplined cost management, selective investment in growth areas, and maintaining a strong balance sheet. We believe this prudent approach will allow us to respond effectively to future market developments while positioning our Group for steady progress in the future. Global risks have recently been demonstrated by events in the Middle East, and we expect such risks to remain elevated for the time being. The Group will stay prudent and conservative, maintaining a strong financial position while seeking opportunities that align with our strategy to deliver sustainable returns for shareholders.

On behalf of the Board, we have recommended a final dividend of HK$0.49 per share, representing a total dividend of the whole year of HK$0.80 per share, an increase of 21% compared to the HK$0.66 in 2024. The proposed dividend is subject to approval at the 2026 Annual General Meeting.

I would like to express my sincere gratitude to my fellow directors for their invaluable contributions, and to the management team and employees of the Group for their dedication in overcoming challenges and upholding operational excellence. My appreciation also extends to our customers and shareholders for their continued trust and support. I am confident that the commitment and adaptability of our colleagues will continue to drive the Group forward in achieving our strategic objectives and enhancing overall business performance.

### David Shou-Yeh Wong
Chairman

Hong Kong, 30 March 2026

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# 業務回顧

## 財務摘要

本年度集團綜合財務表現撮要概列於下表：

| 百萬港元 | 2025年 | 2024年 | 變動 |
| :--- | :--- | :--- | :--- |
| 淨息差 | **2.41%** | 2.17% | |
| 營運收入 | **7,915.2** | 6,934.9 | 14.1% |
| 扣除信貸減值虧損前之營運溢利 | **4,468.9** | 3,594.9 | 24.3% |
| 扣除信貸減值虧損後之營運溢利 | **2,686.1** | 1,803.5 | 48.9% |
| 除稅前溢利 | **2,859.6** | 2,395.4 | 19.4% |
| 年度溢利 | **2,475.8** | 2,060.3 | 20.2% |
| 不包括於聯營公司投資之股東應佔溢利 | **1,747.1** | 1,398.6 | 24.9% |
| 客戶貸款 | **140,158** | 138,374 | 1.3% |
| 客戶存款 | **205,304** | 201,568 | 1.9% |
| 已發行的存款證 | **888** | 4,295 | (79.3%) |
| 存款合計 | **206,192** | 205,863 | 0.2% |
| 後償債務 | **4,275** | 4,147 | 3.1% |
| 貸款（不包括貿易票據）對存款（包括已發行的存款證）比率 | **68.0%** | 67.2% | |
| 成本對收入比率 | **43.5%** | 48.2% | |

## 財務回顧

受對外貿易表現創歷史新高及內需逐步企穩所推動，2025年香港經濟增長由2024年的2.6%升至3.5%。

2025年貨物總出口激增15.4%，達到5.24萬億港元的歷史新高。該強勁增長受惠於亞洲區內貿易往來活躍。儘管貿易緊張局勢持續，因應全球關稅政策轉變而出現部分提前出貨的情況，為整體經濟提供一定支撐。

本地消費在經歷疲弱的2024年後出現復甦跡象。受入境旅遊持續復甦及本地消費氣氛改善帶動，零售業總銷貨價值恢復溫和增長，全年上升1.0%。雖然「北上消費」仍為結構性挑戰，但本地股市走勢轉強及實質工資上升，有助提振私人消費開支，全年錄得1.7%的增長。

政府開支仍發揮穩定作用，重點投入北部都會區等大型基建項目的資本開支，儘管逐漸轉向財政整合。

私人資本投資出現好轉，隨著營商情緒改善而回升。受各行業加速數字化及人工智能轉型帶動，機械及設備方面的復甦尤為顯著。

2025年住宅物業市場迎來轉機。經過三年的調整，房價趨於平穩並錄得3.3%的按年升幅。這得益於跟隨美國聯邦儲備局步伐的連續降息，以及中國內地買家回流。與此同時，私人物業租金飆升至歷史新高。

---

# REVIEW OF OPERATIONS

## FINANCIAL HIGHLIGHTS

The highlights of the Group’s consolidated financial performance for the year are summarized in the table below:

| HK$ Million | 2025 | 2024 | Variance |
| :--- | :--- | :--- | :--- |
| Net interest margin | **2.41%** | 2.17% | |
| | | | |
| Operating income | **7,915.2** | 6,934.9 | 14.1% |
| Operating profit before credit impairment losses | **4,468.9** | 3,594.9 | 24.3% |
| Operating profit after credit impairment losses | **2,686.1** | 1,803.5 | 48.9% |
| Profit before taxation | **2,859.6** | 2,395.4 | 19.4% |
| Profit for the year | **2,475.8** | 2,060.3 | 20.2% |
| Profit attributable to shareholders excluding the investment in an associate | **1,747.1** | 1,398.6 | 24.9% |
| | | | |
| Advances to customers | **140,158** | 138,374 | 1.3% |
| Deposits from customers | **205,304** | 201,568 | 1.9% |
| Certificates of deposit issued | **888** | 4,295 | (79.3%) |
| Total deposits | **206,192** | 205,863 | 0.2% |
| | | | |
| Subordinated notes | **4,275** | 4,147 | 3.1% |
| | | | |
| Loan (excluding trade bills) to deposit (including certificates of deposit issued) ratio | **68.0%** | 67.2% | |
| | | | |
| Cost to income ratio | **43.5%** | 48.2% | |

## FINANCIAL REVIEW

Hong Kong’s economic growth accelerated to 3.5% in 2025 from 2.6% in 2024, driven by a record-breaking performance in external trade and a gradual stabilisation of domestic demand.

The total exports of goods surged by 15.4% in 2025, reaching a historical high of HK$5.24 trillion. This robust growth was propelled by buoyant regional trade flows within Asia. While trade tensions persisted, some front-loading of shipments occurred in response to shifting global tariff policies, providing some support to the broader economy.

Domestic consumption showed signs of recovery after a subdued 2024. Total retail sales value resumed modest growth, rising by 1.0% for the year, supported by a continued recovery in inbound tourism and improved local sentiment. Although “northbound consumption” remained a structural challenge, a stronger local stock market and rising real wages helped bolster private consumption expenditure, which grew by 1.7% for the full year.

Government expenditure remained a stabilising force, with a focus on capital spending for major infrastructure projects such as the Northern Metropolis, despite a shift toward gradual fiscal consolidation.

Private capital investment saw a turnaround, picking up alongside improved business sentiment. The recovery was particularly notable in machinery and equipment, fuelled by the accelerating digital and AI transformation across sectors.

The residential property market turned a corner in 2025. After a three-year correction, home prices stabilised and recorded a year-on-year increase of 3.3%. This was supported by successive interest rate cuts following the US Federal Reserve’s lead, as well as the return of Chinese Mainland buyers. Meanwhile, private property rents soared to a record high.

---

中國公布2025年生產總值增長率為5.0%，連續第二年達到「5%左右」的官方目標。儘管面對貿易壁壘升級的威脅，在對非美國市場強勁出口的帶動下，貿易順差飆升至創紀錄的1.2萬億美元。由於勞動力市場疲軟及房地產行業持續收縮拖累內需，此外部優勢有助於緩衝消費開支及私人投資方面的弱勢。

受惠於經濟狀況改善，儘管營商環境充滿挑戰，在計及2005年收購澳門商業銀行所產生的商譽之非現金減值虧損後，本集團扣除信貸減值虧損後之營運溢利上升48.9%至26億8千6百萬港元，而股東應佔溢利則上升20.2%至24億7千6百萬港元，主要歸因於營運收入增加及嚴謹的營運開支管理。

營運收入較2024年增加14.1%，主要由於年內淨息差擴濶帶動淨利息收入上升，以及部分受保險、財富管理服務及證券經紀業務帶動，淨服務費及佣金收入增加。由於買賣收入上升及交易業績改善，年內淨交易收入提升，惟部分被較去年的資金掉期支出增加所抵銷。

營運支出因工資及佣金隨業務上升而增加3.2%，惟部分被其他營運支出及物業相關開支減少所抵銷。我們繼續投資於資訊科技相關基建及人力資源，以提升我們的銀行服務及客戶體驗。

信貸減值撥備按年輕微下跌0.5%，乃由於本集團對香港商業地產行業及中國內地房地產發展商行業風險敞口的信貸虧損撥備減少。

於2025年12月31日，本集團於重慶銀行投資的市值超過投資的賬面值，因此年內無需作出進一步減值撥備。重慶銀行的營運表現仍然令人滿意，本集團應佔其淨溢利為7億2千9百萬港元，較去年高。

於2025年，本集團決定就大新銀行於2005年收購澳門銀行業務所產生的商譽確認4億9千3百萬港元的減值撥備。此乃經審慎考慮澳門本地營商環境及經濟前景，並就其可收回金額與現行賬面值進行對比的詳細評估後作出。應注意與商譽相關的減值撥備屬非現金性質，並不影響本集團的資本充足率。

本集團的澳門銀行業務持續面臨壓力，由於貸款及存款餘額減少，導致淨利息收入下跌。此部分被來自一次性費用的非利息收入增加，以及費用收入及淨交易收入增加所抵銷。同時，本集團的中國內地銀行業務於2025年表現疲弱，儘管貸款餘額增加，扣除信貸減值撥備前產生的淨溢利仍大於被信貸減值撥備所抵銷。

本集團的股東資金回報率由2024年的6.2%上升至2025年的7.2%。成本對收入比率則由2024年的48.2%下降至2025年的43.5%。

於2025年12月31日，大新銀行有限公司（「大新銀行」）之綜合普通股權一級資本充足率增加至18.8%，較2024年底的16.9%增加1.9個百分點。計及大新銀行的二級後償債務餘額，大新銀行於年底的綜合整體資本充足率為23.1%，較去年的21.0%上升。大新銀行的流動性維持比率繼續維持遠高於25%的最低要求，年內平均水平為60.8%。本集團相信其資本及流動資金比率水平處於在香港銀行同業及國際銀行業界的市場範圍內。

---

China reported GDP growth of 5.0% in 2025 for the second consecutive year, meeting its official target of “around 5%.” Despite threats of escalating trade barriers, the trade surplus surged to a record US$1.2 trillion, driven by strong shipments to non-US markets. This external strength helped buffer weaknesses in consumer spending and private investment, as a soft labour market and a continued contraction in real estate sector weighed on domestic demand.

Benefitting from the improved economic conditions and despite a challenging business environment, our Groupʼs operating profit after credit impairment losses increased by 48.9% to HK$2,686 million and profit attributable to shareholders increased by 20.2% to HK$2,476 million mainly from higher operating income and disciplined operating expenses management, after taking into account a non-cash impairment loss on the goodwill arising from the acquisition of Banco Comercial de Macau in 2005.

Operating income was 14.1% higher than 2024, mainly driven by higher net interest income from a wider net interest margin during the year, and stronger net fee and commission income, in part from the insurance, wealth management service and securities brokerage businesses. Net trading income rose in the year due to higher sales income and improved trading results, partly offset by a higher funding swap cost when compared with last year.

Operating expenses grew by 3.2% due to increases in wages and commission in line with business growth, while partly offset by lower other operating expenses and premises related expenses. We continued to invest in IT related infrastructure and in our human resources to improve our banking services and customer experience.

Credit impairment charges decreased slightly by 0.5% year on year, as a result of lower provisions for credit losses on our exposures to the Hong Kong commercial real estate sector and Chinese Mainland property developer sector.

The market value of our investment in Bank of Chongqing (“BOCQ”) exceeded its carrying value as at 31 December 2025, and therefore there was no need to recognize further impairment charge for the year. The operating performance of BOCQ remained satisfactory, and our share of its net profit was HK$729 million, above last year.

During 2025, we decided to recognize an impairment charge of HK$493 million on the goodwill arising from DSBʼs acquisition of our Macau banking business in 2005. This followed careful consideration of the local business environment and economic outlook in Macau, as well as a detailed assessment comparing its recoverable amount with the current carrying value. It should be noted that the impairment charge relating to goodwill is non-cash and does not affect our capital adequacy.

Our Macau banking business continued to face pressure, with net interest income declining due to lower loan and deposits balances. This was partly offset by stronger non-interest income from a one-off fee as well as growth in fee income and net trading income. Meanwhile, our Chinese Mainland banking business recorded a weak performance in 2025, as the net profit generated before credit impairment charges was more than offset by the credit impairment charges, even though loan balances increased.

Our return on shareholdersʼ funds increased from 6.2% in 2024 to 7.2% in 2025. Cost to income ratio decreased from 48.2% in 2024 to 43.5% in 2025.

As at 31 December 2025, the consolidated Common Equity Tier 1 ratio of Dah Sing Bank, Limited (“DSB” or the “Bank”) increased to 18.8%, 1.9 percentage points higher than the level of 16.9% at the end of 2024. Taking into account DSBʼs outstanding Tier 2 subordinated debts, DSBʼs consolidated capital adequacy level at year end was 23.1%, higher than last year of 21.0%. Our Bank continued to operate well above the minimum Liquidity Maintenance Ratio of 25%, reporting an average level of 60.8% during the year. We believe that our capital and liquidity ratios are maintained at levels within the market range for both peer banks in Hong Kong, and for banks internationally.

---

# 業務表現概要

## 個人銀行

本集團個人銀行業務於2025年表現強勁，錄得淨溢利增長44.8%。此穩健業績乃受淨息差擴大、來自財富管理及中小企業業務之非利息收入增加以及持續嚴格成本控制所帶動。

本集團於2025年繼續透過擴闊目標客戶群及深化與現有客戶的關係，專注於建立交易性活期及儲蓄賬戶結餘。為回應個人客戶對無縫日常銀行業務及跨境消費便利日益增加的需求，本集團推出了多貨幣扣賬卡，提升了賬戶實用性並鼓勵更積極的餘額留存。為更迎合中小企不斷變化的需求，本集團透過豐富產品組合，以及將實體中小企網絡由18間擴張至20間中小企銀行中心，從而強化本集團的價值主張。針對個人及中小企客戶，本集團專注於策略性提升，以鞏固存款基礎並增強交易能力。

個人銀行部透過積極推廣及與各種社交媒體平台合作以提高市場知名度，同時保持無抵押私人貸款及信用卡的市場份額。憑藉前瞻性調整貸款審批準則及信貸組合管理策略，信貸減值水平較去年有所改善，進一步證明貸款組合整體抗逆能力。

> 大新銀行於2025年6月開設全新銅鑼灣分行，進一步完善實體網絡。分行設有專屬跨境銀行中心，支援深化香港內地互聯互通，並提供整合、以客為本的跨境銀行及財富管理服務。
> 
> DSBʼs new Causeway Bay Branch, opened in June 2025, marks a further enhancement of our physical network. Featuring a dedicated Cross-Border Banking Centre, the branch reflects our strategic focus on strengthening connectivity between Hong Kong and the Mainland, and on delivering integrated, customer-centric cross-border banking and wealth management services.

# 深化以客為本的
# 財富管理服務
## DEEPENING
## CUSTOMER-CENTRIC
## WEALTH MANAGEMENT IN
## VIP BANKING

VIP銀行服務持續優化以客為本的服務策略，進一步讓理財服務更適時適切，提供更具洞察力的建議。團隊年內透過有系統的客戶研究建構新的「投資者信心指數」，深入掌握市場情緒及客戶期望，從而更準確理解投資者需要。所得研究結果協助客戶經理優化理財方案，提升產品建議的適切性，尤其適用於富裕及高資產值客群。

VIP銀行服務亦持續升級服務，例如24小時美股交易及更全面的保障與傳承規劃方案，以切合更廣泛的財富管理目標。

---

# HIGHLIGHT OF BUSINESS PERFORMANCE

## Personal Banking

Our Personal Banking business delivered a strong performance in 2025, achieving 44.8% growth in net profit. This solid result was driven by an expanded net interest margin, higher non-interest income from our Wealth Management and Small and Medium-sized Enterprise (“SME”) segments, as well as continued cost discipline.

In 2025, we remained focused on building transactional CASA balances by expanding our target customer segments and deepening engagement with existing customers. Responding to personal customers’ increasing demand for seamless daily banking and cross-border spending convenience, we launched a Multi-Currency Debit Card, enhancing account usability and encouraging more active balance retention. To better meet the evolving needs of SMEs, we strengthened our value proposition through enhanced product offerings and expanded physical SME network from 18 to 20 SME Banking Centres. For both personal and SME customers, we focused on strategic enhancements to reinforce our deposit franchise and strengthen transactional capabilities.

We maintained our market share in unsecured personal loans and credit cards through targeted promotions and collaborations with major social media platforms to enhance brand visibility. With proactive adjustments to our origination criteria and portfolio management strategies, credit impairment levels improved compared with last year, further demonstrating the resilience of our overall portfolio.

VIP Banking continued to strengthen its customer-centric proposition by making its wealth management services more timely, relevant and insight driven. During the year, the team conducted structured customer research to develop the new Investor Confidence Index, enabling a deeper understanding of market sentiment and client expectations and allowing us to more accurately anticipate investor needs. These insights help relationship managers tailor advisory priorities and improve the relevance of product recommendations for affluent and high net worth customers.

VIP Banking also delivered ongoing service upgrades such as 24-hour US stock trading and broader protection and legacy-planning solutions.

| Investor Confidence Index 2026 | Value | Status |
| :--- | :--- | :--- |
| 「投資者信心指數」2026 | 68 | 信心偏強 Strong confidence |

| Investors in the next 12 months 投資者未來12個月 | Value |
| :--- | :--- |
| 預期投資平均回報 Average expected return | 7.9% |
| 維持或增加投資資金 Maintain or increase investment allocation | 89% |

---

財富管理服務仍然是個人銀行的核心焦點，因應客戶的人生階段及理財目標，提供全面且個人化投資及保險解決方案。本集團與香港永明金融訂立的銀行保險夥伴業務繼續拓展了產品範圍並深化客戶聯繫，從而帶動財富管理費收入錄得強勁的按年增長。

此外，在產品實力提升、向企業銀行客戶成功推行交叉銷售舉措，以及能提供更多定制解決方案的升級版個人化服務模式支持下，我們的私人銀行業務按年錄得強勁增長。

我們亦加速數碼轉型步伐。於年內，我們應用生成式人工智能（GenAI）技術製作具時效且以客戶為中心的內容及市場洞察，推動數碼平台互動量提升。我們進一步加強安全性，透過實施 MoneySafe、裝置綁定，以及在高風險交易中以綁定裝置認證取代短訊一次性密碼，以加強客戶保障。此等舉措帶動數碼交易量按年增加 14.6%。

配合全方位渠道策略，我們繼續於分行推廣無紙化營運，以提高營運效率及優化數碼客戶體驗。於 2025 年 12 月 31 日，本集團在香港的零售網絡涵蓋遍布香港島、九龍及新界的 42 間分行，包括 27 間 VIP 銀行中心及 20 間中小企業銀行中心。

大新銀行部署數碼主持，推進以市場洞察為本的財富管理策略，並運用人工智能提供適時及具參考價值的市場資訊，進一步鞏固高科技、高關顧的服務模式，協助客戶應對不斷變化的市況。

DSB advances its insight-led wealth management proposition through the deployment of a digital human, leveraging AI to deliver timely, relevant market insights and reinforce its high-tech, high-touch commitment to supporting customers in an evolving financial landscape.

# 鞏固作為香港「中小企銀行首選」的角色
## STRENGTHENING OUR ROLE AS HONG KONG’S SME BANK OF CHOICE

| 大新中小企銀行服務 | 大新中小企銀行服務 | 大新中小企銀行服務 |
| :--- | :--- | :--- |
| **擬定轉型大計**<br>**業務不斷創新** | **開創跨境潛能**<br>**版圖不斷擴張** | **推動低碳轉型**<br>**營運不斷綠化** |
| 共創‧商贏 | 共創‧商贏 | 共創‧商贏 |

---

Wealth management services remained a key focus for Personal Banking, as we delivered a comprehensive range of personalised investment and insurance solutions tailored to customers' life stages and financial aspirations. Our bancassurance partnership with Sun Life Hong Kong continued to enhance our product breadth and deepen customer engagement, which in turn led to a strong year-on-year growth in wealth management fee income.

In addition, our Private Banking business achieved robust year-on-year growth, supported by enhanced product capabilities, successful cross selling initiatives to Corporate Banking customers, and an upgraded personalised service model delivering more customised solutions.

We also accelerated our digital transformation journey. During the year, we applied GenAI technology to generate timely, customer focused content and market insights, driving higher digital engagement. We further enhanced security by implementing MoneySafe, device binding, replacing SMS one time passwords with bound device authentication for high risk transactions to reinforce customer protection. These initiatives helped to increase digital transactions by 14.6% year on year.

Aligned with our omni-channel strategy, we continued to promote paperless operations at branches to improve operational efficiency and enhance the digital customer experience. As at 31 December 2025, our retail network in Hong Kong comprised 42 branches across Hong Kong, Kowloon, and the New Territories, including 27 VIP Banking Centres and 20 SME Banking Centres.

大新銀行扎根香港，一直視中小企為重要及策略性的客戶群。2025年，我們推出《2025中小企升級轉型調查》，以更全面了解企業在科技應用、市場拓展及低碳轉型方面的最新需要和發展方向。這些觀察有助我們制定更適時適切的產品及服務方案。

為進一步配合相關策略，我們開展了大型宣傳活動，並在官方網站設立全新的「大新商訊」平台，讓中小企更便捷地取得實用的市場資訊及銀行方案。這些舉措與我們現有的中小企服務相輔相成，使我們能更有效回應企業面對的營運挑戰，並持續支援其具競爭力的長遠發展。

As a local bank with deep roots in Hong Kong, DSB regards SMEs as a strategic customer segment and a core part of the community we serve. In 2025, we introduced the SME Growth and Transformation Survey to better understand how businesses are responding to changes in technology adoption, market expansion and the transition towards lower-carbon operations. The insights gained help inform our focus on timely and relevant products and services.

To further support this effort, a major advertising campaign was launched alongside the SME Info Hub on our official website, enabling SMEs to obtain practical information and banking solutions more easily. Together, these initiatives demonstrate our continued commitment to enhancing SME competitiveness and facilitating their long-term development amid a fast-evolving business environment.

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# 企業銀行

本集團企業銀行業務於年內持續面臨充滿挑戰的經營環境，貸款市場競爭激烈，且中國內地與香港房地產發展商持續面臨財務壓力。

香港整體貸款市場於2025年全年仍然疲弱，儘管部分受到一些貸款行深受歡迎的大型融資項目的支持。根據香港金融管理局公布的統計數字，整體貸款量按年增加2.3%。2025年的貸款需求主要來自再融資需求，對資助新增擴張增長的貸款意欲仍顯乏力。

中國內地較低的利率依然是吸引若干中國內地企業利用更有利的借貸成本在境內進行融資活動的強大因素。此趨勢削弱該等實體借入港元及美元的動機，加劇香港貸款資產的競爭，並令貸款定價全年承受壓力。儘管環境充滿挑戰，香港的離岸人民幣貸款活動於2025年錄得顯著增長。

作為本地經濟的重要組成部分，香港商業地產市場繼續經歷多年來最具挑戰性的時期之一，持續復甦的時間不甚明晰。在此情況下，安全投資轉移策略及主動的貸款組合多元化仍是銀行的首要任務。

儘管面臨美國政策難以預測、中東局勢緊張及市場競爭激烈之挑戰，本集團企業銀行業務在貸款組合多元化方面取得進展，同時將整體貸款餘額維持在與2024年相若的水平。

信貸減值撥備較去年顯著上升，主要是由於抵押品估值下調、香港商業地產行業持續惡化，以及透過持續組合監察發現的賬戶評級下調所致。我們在評估貸款組合的信貸質素時保持密切監察，以確保其韌性並減低潛在風險。

企業銀行部繼續優先推動數碼創新，以提升客戶體驗及營運效率。近期對DS-Direct平台的升級顯著加強了客戶聯繫並支持活期及儲蓄賬戶增長。我們亦將SWIFT GPI整合至實時付款追蹤，擴大交易回單以涵蓋主要付款類型，並引入純文字檔案上傳功能以處理自動轉賬及發薪，實現更快的大批量處理及無縫的工作流整合。

此外，我們簡化了開戶文件並將開戶流程數碼化，以加快客戶開戶速度並提高整體服務質素。此等舉措強化了我們提供具競爭力的數碼解決方案之承諾。

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大新銀行自2013年起獲得香港中小型企業總商會頒發的「中小企業最佳拍檔獎」。去年，大新銀行再度奪得「金獎」，並已連續四年獲此殊榮，彰顯其一直以來為香港中小企提供支援和優質服務的承諾。

Since 2013, DSB has been recognised by the Hong Kong General Chamber of Small and Medium Business in its “Best SME’s Partner Award”. Last year, DSB earned the Gold Award for the fourth consecutive year, highlighting its continued support for SMEs in Hong Kong.

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### Corporate Banking

Our Corporate Banking business continued to face a challenging operating environment during the year, with keen competition in the loan market and ongoing financial strain among property developers in the Chinese Mainland and Hong Kong.

The overall Hong Kong loan market remained subdued throughout 2025, though activity was partially supported by several large-scale facilities that drew strong lender interest. According to statistics released by the Hong Kong Monetary Authority, overall loan volume increased by 2.3% year on year. Loan demand in 2025 was driven primarily by refinancing needs, with limited appetite for loans to finance new expansion or growth.

Lower interest rates in Chinese Mainland remained a strong pull factor for some Chinese Mainland corporates to keep their financing activities onshore, taking advantage of more favorable borrowing costs. This trend reduced the incentive for such entities to borrow in HKD and USD, intensifying competition for loan assets in Hong Kong and keeping loan pricing under pressure throughout the year. Despite the challenging environment, Offshore Renminbi (CNH) loan activity in Hong Kong expanded meaningfully during 2025.

As a key component of our local economy, the Hong Kong commercial real estate (“CRE”) sector continued to experience one of its most challenging periods for many years, with limited visibility on the timing of a sustained recovery. In this context, a flight-to-quality strategy and proactive portfolio diversification remained top priorities for banks.

Despite the challenging year marked by unpredictable U.S. policies, Middle East tensions, and fierce market competition, our Corporate Banking business made progress in diversifying its loan portfolio whilst maintaining the overall loan balance at a level comparable to that of 2024.

Credit impairment provisions increased significantly compared with last year, driven by downward revaluations of pledged collaterals, continued deterioration in the Hong Kong CRE sector, and account downgrades identified through ongoing portfolio monitoring. We remain vigilant in assessing the credit quality of our loan portfolio to ensure its resilience and mitigate potential risks.

We continue to prioritize digital innovation to enhance client experience and operational efficiency. The recent upgrades made to the DS-Direct platform had significantly strengthened client engagement and supported CASA growth. We also integrated SWIFT GPI into real-time payment tracking, expanded transaction advice to cover major payment types, and introduced plain text file upload for autopay and payroll, enabling faster high-volume processing and seamless workflow integration.

In addition, we simplified account opening documentation and digitalized the account opening process to accelerate customer onboarding and improve overall service quality. These initiatives reinforce our commitment to delivering competitive digital solutions.

大新銀行於2025年11月與香港生產力促進局轄下的生產力學院合辦「大灣區營商新力軍必修班」講座，主題為內地公司註冊及相關銀行服務，旨在為中小企提供實用資訊，協助其拓展大灣區市場。

In November 2025, DSB co-hosted a seminar with the Hong Kong Productivity Council Academy under the “GBA SME Power-Up Educational Series”. The session covered Mainland company registration and related banking services to support SMEs expanding into the Greater Bay Area.

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此外，我們與團結香港基金及香港生產力學院等主要業務夥伴及行業機構合作，於2025年舉辦了一系列客戶研討會。該等研討會旨在為中小企提供業務轉型及拓展大灣區市場的關鍵知識。為表彰我們對中小企的支持及貢獻，我們於2025年獲香港中小型企業總商會頒發「中小企業最佳拍檔獎」。

為推廣對綠色及可持續銀行業務的意識，我們推出綠色及可持續貸款政策與程序，讓企業客戶能為環保及可持續發展項目獲取融資。我們亦繼續加強綠色評估框架，以強化氣候風險治理，並於客戶向低碳經濟轉型之際評估借款人的氣候風險狀況。

縱使營運環境充滿挑戰，企業銀行部繼續透過引入優質客戶及提供定制的銀行解決方案，為建立更強大的企業銀行品牌奠定基礎。我們以客戶為中心，並強調客戶體驗的方針，依然是我們服務及支持企業客戶的核心。

# 財資及環球市場業務

於2025年，財資及環球市場業務錄得溢利顯著增加，應佔溢利增加54.6%至15億6千7百萬港元。年內淨利息收入按年增加45.2%至21億4千6百萬港元。淨息差由1.59%增加至2.29%，乃由於適時將剩餘資金部署於債券投資。久期管理維持保守，且在利率下降的環境下，憑藉有效的融資成本管理，令淨息差獲得支持。

受惠於港元利率下跌及外匯市場波動加劇，財資及環球市場部（「財資部」）的交易業務於年內錄得強勁業績。在其他業務部門（特別是企業銀行及私人銀行）的支持下，財資部的市場推廣及銷售業務表現滿意。然而，由於全年港元與美元利率之間的差距持續處於高位，導致融資掉期活動淨成本增加。年內非利息收入為6億8百萬港元，按年增加16.2%。

年內營運支出減少2.2%，主要由於財資部須攤佔總部支出減少。減值撥備增加至4千2百萬港元，2024年則為2千1百萬港元，主要由於預期信貸虧損模型中與中國相關的宏觀經濟因素向下調整。儘管如此，投資組合的基本信貸質素維持穩健。該組合繼續以高級別債券組成，到期分布管理完善，並在銀行、企業及政府債券之間保持良好的分散平衡。

年內，財資部審慎管理流動性，平均流動性維持比率保持於60.8%，較2024年的64.2%輕微下跌。本集團維持優質流動資產組合，並考慮到營運環境所面臨的挑戰及全年面對的波動市況，採取保守方式管理大新銀行的現金流。

# 澳門商業銀行

澳門正經歷重大的策略轉型，由以往以博彩業為中心的經濟模式，轉向以大眾旅遊及更廣泛的非博彩行業為基礎、更均衡且具可持續性的增長模式。儘管此政策驅動的轉型預計將支持未來五年的實質生產總值增長達2.5%至4.0%（較疫情前平均約6%的水平有所放緩），惟多元化發展的全面效益仍需時顯現。

為配合澳門商業銀行正式推出「美國證券買賣服務」，澳門商業銀行舉辦「2026美股及港股展望及機遇」研討會，並邀請到香港知名股評人深入剖析股票市場走勢，協助客戶掌握2026年環球投資先機。

To support the launch of BCM's US stock trading services, BCM hosted a "2026 US and Hong Kong Market Outlook" seminar featuring renowned Hong Kong financial commentators. The event provided customers with insights to capture global investment opportunities in 2026.

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Furthermore, we collaborated with key business partners and industry organizations, such as Our Hong Kong Foundation and the Hong Kong Productivity Council Academy, and hosted a series of client seminars in 2025. These seminars aimed to equip SMEs with crucial knowledge for business transformation and expansion into the Greater Bay Area markets. In recognition of our support and contribution for SMEs, we have received the Best SME’s Partner Award from The Hong Kong General Chamber of Small and Medium Business in 2025.

To promote greater awareness of green and sustainable banking, we introduced our Green & Sustainable Loan policies and procedures, enabling corporate clients to access financing for environmentally responsible and sustainability-focused projects. We also continued to enhance our greenness assessment framework to strengthen climate-risk governance and evaluate borrowers’ climate-risk profiles as our clients transition to a low-carbon economy.

Notwithstanding the challenging operating environment, we continued to lay the groundwork for building a stronger corporate banking franchise by onboarding quality clients and delivering customized banking solutions. Our customer-centric approach, with a strong emphasis on client experience, remained central to how we serve and support our corporate customers.

### Treasury and Global Markets

Our Treasury and Global Markets business reported a significantly higher profit in 2025, with an increase in attributable profit of 54.6% to HK$1,567 million. Net interest income grew by 45.2% to HK$2,146 million for the year. Net interest margin rose from 1.59% to 2.29%, driven by the opportunistic deployment of surplus funds into bond investments. Duration remained conservatively managed, and the net interest margin was supported by effective funding cost management amid a declining interest rate environment.

Our trading business delivered a strong result for the year, benefiting from lower HKD interest rates and heightened FX market volatility. With the support of other business units, particularly Corporate Banking and Private Banking, our marketing and sales business performed satisfactorily. However, a persistently wide differential between HKD and USD interest rates throughout the year led to a higher net cost in our funding swap activities. Non-interest income amounted to HK$68 million for the year, representing a 16.2% year-on-year increase.

Operating expenses decreased by 2.2% for the year, mainly due to a lower allocation of central expenses to Treasury and Global Markets. The impairment charge rose to HK$42 million, compared to HK$21 million in 2024. The increase was mainly attributable to the downward shift of China-related macroeconomic factors in our Expected Credit Loss (“ECL”) model. Nevertheless, the underlying credit quality of our investment portfolio remained sound. The portfolio continued to be composed of predominantly high-grade bonds with a well-managed maturity profile, and was diversified with a good balance between bank, corporate, and government bonds.

Liquidity was prudently managed with the average Liquidity Maintenance Ratio for the year maintained at 60.8%, which was slightly lower than 2024 at 64.2%. We continued to maintain a high-quality liquid assets portfolio and managed DSB’s cash flow in a conservative manner, given the challenging operating environment and volatile market conditions during the year.

### Banco Comercial de Macau

Macau is undergoing a significant strategic transition, shifting from a historically gaming-centric economy toward a more balanced, sustainable growth model anchored in mass-market tourism and a broader range of non-gaming sectors. While this policy-driven transformation is expected to support real GDP growth of 2.5% to 4.0% over the next five years, moderating from the pre-pandemic average of around 6%, the full benefits of diversification will take time to materialise.

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同時，經濟仍易受宏觀經濟不確定性、貸款需求持續疲弱及投資氣氛低迷所影響。該等壓力加劇各銀行對貸款及存款的競爭。

信貸環境亦持續受壓。商業地產市場尚未從過去幾年的低迷中復甦，且隨著消費模式轉變，本地零售商的經營環境正急劇惡化。居民選擇前往中國內地進行跨境消費持續上升，進一步拖累本地零售活動。

經營環境的該等風險及不確定性，導致對澳門商業銀行投資的可收回金額減少。根據會計準則，本集團每年會透過對大新銀行於2005年收購澳門商業銀行所產生的商譽進行減值測試，以評估其可收回金額。2025年的評估錄得4億9千3百萬港元的減值支出，可收回金額被釐定為低於大新銀行對澳門商業銀行投資的賬面值。

值得注意的是，與商譽相關的減值支出屬非現金性質，並不影響我們的資本充足率。

儘管經濟環境充滿挑戰，澳門商業銀行仍維持審慎的風險管理方針，主動為貸款組合降低風險，並審慎應對疲弱的貸款需求。憑藉該等嚴謹措施，貸款總額按年減少8.1%。同時，為配合我們在貸款需求疲弱期間降低融資成本的策略，澳門商業銀行主動調減高成本的定期存款。因此，存款總額按年減少11.1%，而活期及儲蓄賬戶比率則提升2.0個百分點。

澳門商業銀行的營運收入持續受壓，淨利息收入按年下跌8.5%。儘管如此，受惠於一宗訴訟案結案後的一次性費用、證券交易及銀團貸款的手續費增長，以及來自外匯交易及投資產品銷售的收入增加，非利息收入按年增加。若扣除該一次性費用，非利息收入按年上升26.1%。

營運支出得到有效管理，按年增加6.8%，主要受部分非經常性其他營運支出、對資訊科技及基礎設施的持續投資，以及較高的員工成本所帶動。減值前營運溢利較去年增加23.7%。減值支出按年減少27.0%，而不良貸款比率維持於2.17%，遠低市場平均水平4.9%，反映澳門商業銀行有效的信貸風險管理。計及上述一次性費用後，淨利潤按年激增119.7%。

年內，澳門商業銀行在重振貸款及財富管理業務以更佳服務客戶（特別是VIP客戶、來自中國內地的高淨值人士及中小企）方面取得顯著進展。貸款方面，澳門商業銀行透過擴展高端理財融資及投資貸款，拓闊了傳統貸款業務。此外，澳門商業銀行成為澳門首間為本地中小企客戶向中葡合作發展基金出具銀行擔保函的銀行。財富管理方面，澳門商業銀行推出美股交易服務，為客戶提供更廣泛的投資選擇，目前澳門僅有少數銀行提供此服務。

澳門商業銀行繼續透過促進全行協作及推進數碼化，朝著以客戶為中心及提升營運效率的目標邁進。於2025年，推出多項新舉措，包括「客戶滿意度調查」及透過「澳門一戶通」應用程序重設BCMNet用戶密碼的功能。過去幾年的這些努力促使客戶滿意度顯著提升，具體體現在客戶給予的讚揚數量有所增加。

澳門商業銀行成為澳門首間為本地中小企業向中葡合作發展基金出具銀行擔保函的銀行，為企業提供靈活的融資方案，協助取得所需的發展資金。

BCM became the first bank in Macau to issue a bank guarantee in favour of the China-Portuguese Speaking Countries Cooperation and Development Fund for a local SME. BCM provided a flexible financing solution to support the enterprise in securing development funding.

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At the same time, the economy remains vulnerable to macroeconomic uncertainties, persistently weak loan demand, and subdued investment sentiment. These pressures have intensified competition among banks for both loans and deposits.

The credit environment also continues to face headwinds. Commercial property markets have yet to recover from the downturn of previous years, and local retailers are experiencing a sharp deterioration in business conditions as consumption patterns shift. A growing number of residents are choosing to spend across the border in Chinese Mainland, further weighing on domestic retail activities.

These risks and uncertainties in the business environment have contributed to a reduction in the recoverable amount of our investment in Banco Comercial de Macau (“BCM”). In accordance with accounting standards, the recoverable amount is assessed annually through an impairment test of the goodwill arising from DSBʼs acquisition of BCM in 2005. The 2025 assessment resulted in an impairment charge of HK$493 million, as the recoverable amount was determined to be lower than DSBʼs carrying value of the investment in BCM.

It should be noted that the impairment charge relating to goodwill is non-cash and does not affect our capital adequacy.

Despite these challenging economic conditions, BCM maintained a prudent approach to risk management by proactively de-risking its lending portfolio and responding cautiously to weak loan demand. Through these disciplined measures, the loan book contracted by 8.1% year on year. At the same time, aligning with our strategy to reduce funding cost during these periods of weak loan demand, BCM actively managed down higher-cost time deposits. Consequently, total deposits declined by 11.1% year on year, whilst the CASA ratio improved by 2.0 percentage points.

The operating income of BCM continued to face pressure with net interest income declining by 8.5% year on year. Nonetheless, non-interest income increased year on year driven by a one-off fee after the finalization of a litigation case and the growth in fees from securities trading and syndicated loans, as well as higher income from foreign exchange trading and the sale of investment products. Excluding the one-off fee, non-interest income rose by 26.1% year on year.

Operating expenses were effectively managed with an increase of 6.8% year on year, mainly due to some non-recurring other operating expenses, as well as ongoing investments in IT and infrastructure, coupled with higher staff costs. Operating profit before impairment rose by 23.7% compared with last year. Impairment charges declined by 27.0% year on year, while the non-performing loans ratio was maintained at 2.17%, well below the market average of 4.9%, reflecting BCMʼs effective credit risk management. Including the above mentioned one-off fee, net profit surged by 119.7%.

During the year, BCM made significant progress in revitalizing its loan and wealth management business to better serve its customers, particularly VIP customers, high-net-worth individuals from Chinese Mainland and SMEs. In terms of loans, the bank broadened its traditional lending by expanding premium financing and investment loans. In addition, BCM became the first bank in Macau to issue a bank guarantee in favour of the China-Portuguese Speaking Countries Cooperation and Development Fund for a local SME customer. On the wealth management front, the bank launched U.S. stock trading services to provide customers with a wider range of investment options, a service currently offered by only a limited number of banks in Macau.

BCM continued moving forward on its journey of customer centricity and operational efficiency by fostering collaboration across the bank and advancing digitalization. In 2025, various new initiatives were launched, including the “Customer Satisfaction Survey” and the BCMNet user password reset function via the Macao One Account App. These efforts over the past few years have contributed to a notable improvement in customer satisfaction, as reflected by an increase in compliments received from customers.

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# 大新銀行（中國）

於2025年，特朗普政府統治下的中美關稅戰升級，導致中國內地對美國的出口大幅減少。儘管對美國的出口減少，中國內地對東盟、歐盟及非洲的出口仍持續大幅增長，帶動於2025年的貿易順差創下歷史新高。憑藉強勁的國際貿易增長，中國內地公布的生產總值增長達5.0%，達到官方目標。為抵禦外部不利因素並支持經濟復甦，中國人民銀行於2025年維持擴張性貨幣政策。該行自2025年5月起將1年期及5年期貸款市場報價利率分別下調至3.0%及3.5%，並將該等利率維持至年底。大多數中資銀行依然資金充裕，刻意維持高水平的市場流動性。這加劇同業對生息資產的激烈競爭並壓低貸款收益率，導致淨息差普遍收窄，進而令整個銀行業的利潤率受壓，尤其是在信貸需求尚未復甦的情況下。

在低收益環境及貸款需求疲弱的情況下，大新銀行（中國）在擴大資產基礎方面面臨重大挑戰。儘管大新銀行（中國）錄得16.2%的貸款增長，惟其淨息差較往年收窄，導致淨利息收入降至其近年來的最低水平之一。儘管如此，大新銀行（中國）在非利息收入方面表現出色，透過積極拓展其貿易相關、外匯及跨境服務，實現了25.9%的增長。該增長足以彌補淨利息收入的缺口，帶動營運收入錄得11.4%的增長，並使該行得以維持其扣除減值前營運溢利。大新銀行（中國）於2025年亦維持良好的信貸紀律，將其不良貸款比率減少約1.3個百分點，同時避免任何新增重大信貸虧損。

大新銀行（中國）在中國內地6個主要城市營運，總部設於深圳，分行設於上海、南昌、鎮江、廣州，支行設於佛山及深圳南山，為中國內地客戶提供各類商業及零售銀行貸款、存款以及其他相關銀行服務。大新銀行（中國）提供各種跨境銀行服務，專為滿足大灣區客戶的需求而設。

# 重慶銀行

重慶銀行於2025年的業務及財務表現均有改善，股東應佔溢利上升10.6%。貸款及存款分別增加20.6%及19.3%。其營運收入增加，主要由於利息收入增加所致。2025年年底的不良貸款比率及不良貸款覆蓋率分別為1.1%及245.6%，而2024年年底則分別為1.3%及245.1%。

本集團應佔重慶銀行的淨溢利繼續按權益會計基準予以確認，於2025年為7億2千9百萬港元。截至2025年12月31日，由於我們於重慶銀行的投資的市場價值高於其賬面值，故無需確認進一步減值支出，亦無需考慮撥回以往年度計提的任何減值撥備。

截至2025年12月31日，本集團於重慶銀行的投資扣除減值撥備總額的賬面值增加至31億5千7百萬港元，而於2024年12月31日則為25億3千3百萬港元。這主要由於本集團應佔重慶銀行的溢利及其他綜合收益所致。

***

大新銀行（中國）以「精品銀行」為核心定位，持續優化客戶服務體驗，並在2025（第九屆）中國品牌博鰲峰會再度榮獲「最佳金融服務獎」。

With its core positioning as a “boutique bank”, DSB China continued to enhance its customer service experience and once again received the Best Financial Service Award at the 2025 (9th) China Brand Boao Summit.

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### Dah Sing Bank (China)

In 2025, the Sino-US tariff war escalated under the Trump administration, resulting in a significant decline in exports from Chinese Mainland to the US. Despite the decline in exports to the US, Chinese Mainland’s exports to ASEAN, the European Union and Africa continued to grow substantially, leading to a historical high in the country’s trade surplus in 2025. With strong international trade growth, Chinese Mainland reported GDP growth of 5.0%, meeting the official target. To fend off external headwinds and support economic recovery, the People’s Bank of China maintained an expansionary monetary policy in 2025. It cut the 1-year and 5-year Loan Prime Rate to 3.0% and 3.5% respectively from May 2025, and these rates were maintained until the end of the year. Most Chinese banks remained well funded, maintaining deliberately high levels of market liquidity. This fueled intense peer competition for interest-earning assets and suppressed lending yields, resulting in generally narrower net interest margin and, consequently, tighter profit margins across the banking sector, especially as credit demand has yet to recover.

Dah Sing Bank (China) (“DSB China”) faced significant challenges in expanding its asset base amid a low-yield environment and subdued loan demand. While DSB China achieved a loan growth of 16.2%, its net interest margin narrowed compared with prior years, resulting in one of the lowest net interest income levels in its recent years. Despite this, DSB China delivered strong performance in non-interest income, achieving a 25.9% increase through active expansion of its trade-related, foreign exchange and cross-border services. This growth was sufficient to compensate for the shortfall in net interest income, resulting in 11.4% growth in operating income and enabling the bank to maintain its operating profit before impairment. DSB China also maintained strong credit discipline throughout 2025, reducing its non-performing loan ratio by approximately 1.3 percentage points while avoiding any new significant credit losses.

DSB China operates in 6 major cities in Chinese Mainland, with a network comprising Shenzhen Headquarters, branches in Shanghai, Nanchang, Zhenjiang, Guangzhou with sub-branches in Foshan and Shenzhen Nanshan, offering a wide range of commercial and retail lending, deposits and other related banking services to customers in Chinese Mainland. DSB China offers various cross border banking services specifically to meet the needs of customers in the Greater Bay Area.

### Bank of Chongqing

BOCQ delivered improvements in both business and financial performance in 2025, with its profit attributable to shareholders increasing by 10.6%. Loans and deposits grew by 20.6% and 19.3% respectively. It recorded higher operating income, which was mainly the result of higher interest income. Its non-performing loan ratio and non-performing loan coverage ratio at the end of 2025 were 1.1% and 245.6% respectively, compared to 1.3% and 245.1% at the end of 2024.

Our share of BOCQ net profit continued to be recognized on the equity accounting basis, which amounted to HK$729 million in 2025. As at 31 December 2025, since the market value of our investment exceeded its carrying value, there was no need to recognize further impairment charge or consider any reversal of impairment allowance made in prior years.

The carrying value of our investment in BOCQ, net of the total impairment allowance, increased to HK$3,157 million as at 31 December 2025 as compared to HK$2,533 million as at 31 December 2024. This is mainly due to our share of the profit and other comprehensive income of BOCQ.

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# 風險管理

本集團銀行、保險及投資業務已針對各主要固有風險訂定風險偏好或可承受限額，包括可量化風險，如信貸風險、再保險對手方風險、市場風險、流動資金風險、利率風險及保險風險，以及不易量化的風險，包括營運風險及聲譽風險。管理層定期監察該等限額及可承受水平，並向董事會層面的風險管理及合規委員會報告，以進行適當的風險管治及監督。

雖然美國利率自2024年起開始回落，惟減息步伐及幅度仍未明朗。同時，鑑於中國內地房地產開發商及香港商業地產行業的信貸質素憂慮陰霾未散，本集團於過去數年已透過進行各項檢視，主動管理相關問題貸款，並採取必要行動，以管理該等風險對本集團可能產生的財務影響。面對充滿挑戰的市場及疲弱信貸需求，本集團於整個年度採取審慎的信貸管理及投資管理措施。

為評估信貸組合所需的減值撥備金額，本集團採用了一套預期信貸虧損模型和其他工具，在預期信貸虧損計算過程中，須計及宏觀經濟因素、組合的風險特徵以及前瞻性因素。本集團定期進行檢討以評估宏觀經濟環境可能出現的發展形勢，以及信貸狀況已出現惡化或預期其信貸質素下降的借款人的最新情況，從而確保對未來信貸虧損具影響的主要問題能適當地被予以考量，適當考慮前瞻性評估，並維持合理的預期信貸虧損撥備。

本集團繼續加強其內部控制，在主要部門設立專責控制人員職能。該等專責控制人員與本集團的控制職能部門緊密合作，以確保各部門的日常營運得到充分而有效的內部控制，從而遵守本集團的內部控制要求以及監管指引。本集團已進行端到端流程檢討，以界定內部控制強化及進一步提升範疇。本集團亦建立欺詐風險管理框架，並設有欺詐風險管理專責團隊，以協助在瞬息萬變的市場環境及更多元化的業務渠道中提高反詐意識、偵察及預防欺詐。

在綠色和可持續金融方面，本集團持續建立其氣候風險管理能力，以支持客戶的轉型之旅。本集團已建立了綠色和可持續金融框架，提供綠色和可持續的金融產品。本集團已對銀行業務的氣候風險壓力進行測試，結果顯示大新銀行的氣候風險狀況仍然較低。儘管如此，大新銀行仍加強了數據收集工作，為即將到來的披露要求做好準備，並已開始推出綠色評估機制，更好地了解客戶在氣候風險和轉型規劃方面的準備情況。

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### RISK MANAGEMENT

Risk appetite and tolerance limits are set for the major risks inherent in the Group’s banking, insurance and investment operations, including both quantifiable risks such as credit risk, reinsurance counterparty risk, market risk, liquidity risk and interest rate risk, insurance risk as well as less-quantifiable risks, which include operational risk and reputation risk. These limits and tolerances are monitored regularly by management and reported to the Board-level Risk Management and Compliance Committee to achieve proper risk governance and oversight.

Although the US interest rates started to drop since 2024, the pace and the magnitude of the rate cut is still uncertain. Meanwhile, in light of the lingering shadow cast by the credit quality concerns around Chinese Mainland property developers and the Hong Kong commercial property sector, the Group has proactively managed related problem loans over the past few years by conducting various reviews and took necessary actions to manage the potential financial impact on the Group arising from such risks. Cautious credit management and investment management were adopted throughout the year, in response to the challenging market and weak credit demand.

To assess the amount of impairment provisions required for the credit portfolios, the Group adopts a set of ECL models and other tools, which take into account macroeconomic factors, risk characteristics of portfolios, as well as forward-looking elements during the ECL calculation process. Regular reviews are conducted to assess the possible developments in the macroeconomic environment, with updated situations of borrowers that have experienced deterioration in credit performance or may expect weaker credit quality. This ensures that major issues which could affect credit losses in the future are properly and fairly evaluated, with appropriate regard to the forward-looking assessment and reasonable provisions for ECL being maintained.

The Group continued to strengthen its internal controls with the established dedicated control officer function in the major divisions. These dedicated control officers work closely with the control functions of the Group, to ensure that adequate and effective internal controls are in place for daily operations of respective divisions to comply with internal control requirements of the Group as well as regulatory guidance. End-to-end process reviews were conducted to identify areas for control enhancements and areas for further improvement. The Group also has a fraud risk management framework in place with a dedicated fraud risk management team to help improve fraud awareness, detection and prevention amidst the rapidly changing market environment and more diverse business channels.

On green and sustainable finance, the Group continued to develop its climate risk management capabilities with a view to supporting clients on their transition journey. A framework for green and sustainable finance has been set up for the offering of green and sustainable products. The Group has conducted Climate Risk Stress Test on its banking operations, the result of which indicated that climate risk profile of DSB remained low. Nevertheless, DSB has strengthened its data collection to pave way for upcoming disclosure requirements and has started to roll out a greenness assessment mechanism for DSB to better understand the preparedness of clients on climate risk and transition planning.

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# 資本及流動資金

## 本集團

| | 2025年 | 2024年 |
| :--- | :--- | :--- |
| **附屬銀行的資本基礎（以百萬港元計）於12月31日** | | |
| — 普通股權一級 | **31,362** | 29,309 |
| — 一級 | **32,530** | 30,476 |
| — 二級 | **6,077** | 5,899 |
| **扣減後的資本基礎總額** | **38,607** | 36,375 |
| | | |
| **資本充足比率\*** | | |
| — 普通股權一級 | **18.8%** | 16.9% |
| — 一級 | **19.5%** | 17.6% |
| — 整體 | **23.1%** | 21.0% |
| | | |
| **流動性維持比率（年度平均）** | **60.8%** | 64.2% |

\* 2025年12月31日及2024年12月31日的資本充足比率乃大新銀行（包括澳門商業銀行及大新銀行（中國））的綜合狀況，乃經參考《銀行業（資本）規則》後按巴塞爾協定III基礎計算。該綜合資本充足比率的計算已考慮到市場風險和操作風險。

流動性維持比率乃按大新銀行（包括澳門商業銀行及大新銀行（中國））於財政年度12個月內各曆月的平均綜合流動性維持比率根據《銀行業（流動性）規則》計算。

本集團於過往一年維持穩健的資本充足比率。

於充裕的流動資產組合包括高質素流動資產（如香港外匯基金票據及債券）、現金及銀行存款支持下，以及持有各類用作投資及流動資金用途的有價證券，本集團於整年內維持穩健的流動性維持比率。

對本集團資本及流動資金狀況的壓力測試由本集團風險管理部門定期持續進行，管理層定期審閱測試結果，並向董事會層面的風險管理及合規委員會提交本集團資本及流動資金狀況的定期更新資料及作高層次的報告（包括壓力測試結果）以及向董事會匯報。

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### CAPITAL AND LIQUIDITY

| Group | 2025 | 2024 |
| :--- | :--- | :--- |
| **Capital base of banking subsidiaries (HK$ Million)** | | |
| At 31 December | | |
| – Common Equity Tier 1 | **31,362** | 29,309 |
| – Tier 1 | **32,530** | 30,476 |
| – Tier 2 | **6,077** | 5,899 |
| Total capital base after deductions | **38,607** | 36,375 |
| | | |
| **Capital adequacy ratio*** | | |
| – Common Equity Tier 1 | **18.8%** | 16.9% |
| – Tier 1 | **19.5%** | 17.6% |
| – Total | **23.1%** | 21.0% |
| | | |
| Liquidity maintenance ratio (average for the year) | **60.8%** | 64.2% |

\* The capital adequacy ratio as at 31 December 2025 and 31 December 2024 represents the consolidated position of DSB (covering BCM and DSB China) computed on Basel III basis with reference to the Banking (Capital) Rules. This consolidated capital adequacy ratio takes into account market risk and operational risk.

The liquidity maintenance ratio is calculated as the simple average of each calendar month’s average consolidated liquidity maintenance ratio of DSB (covering BCM and DSB China) for the 12 months of the financial year, computed in accordance with the Banking (Liquidity) Rules.

The Group continued to maintain healthy capital adequacy ratios over the year.

Our Group continued to maintain throughout the year a high liquidity maintenance ratio, backed by a strong pool of liquid assets including high quality liquid assets (such as Hong Kong Exchange Fund bills and notes), cash and placements with banks, and other diversified marketable securities held for investment and liquidity purposes.

Stress testing on our capital and liquidity positions is a regular and ongoing exercise conducted by our risk management function, with the results reviewed by Management on a periodic basis. Regular update and high-level reporting on our capital and liquidity positions, including the results of stress testing, are submitted to the Board-level Risk Management and Compliance Committee and highlighted to the Board.

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# 人力資源

我們相信，強大的企業文化可以激發員工的熱情。專注於培養良好的企業文化以孕育一支積極參與的員工隊伍，是我們的首要任務之一。經過多年的不懈努力，自2021年起每年進行的全集團文化調查所衡量的員工參與評分已顯著提升。此外，2025年的員工流失率達到過去十年來的最低水平。所有該等令人鼓舞的結果，均肯定了本集團在推廣集團文化與價值觀方面持續投入的努力。

作為我們持續致力於表彰在日常工作中始終體現集團文化與價值觀的同事的一部分，「大新之星獎」再次迎來整個集團的熱烈參與及高質素提名。我們在2025年自豪地慶祝了該獎項的十周年。自2016年推出以來，該獎項已表揚了900多名憑藉其盡責、承諾及熱誠以體現我們價值觀的個人及團隊。

技術轉型無疑是支持金融業及該生態系統內組織未來增長的關鍵驅動力之一。為了加強員工的金融科技及人工智能能力，我們於2025年推出了「金融科技人才培育計劃」。這項為期一年的計劃包括為全體員工舉辦的每月「金融科技101」網絡研討會，以及為不同單位及職能部門提名的200多名同事提供的特定培訓。其中，42名精英代表被分成不同隊伍，透過「銀行編程馬拉松」比賽展示其學習成果。

在金融科技以外的員工發展方面，本集團提供了涵蓋廣泛主題的學習課程和培訓，如領導能力、客戶體驗、環境、社會及管治、綠色及可持續金融、大灣區及跨境業務等，更好地幫助有不同發展需求的同事應對未來機遇。過去數年每名員工平均培訓時數的持續增加，充分體現了本集團的承諾。

作為2025年員工價值主張（EVP）週的重頭戲，「帶孩子回家」活動首次推出，邀請僱員子女探索及體驗父母的工作環境。本集團為出席活動的111名兒童安排了豐富多樣的活動，包括理財講座、遊戲攤位、臉部彩繪及扭氣球。

在員工福祉方面，一年一度的「健康週」繼續提供各類促進員工身心健康的活動。員工醫療保障亦再次得到提升，而各類靈活的工作安排及休假選擇仍在持續提供。

更多有關人力資源發展的詳情載於2025年環境、社會及管治報告「工作環境」一節內。

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大新之星獎項自2016年舉辦以來，表揚了超過900位個人及團隊；獎項亦於2025年迎來十周年。
The Group has proudly recognised more than 900 individuals and teams who have exemplified our Culture & Values since the launch of the Dah Sing Star Awards in 2016, and celebrated the Award’s 10th anniversary in 2025.

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### HUMAN RESOURCES

We believe that a strong corporate culture inspires passion among employees. The focus on cultivating a sound corporate culture that nurtures an engaged workforce is one of our top priorities. After years of unwavering effort, the staff engagement score, as measured by the Group-wide Culture Survey that has been conducted annually since 2021 has significantly increased. In addition, staff turnover in 2025 reached the lowest level in the past decade. All these encouraging results have affirmed the on-going efforts invested by the Group on promoting the Group’s Culture and Values.

As part of our ongoing commitment to recognising colleagues who consistently embody the Group’s Culture and Values in their daily work, the “Dah Sing Star Awards” once again saw enthusiastic participation and high-quality nominations from across the Group. In 2025, we proudly celebrated the Awards’ tenth anniversary. Since launching in 2016, the Awards have honoured more than 900 individuals and teams for exemplifying our values through their dedication, commitment and passion.

Technological transformation is undoubtedly one of the key drivers to support the future growth of the financial industry and organizations in the ecosystem. To strengthen Fintech and Artificial Intelligence capabilities among our staff, the “Fintech Academy Programme” was launched in 2025. This year-long programme included monthly “Fintech 101” webinars for all staff and specific training for over 200 colleagues nominated by different units and functions. Amongst them, 42 champions were grouped into different teams to showcase what they have learned through a “Bankathon” competition.

In terms of employee development in areas other than Fintech, we offered learning curriculum and training covering a wide range of topics such as leadership capabilities, customer experience, environmental, social and governance, green and sustainable finance, Greater Bay Area and cross-border businesses, which would better prepare our colleagues with different development needs for future opportunities. The Group’s commitment has been fully demonstrated by the continuous increase in average training hours per employee over the past few years.

As the keynote event of the Employee Value Proposition (“EVP”) Weeks in 2025, “Bring Your Kids HOME” was launched for the first time, inviting employees’ children to explore and experience their parents’ work environment. A variety of engaging activities including financial management seminar, game booths, face painting and balloon twisting were arranged for the 111 children who attended the event.

In the area of employee wellness, the annual “Wellness Week” continued to offer different activities promoting both physical and mental health of our staff. Staff medical coverage has again been enhanced, while the various flexible work arrangements and leave options continue.

More detailed information on our human resources development is included under the section “Workplace” in the 2025 Environmental, Social and Governance Report.

本集團於2025年8月首次舉行「Bring Your Kids HOME」活動，邀請員工子女參觀辦公室，活動氣氛温馨愉快，展現集團的員工價值主張「您的銀行•家」的精神。

The Group hosted our first “Bring Your Kids HOME” event in August 2025, inviting employees’ children to explore our offices. The joyful and heartwarming experience reflected our Employee Value Proposition (EVP) — “NOT JUST A BANK • A HOME”.

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# 企業管治報告

## 企業管治原則及常規

大新銀行集團有限公司（「本公司」或「本集團」）董事會及管理層竭力維持集團內高水平之企業管治並致力識別及規範最佳常規，我們深信完備及有效之企業管治常規對實現持續價值、提升企業誠信文化及維持投資者信心十分重要。良好的企業管治可促進及保障股東及其他持份者的利益，藉此提升本集團的公信力和聲譽。

截至2025年12月31日止年度內，本公司已應用年內有效的《上市規則》附錄C1之《企業管治守則》（「企業管治守則」）的守則原則及一直遵守企業管治守則條文。

## 企業文化

本集團積極將其企業文化與集團的核心價值及願景保持一致，從而實現其長遠策略及為股東及其他持份者創造持續價值。本集團亦致力確保其業務是根據高水平的業務道德標準及企業管治，以及合乎法律、道德及責任下進行。

董事擔當領導角色，推動本集團所期望的企業文化，並確保該文化能在集團的政策及營運常規中一致反映。本集團透過入職培訓和進修培訓，將企業文化及應有行為明確傳達給本集團員工，員工亦可在本集團的內聯網上隨時瀏覽有關資料。

更多有關本集團的願景、使命、文化及價值的資料載於大新銀行網頁「關於大新金融集團」項下之「集團簡介」內。

## 企業管治框架

本公司已訂立一份董事會管治政策及常規，涵蓋了企業管治架構及常規並每年檢視以確保其有效性。

# 董事會

## 董事會

董事會負責領導及監控本公司，以促進其成功及持續增長。董事會在制定本集團的企業價值觀、文化及標準方面發揮主導作用，以及推廣健全企業文化，加強「行事合乎法律、道德及責任」的理念。此外，董事會亦負責確保本公司有健全之風險管理、內部監控及監管合規制度。董事共同及個別承擔摯誠行事之責任，並以本集團之利益作出客觀決定。董事會為本公司制定業務發展目標，並負責監察本公司管理層履行該等目標之情況。

董事會已將管理本集團日常事務之職責授予管理層，並將處理若干事宜之職責交予不同委員會（詳情載於以下各章節）。根據董事會職權範圍之定義，若干事項須經董事會全體成員共同審議，不得轉授予董事會轄下委員會或管理層。該等保留事項包括：

*   集團目標與策略的制定及監督
*   審批年度預算及業務計劃，監察表現及執行計劃
*   建立和監督風險管治
*   高層管理人員的委任及監察，以及確定管理層稱職勝任
*   制定企業價值觀、文化及標準，以及推廣健全企業文化，加強「行事合乎法律、道德及責任」的理念
*   確保適當及具透明度的企業架構
*   確保有效之審核職能及內部監控

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# CORPORATE GOVERNANCE REPORT

## CORPORATE GOVERNANCE PRINCIPLES AND PRACTICES

The Board of Directors (the “Board”) and the Management of Dah Sing Banking Group Limited (“Company” or “Group”) are committed to maintaining a high standard of corporate governance practices within the Group and devote considerable effort to identify and formalize best practices. We believe that sound and effective corporate governance practices are essential for delivering sustainable value, enhancing a culture of business integrity and maintaining investors’ confidence. Good corporate governance promotes and safeguards the interests of shareholders and other stakeholders, thereby enhancing the credibility and reputation of the Group.

Throughout the year ended 31 December 2025, the Company has applied the principles and complied with the code provisions as set out in the Corporate Governance Code (“CG Code”) under Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) in force during the year.

## CORPORATE CULTURE

The Group promotes its corporate culture in alignment with its core values and vision, which enables the Group to deliver its long-term strategies and create sustainable value for its shareholders and other stakeholders. The Group is committed to ensuring that its businesses are conducted lawfully, ethically and responsibly, and in accordance with high standards of business ethics and corporate governance.

The Directors take the lead in promoting the desired corporate culture and ensuring that it is reflected consistently in the policies and operating practices of the Group. Corporate culture and expected behaviors are clearly communicated to employees of the Group through orientation and training and they are also freely accessible on the intranet of the Group.

More information about the Group’s Vision, Mission, Culture and Values is available on the website of Dah Sing Bank ("Group Profile" under "About Dah Sing Financial Group" section).

## GOVERNANCE FRAMEWORK

The Company has established a Board Governance Policy and Procedures (“BGPP”) which covers corporate governance structure and practices and is subject to review on an annual basis to ensure its effectiveness.

## BOARD OF DIRECTORS

### The Board

The Board is responsible for the leadership and control of the Company so as to promote its success and continued growth. The Board plays a leading role in setting the corporate values, culture and standards for the Group, and promotes a sound corporate culture which reinforces the values of acting lawfully, ethically and responsibly. The Board is also responsible for ensuring that the Company has sound systems of risk management, internal control and regulatory compliance. The Directors, collectively and individually, have a duty to act in good faith, and to take decisions objectively in the interests of the Group. The Board sets the business objectives for the Company, and monitors the execution of those objectives by the Management of the Company.

The Board has delegated the day-to-day responsibility of running the Group to the Management, and has delegated responsibility for certain matters to a number of committees, which are described more fully in the following sections. As defined in the Board’s terms of reference, there are a number of matters which require the deliberation of the full Board, and may not be delegated to the committees of the Board or the Management. These reserved matters include:

* setting and overseeing the objectives and strategies of the Group
* approving annual budget and business plan, and monitoring performance and execution of plan
* establishing and overseeing risk governance
* appointment and oversight of senior management, and ensuring competent management is in place
* setting corporate values, culture and standards, and promoting a sound corporate culture which reinforces the values of acting lawfully, ethically and responsibly
* ensuring a suitable and transparent corporate structure
* ensuring effective audit function and internal control

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- 確保架構、運作及風險管理之適當有效
- 涉及主要股東或任何董事有利益衝突之交易
- 重大收購或出售事項（非本公司日常業務或運作之項目）、投資及業務重組
- 委任董事及個別董事出任董事委員會主席或成員
- 制定和檢討企業管治政策及常規之企業管治職能
- 監督管理層對環境、社會及管治以及氣候相關政策、策略及報告以及風險管理（包括環境、社會及管治以及氣候相關之風險）和內部監控系統的設計、實施及監察以及檢視其有效性
- 評估和釐定本集團有關環境、社會及管治的策略及風險，並確保設立合適及有效的環境、社會及管治之風險管理及內部監控系統

### 企業管治職能

董事會負責履行企業管治職責包括：

- 制定及檢討本集團的企業管治政策及常規
- 檢討及監察董事及高層管理人員的培訓及持續專業發展
- 檢討本集團在遵守法律及監管規定方面的政策及常規
- 檢討僱員及董事的操守準則及合規手冊
- 檢討本公司遵守企業管治守則的情況及批准在企業管治報告內的披露

董事會於2025年內審閱及討論上述企業管治相關職責之事項概要如下：

- 2024年企業管治報告
- 2024年環境、社會及管治報告
- 管理層確認有關集團風險管理及內部監控系統之有效性
- 因應環境、社會及管治策略而取得之環境、社會及管治發展及進度
- 董事會管治政策及常規之年度檢討
- 股東通訊政策之年度檢討
- 董事會成員多元化政策之年度檢討
- 董事提名政策之年度檢討
- 董事會成員之變更
- 修訂董事會職權範圍
- 修訂審核委員會職權範圍
- 修訂提名及薪酬委員會職權範圍
- 修訂集團薪酬政策
- 關連交易

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- ensuring an appropriate level of effectiveness in respect of the structure, operation and risk management
- matters involving conflict of interest of substantial shareholders or any Director
- material acquisition or disposal of assets (not in the ordinary business or operation of the Company), investments and business reorganization
- appointment of Directors and also appointment of individual Directors as the chairman or members of Board Committees
- corporate governance functions in respect of the development and review of policies and practices on corporate governance
- overseeing Management in the design, implementation and monitoring of the Environmental, Social and Governance (“ESG”) and climate-related policies, strategy and reporting, risk management (including ESG and climate-related risks) and internal control systems and reviewing its effectiveness
- evaluating and determining the Group’s ESG-related strategy and risks, and ensuring that appropriate and effective ESG risk management and internal control systems are in place

### Corporate Governance Functions

The Board is responsible for performing the corporate governance duties including:

- to develop and review the Group’s policies and practices on corporate governance
- to review and monitor the training and continuous professional development of directors and senior management
- to review the Group’s policies and practices on compliance with legal and regulatory requirements
- to review the code of conduct and compliance manual applicable to employees and directors
- to review the Company’s compliance with the CG Code and approve disclosure in the Corporate Governance Report

The following is a summary of the matters relating to the above corporate governance duties reviewed and discussed by the Board in 2025:

- Corporate Governance Report of 2024
- ESG Report of 2024
- Management’s confirmation on effectiveness of risk management and internal control systems of the Group
- ESG development and progress made against ESG strategy
- Annual Review of the BGPP
- Annual Review of the Shareholders Communication Policy
- Annual Review of the Board Diversity Policy
- Annual Review of the Director Nomination Policy
- Change of the composition of the Board
- Revised Terms of Reference of the Board
- Revised Terms of Reference of the Audit Committee
- Revised Terms of Reference of the Nomination and Remuneration Committee
- Revised Group Remuneration Policy
- Continuing Connected Transactions

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# 董事會之組成

於2025年12月31日，董事會由10名董事組成，當中包括執行董事王守業先生（主席）、黃漢興先生（副主席、董事總經理兼行政總裁）、王伯凌先生及麥曉德先生（副行政總裁）；以及獨立非執行董事蘇澤光先生、史習陶先生、裴布雷先生、衛皓民先生、陳霞芳女士及張建生先生。

蘇澤光先生於2025年4月獲委任為本公司之董事，並於2025年4月22日就《上市規則》第3.09D條的要求取得一間律師事務所的法律意見，彼已確認明白作為本公司董事的責任。

譚偉雄先生於2025年5月30日舉行之股東周年大會結束後退任本公司董事。

董事會擁有適當的經驗、才能及特質，以充份及有效地履行其責任。此外，董事會全體董事均對本公司的業務具備充份及專門知識，以確保有效管治及監督。董事之個人履歷簡介載於本年報之「董事及高層管理人員簡介」內。本公司已分別於大新銀行及香港交易及結算所有限公司（「香港交易所」）的網頁上載本公司的最新董事名單（包括各董事擔任的角色和職能）以及彼等是否獨立非執行董事。本公司會於所有披露本公司董事姓名的企業通訊內，註明各獨立非執行董事的身份。

# 主席及行政總裁

本公司認為企業管理包括兩個主要層面：董事會之管理及企業業務之日常管理。董事會應清晰區分責任以確保權力及權限之平衡，而不致使任何個人擁有不受制約之決策權。

主席與行政總裁之職務分別由王守業先生和黃漢興先生擔任。職權之區分可清楚界定主席於董事會中擔當領導角色及行政總裁於日常業務的管理職責，以確保權力和授權分布均衡。主席主要在董事會中擔當領導角色，以確保董事會有效地履行其責任，使所有關鍵及相關事宜得以獲董事會及時處理。主席擁有履行該等責任所需的經驗、能力及個人特質。行政總裁則負責本公司之日常管理，為本集團企業利益指導業務方向及領導經營，提高股東價值及確保內部監控健全。

# 非執行董事（包括獨立非執行董事）

非執行董事一如其他董事會成員，透過定期出席會議及積極參與，致力以其技能、專業知識及各自不同背景及資歷，為董事會及其參與之有關委員會帶來貢獻。彼等出席定期及特別董事會會議，並獲鼓勵出席本公司之股東大會或股東特別大會。非執行董事透過提供獨立、富建設性及知情之意見及建議，為本公司之策略及政策發展作出寶貴的貢獻。

本公司有6名獨立非執行董事。各獨立非執行董事均已按《上市規則》第3.13條之規定向本公司確認其獨立性。於2025年12月31日，本公司已遵守《上市規則》第3.10(1)及(2)條及第3.10A條，擁有足夠具備適當專業資格及經驗之獨立非執行董事人數。

所有獨立非執行董事均按照《上市規則》第3.13條有關獨立性之指引進行獨立性的評估。經評估後，董事會認為全體獨立非執行董事均符合獨立資格。此外，本公司亦已收到各獨立非執行董事有關其獨立性之周年確認書。

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### Board Composition

As at 31 December 2025, the Board comprised 10 Directors, namely Mr. David Shou-Yeh Wong (Chairman), Mr. Hon-Hing Wong (Derek Wong) (Vice Chairman, Managing Director and Chief Executive), Mr. Gary Pak-Ling Wang and Mr. Nicholas John Mayhew (Deputy Chief Executive) as Executive Directors (“EDs”), and Mr. Jack Chak-Kwong So, Mr. Robert Tsai-To Sze, Mr. Blair Chilton Pickerell, Mr. Paul Franz Winkelmann, Ms. Nancy Ha-Fong Chan and Mr. Kin-Sang Cheung (Alex Cheung) as Independent Non-Executive Directors (“INEDs”).

Mr. Jack Chak-Kwong So, who was appointed to the Board in April 2025, had obtained the legal advice from a firm of solicitors as required under Rule 3.09D of the Listing Rules on 22 April 2025. He has confirmed his understanding of the obligations as a Director of the Company.

Mr. David Wai-Hung Tam retired as Director of the Company after the conclusion of the annual general meeting held on 30 May 2025 (“2025 AGM”).

The Board possesses appropriate experience, competencies and qualities to discharge its responsibilities adequately and effectively. In addition, the Board collectively has adequate knowledge and expertise relevant to the business activities of the Company in order to ensure effective governance and oversight. Brief biographical particulars of the Directors are set out in the “Directorsʼ and Senior Managementʼs Profile” of this Annual Report. The Company has maintained on the respective websites of Dah Sing Bank and Hong Kong Exchanges and Clearing Limited (“HKEX”) an updated list of its Directors including their roles and functions and whether they are INEDs. INEDs are also identified as such in all corporate communications that disclose the names of the Companyʼs Directors.

### Chairman and Chief Executive

The Company acknowledges that there are two key aspects of its management – the management of the Board and the day-to-day management of its business, and that there should be a clear division of these responsibilities at the Board level to ensure a balance of power and authority, so that no single individual should have unfettered powers of decision.

The posts of the Chairman and the Chief Executive are held separately by Mr. David Shou-Yeh Wong and Mr. Hon-Hing Wong (Derek Wong) respectively. This segregation ensures a clear distinction between the Chairmanʼs responsibility to manage the Board and the Chief Executiveʼs responsibility to manage the Companyʼs business and a balance of power and authority. The Chairman mainly provides leadership for the Board to ensure that the Board discharges its responsibilities effectively, and that all key and appropriate issues are discussed by the Board in a timely manner. The Chairman possesses the requisite experience, competencies and personal qualities to fulfill these responsibilities. The Chief Executive is responsible for the day-to-day management of the Company to provide business direction and operational leadership for the benefit of the Groupʼs businesses, enhance shareholder value and ensure sound internal control.

### NEDs (including INEDs)

NEDs, as equal Board members, give the Board and any committees on which they serve the benefit of their skills, expertise and varied backgrounds and qualifications through regular attendance and active participation. They attend regular and special Board meetings, and are encouraged to attend the general or extraordinary general meeting of the shareholders of the Company. The NEDs make valuable contribution to the development of the Companyʼs strategy and policies through independent, constructive and informed comments and suggestions.

The Company had 6 INEDs. Each of the INEDs has provided to the Company confirmation of his/her independence as required under Rule 3.13 of the Listing Rules. As at 31 December 2025, the Company has complied with Rule 3.10(1) and (2) and 3.10A of the Listing Rules with sufficient number of INEDs who possess the appropriate professional qualifications and experience.

The independence of the INEDs has been assessed in accordance with the guidelines set out in Rule 3.13 of the Listing Rules. Following such assessment, the Board considers all the INEDs to be independent. Further, the Company has also received from each of the INEDs an annual confirmation of his/her independence.

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本公司之非執行董事委任並無訂立特定任期，惟須根據本公司的組織章程細則於股東周年大會上輪值退任及重選連任。

本公司向各非執行董事（包括獨立非執行董事）發出的委任書，詳列彼等委任之條款及條件。

## 董事會獨立性

本公司認為董事會獨立性是良好公司治理的關鍵。作為既定管治框架的一部分，董事會管治政策及常規包含有效的機制以加強董事會之獨立性及讓董事的獨立意見傳達至董事會。董事會已對董事會管治政策及常規作年度檢視並認為該框架已妥善地執行及為有效。

為保持董事會中強大獨立元素及確保董事會決策的獨立性及客觀性，董事會／董事委員會會議於兼容環境下進行，鼓勵成員開放討論各項議題及提出有建設性的異議。董事／董事委員會成員可於會議中自由表達意見。董事於董事會／委員會會議討論的任何事項表達之意見將妥善地記錄在會議記錄中。

獨立非執行董事如未能透過任何途徑出席董事會會議，則須在會議召開前向董事會提交彼對董事會會議擬討論事項的書面意見（如有）。

董事會主席每年於其他董事及其他管理人員避席之情況下，與獨立非執行董事會面，以便作出開放坦誠討論。

董事會具備高度獨立性，以確保能作出獨立客觀之決策，並能全面及不偏不倚地監督管理層。

## 董事會會議程序

董事會每年最少召開4次會議（大致按季度舉行），並在有需要時額外召開董事會會議。董事於2025年出席董事會會議以及股東周年大會之詳情載於本企業管治報告「會議出席記錄」一節。

定期召開之董事會會議予以最少14天預先通知，以便所有董事有機會安排出席。其餘所有董事會會議，亦預先有合理通知。董事可在不少於7天前以書面形式向公司秘書提出彼等擬列入董事會定期會議議程之商討事項。公司秘書或有關委員會之秘書備存董事會及董事委員會之會議記錄，該等會議記錄可在任何董事提出合理通知後在任何合理時間內以供查閱。

所有董事會會議及董事委員會會議的會議記錄均妥為編製及保存，以充分詳盡記錄董事會或董事委員會所考慮的事項及所達致的決定，包括任何董事提出的關注事項或表達的不同觀點。所有董事會會議及董事委員會會議記錄草擬本及定稿均會適時寄發予董事或董事委員會成員作意見提出、批准及記錄。董事會記錄可應要求供任何董事查閱。

董事可於適當情況下，在提出合理要求後尋求獨立專業意見，相關費用由本公司支付。倘董事認為需要獨立意見，應首先將其要求知會公司秘書或行政總裁。該等要求不得無理被拒，且公司秘書或行政總裁須盡力物色及委聘合適之專業顧問，相關費用由本公司支付。本公司已為其董事購買合適之法律訴訟保險。

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The NEDs of the Company are not appointed for a specific term, but are subject to retirement by rotation and re-election at annual general meetings in accordance with the provisions of the Company’s Articles of Association.

The Company issues appointment letters to each of the NEDs (including INEDs), setting out the terms and conditions of their appointment.

### Board Independence

The Company recognizes that Board Independence is key to good corporate governance. As part of the established governance framework, the BGPP contains effective mechanisms that reinforce a strong independent Board and that independent views and input from Directors are conveyed to the Board. The Board conducted annual review on the BGPP and considered that such mechanisms were properly implemented and are effective.

To maintain a strong independent element in the Board and to ensure the independence and objectivity of the Board’s decision-making, meetings of the Board/ Board committees are held in an inclusive environment where open debates and constructive challenges are encouraged. Directors/committees’ members are free to contribute their views at meetings. Dissenting views of Directors on any matters discussed at Board/ committees’ meetings will be properly recorded in the minutes.

An INED is required to submit to the Board his/her written views (if any) on items to be discussed at the Board meeting ahead of the Board meeting in case he/ she is not able to attend the Board meeting via any means.

The Chairman of the Board meets with the INEDs annually, without the presence of other Directors and other management staff, to facilitate open and frank discussion.

There is a strong independent element in the Board to ensure the independence and objectivity of the Board’s decision-making process as well as the thoroughness and impartiality of the Board’s oversight of the Management.

### Board Process

Board meetings are held at least 4 times each year at approximately quarterly intervals, and additional Board meetings are held as necessary. Details of Directors’ attendance at the Board meetings and the annual general meeting in 2025 are set out in the section headed “Attendance Records” of this Corporate Governance Report.

Notice of at least 14 days is given of regular Board meetings to give all Directors an opportunity to attend. For all other Board meetings, reasonable notice is given in advance. Directors may submit to the Company Secretary, in writing, and at least 7 days in advance, matters that they would like to include in the agenda for regular Board meetings. Minutes of the Board and committees of the Board are kept by the Company Secretary or the secretary of the relevant committees, and are open for inspection at any reasonable time on reasonable notice by any Director.

Minutes of all meetings of the Board and Board Committees are prepared and maintained to record in sufficient details the matters considered and decisions reached by the Board or Board Committees, including any concerns raised or dissenting views voiced by any Director. All draft and final minutes of Board meetings and meetings of Board Committees are sent to Directors or Board Committee members as appropriate for comments, approval and records. Board records are available for inspection by any Director upon request.

Directors may, upon reasonable request, seek independent professional advice in appropriate circumstances, at the Company’s expense. In circumstances where Directors believe that independent advice is needed, they should approach the Company Secretary or the Chief Executive in the first instance with their request. No such request will be unreasonably denied, and the Company Secretary or the Chief Executive will endeavor to identify and engage an appropriate professional adviser at the expense of the Company. The Company maintains appropriate insurance cover in respect of legal action against its Directors.

---

# 委任及重選董事

所有獲委任填補臨時空缺之董事，須於其獲委任後之首次股東大會上由股東膺選。所有新任董事於委任生效後，須於下一次股東周年大會上經本公司股東選舉。所有其他本公司董事至少須於每3年輪值退任1次。

在招聘獨立非執行董事時，本公司將參考董事提名政策所載之甄選條件，包括候選人之可投入的時間、文化及教育背景、專業經驗及資歷。

# 董事會授權

為確保本公司營運有效及順暢，董事會知悉授予若干權力至董事委員會及管理層的需要。企業管治政策及常規詳列管理層的角色、責任及匯報程序。

董事會轄下設有提名及薪酬委員會以及審核委員會，以協助董事會履行其職責。

於2025年12月31日，董事會、提名及薪酬委員會以及審核委員會成員詳列如下：

## 董事會

### 執行董事
* 王守業（主席）
* 黃漢興（副主席、董事總經理兼行政總裁）
* 王伯凌
* 麥曉德（副行政總裁）

### 獨立非執行董事
* 蘇澤光
* 史習陶
* 裴布雷
* 衛皓民
* 陳霞芳
* 張建生

| 提名及薪酬委員會 (多數為獨立非執行董事) | 審核委員會 (全部為獨立非執行董事) |
| :--- | :--- |
| **成員：** | **成員：** |
| • 史習陶（主席） | • 衛皓民（主席） |
| • 陳霞芳 | • 史習陶 |
| • 王伯凌 | • 裴布雷 |
| | • 陳霞芳 |

---

## Appointment and Re-election of Directors

A director appointed to fill a casual vacancy shall be subject to election by shareholders at the first general meeting after his/her appointment. All new Directors are subject to election by shareholders of the Company at the next annual general meeting after their appointments have become effective. All other Directors of the Company are subject to retirement by rotation at least once every three years.

In the recruitment of INEDs, the Company will consider the selection criteria as set out in the Director Nomination Policy, which include time commitment, cultural and educational background, professional experience and qualification of the candidates.

As at 31 December 2025, the composition of the Board, the Nomination and Remuneration Committee and the Audit Committee is as follows:

## Delegation by the Board

To ensure the efficient and smooth operation of the Company, the Board acknowledges the need to delegate certain power to Board committees and Management. The roles, responsibilities and reporting lines of Management are set out in the BGPP.

In particular, the Nomination and Remuneration Committee and the Audit Committee were set up under the authority of the Board, to assist the Board in carrying out its responsibilities.

# BOARD

### EDs
* David Shou-Yeh Wong (Chairman)
* Hon-Hing Wong (Derek Wong) (Vice Chairman, Managing Director and Chief Executive)
* Gary Pak-Ling Wang
* Nicholas John Mayhew (Deputy Chief Executive)

### INEDs
* Jack Chak-Kwong So
* Robert Tsai-To Sze
* Blair Chilton Pickerell
* Paul Franz Winkelmann
* Nancy Ha-Fong Chan
* Kin-Sang Cheung (Alex Cheung)

| Nomination and Remuneration Committee (majority are INEDs) | Audit Committee (all are INEDs) |
| :--- | :--- |
| **Members:** | **Members:** |
| • Robert Tsai-To Sze (Chairman) | • Paul Franz Winkelmann (Chairman) |
| • Nancy Ha-Fong Chan | • Robert Tsai-To Sze |
| • Gary Pak-Ling Wang | • Blair Chilton Pickerell |
| | • Nancy Ha-Fong Chan |

---

# 董事委員會－提名及薪酬委員會

本公司於2005年8月成立薪酬委員會，以書面規章訂明其具體職權範圍，列明其角色及職責。本公司於2006年8月將薪酬委員會重新組成為提名及薪酬委員會，並更新其職權範圍。提名及薪酬委員會之職權範圍可於大新銀行及香港交易所網頁查閱。

## 董事之提名

提名及薪酬委員會之職權範圍規定董事會委任新增董事之正式、經審慎考慮並具透明度之程序。職權範圍亦明示禁止就委任新增董事之事宜上，將權力授予董事會轄下之委員會或本公司管理層，並規定董事會全體成員須深入審議後方可作出該等委任。

提名及薪酬委員會亦履行下列職責：

* 提名或審議及贊同董事之提名以及審議及贊同高層管理人員之提名
* 至少每年檢討董事會及其委員會的架構、人數、組成及多元化，協助董事會編製董事會技能表，並向董事會提出任何變動建議
* 定期檢討董事會及其委員會的運作效率及成效，尤其是董事會及委員會成員的組成
* 檢討提名為董事的人選是否合乎資格
* 評估獨立非執行董事之獨立性
* 檢討董事提名政策
* 檢討董事會成員多元化政策、可計量目標及其進度
* 支援對本公司董事會表現進行評核
* 每年檢討及評估每位董事在本公司治理、業務、風險管理及內部監控方面投入的時間，監察任何潛在的利益衝突以及對本公司董事會作出的貢獻，以及董事有效履行職責的能力
* 建議及協助董事會履行文化改革及相關之職責

## 董事提名政策

董事會於2019年5月採納董事提名政策，並定期檢視以確保其有效性。董事提名政策載列物色及評估人選，委任為本公司董事會成員之程序。

在評估人選是否合適提名為董事時，提名及薪酬委員會在評估人選時，將參考董事提名政策所載之甄選條件的基準，包括信譽、在金融服務業或其他行業的成就及經驗、可投入的時間及相關利益、對董事會的貢獻以及有效履行職責的能力，董事會各方面的多元化，包括但不限於性別、年齡、種族、文化及教育背景、專業經驗、技能、知識、獨立性和服務任期，以及《上市規則》第3.13條所規定有關建議委任獨立非執行董事之獨立性條件。

---

# BOARD COMMITTEE – NOMINATION AND REMUNERATION COMMITTEE

The Remuneration Committee was established by the Company in August 2005 with specific written terms of reference setting out its roles and responsibilities. The Remuneration Committee was reconstituted as the Nomination and Remuneration Committee (“NRC”) of the Company in August 2006 with a set of updated terms of reference. The terms of reference for the NRC are available on the websites of Dah Sing Bank and the HKEX.

## Nomination of Directors

The terms of reference of the NRC set out the requirement for a formal, considered and transparent procedure for the appointment of new directors to the Board. The terms of reference also explicitly prohibit the delegation of decisions regarding the appointment of new directors to sub-committees of the Board or to the management of the Company, and require that such appointments are made after deliberation by the full Board.

The NRC performs the following duties:

*   To make nomination or review and endorse the nomination for appointment as directors, and to review and endorse the nomination for appointment as senior management
*   To review the structure, size, composition and diversity of the Board and also its committees at least annually, assist the Board in maintaining a Board skills matrix, and make recommendations on any proposed changes to the Board
*   To regularly review the efficiency and effectiveness of the functioning of the Board and also its committees, particularly in respect of the composition of Board and committee members
*   To review if the individuals nominated as Directors are suitably qualified
*   To assess the independence of INEDs
*   To review the Director Nomination Policy
*   To review the Board Diversity Policy, the related measurable objectives and the progress on achieving these objectives
*   To support evaluation of the performance of the Board of the Company
*   To review and assess annually each Directorʼs time commitment to attend to the governance, business, risk management and internal control of the Company, oversee any potential conflict of interest arising, and make contribution to the Board of the Company, as well as the Directorʼs ability to effectively discharge his or her responsibility
*   To advise and assist the Board in discharging its culture reform and related responsibilities

## Director Nomination Policy

The Director Nomination Policy was adopted by the Board in May 2019 which is subject to regular review to ensure its effectiveness. The Director Nomination Policy describes the process for identifying and evaluating potential candidates for appointment to the Companyʼs Board of Directors.

In assessing the suitability of the candidates for nomination as Director, the NRC shall consider the candidates on the basis of the selection criteria set out in the Director Nomination Policy which includes his/her reputation for integrity, accomplishment and experience in the financial services industry or other industries, commitment in respect of available time and relevant interest, contribution to the Board and ability to discharge responsibility effectively, diversity perspectives including but not limited to gender, age, ethnicity, cultural and educational background, professional experience, skills, knowledge, independence and length of service, and independence criteria as set out in Rule 3.13 of the Listing Rules in respect of proposed appointment of INED.

---

就委任或選立新董事，提名及薪酬委員會將率先物色合適人選成為董事。提名及薪酬委員會可從若干渠道物色人選，包括現任董事會成員、高層管理人員和董事會成員所認識的人士。提名及薪酬委員會及高層管理人員亦會考慮來自其他渠道（包括但不限於高級企業行政人員或專業人士、專業公司和業務夥伴）對人選所發表之評論及資訊。除於股東大會上膺選連任之本公司董事，本公司任何股東均可遞交書面通知提名人選出任本公司董事，《股東提名候選人參選董事程序》載列了有關程序及流程，可於大新銀行網頁上查閱。

提名及薪酬委員會將考慮由本公司任何董事、高層管理人員或股東向其推薦為董事的提名人，惟在股東推薦的情況下，該提名須符合本公司組織章程規定之通知要求。

提名及薪酬委員會將慎重考慮及挑選具有資格、質素及技能的人選有效地為董事會作出貢獻。在進行評估時，提名及薪酬委員會將考慮董事提名政策項下之甄選條件及現行董事會架構、人數及組成，讓董事會各成員在觀點、資格、質素和技能各方面能取得平衡，及後提名及薪酬委員會將向董事會提出建議或贊同委任候選人為董事。

對於合資格在股東大會上膺選連任之退任董事，提名及薪酬委員會將彼等是否繼續合資格並膺選連任作出決定。

若任何獨立非執行董事已連續服務超過九年，提名及薪酬委員會將向董事會提供重選該獨立非執行董事的推薦意見，當中須註明提名及薪酬委員會認同該名董事的獨立性及應獲重選的原因，包括所考量的因素和提名及薪酬委員會作此決定的過程及討論內容。

# 董事之薪酬

提名及薪酬委員會之角色與職責如下：

* 協助董事會履行本公司薪酬系統規劃及操作之職責
* 審議及向董事會推薦合適本公司之薪酬政策及實務
* 確保定期檢討本公司的薪酬系統及操作
* 審議及贊同股份計劃相關事宜
* 審議及贊同董事、高層管理人員及關鍵人員之具體薪酬待遇

## 本集團之薪酬政策

本集團之薪酬政策旨在為僱員維持與市場條件相若、公平且具競爭力之薪酬配套，並根據業務需要、專業才能、個人之素質，且參照行業慣例與監管指引而訂立。

就釐定支付予董事會成員之袍金水平而言，將會考慮市場的袍金水平及各董事之工作量及其須作出之承擔等因素。釐定執行董事薪酬待遇之考慮因素如下：

* 業務需要及表現
* 整體經濟及商業情況
* 個別對本集團之貢獻
* 風險相關之表現
* 對環境、社會及管治以及氣候風險管理的參與
* 參考與個人職責相符之市場薪酬水平
* 遵行監管指引
* 留任之考慮因素及個別之潛能

---

For appointment or election of a new Director, the NRC shall take the lead in identifying candidates suitably qualified to become a Director. The NRC may solicit ideas for identification of candidates from a number of sources including present members of the Board, senior management and individuals personally known to the members of the Board. The NRC and senior management will also consider information and comment on individual candidates coming from other sources, including but not limited to well regarded senior business executives or professionals, professional firms, and business associates. Any shareholder of the Company may nominate a person other than a retiring director for election as a director of the Company at a general meeting by lodging a written notice with the Company. The nomination procedures and process are set out in the Procedure for Nomination of Directors by Shareholders which is available on the website of Dah Sing Bank.

The NRC shall consider candidates recommended as nominees for directors submitted to the NRC by any directors, senior management or shareholders of the Company, provided that in the case of shareholder recommendations, such nomination shall comply with the notice requirements set forth in the Company’s Articles of Association.

The NRC shall endeavor to consider and select individuals who possess the qualifications, qualities and skills to effectively make contribution to the Board. In conducting the assessment, the NRC shall take into account the selection criteria set out in the Director Nomination Policy as well as the prevailing structure, size and composition of the Board to maintain a balance of perspectives, qualifications, qualities and skills amongst members of the Board. The NRC shall then make recommendations or endorsement to the Board on the appointment of the candidates for directorship.

For retiring directors who are eligible for re-election at general meetings, the NRC shall determine if the incumbent directors consenting to re-nomination continue to be qualified and proposes the retiring directors for re-election.

The NRC shall include in its recommendation to the Board for consideration the justifications for re-appointing an INED who has served more than nine years. The recommendation for re-appointment should state why the NRC believes that the director is still independent and should be re-elected, including the factors considered, the process and the discussion of the NRC in arriving at such determination.

## Remuneration of Directors

The NRC has the following roles and responsibilities:

- To assist the Board in discharging its responsibility for the design and operation of the Company’s remuneration system
- To review and make recommendation to the Board in respect of the Company’s remuneration policy and practices
- To ensure that regular review of the Company’s remuneration system and its operation is conducted
- To review and endorse matters relating to share schemes
- To review and endorse the specific remuneration packages of directors, senior management and key personnel

### The Group’s Remuneration Policy

The Group’s policy on remuneration is to maintain fair and competitive packages for its employees, which are commensurate with market terms, and are based on business needs, expertise and quality of the individuals, and with proper reference to industry practice and regulatory guidelines.

For determining the level of fees paid to members of the Board of Directors, market rates and factors such as each director’s workload and required commitment will be taken into account. The following factors are considered when determining the remuneration packages of EDs:

- Business needs and performance
- The economy and business conditions in general
- Each individual’s contributions to the Group
- Risk related performance
- Involvement in ESG and climate-related risk management
- Reference to market pay level commensurate with the individual’s responsibility
- Consideration of regulatory guidelines
- Retention considerations and each individual’s potential

---

於考慮過程中，董事不可參與有關其本人薪酬之決定。

提名及薪酬委員會由獨立非執行董事出任主席，大部分成員為獨立非執行董事。

提名及薪酬委員會於2025年內召開3次會議。提名及薪酬委員會成員出席2025年提名及薪酬委員會會議之出席記錄詳情載於本企業管治報告「會議出席記錄」一節。

以下為提名及薪酬委員會於2025年之工作概要：

* 審議及贊同執行董事、高層管理人員及關鍵人員之薪酬水平
* 審議及贊同董事之重選
* 審議及贊同本集團之薪酬政策與相關制度及實務
* 審議本公司薪酬制度及實務披露
* 審議及贊同董事會成員多元化政策
* 審議及贊同董事提名政策
* 審議本集團推行提升文化之舉措
* 審議及批准經修訂之僱員操守準則
* 審議及贊同獎勵權利計劃的修訂
* 審議及贊同董事會董事之提名
* 審議及贊同提名及薪酬委員會職權範圍之變更
* 審議大新銀行獨立非執行董事之獨立性評核
* 審議及贊同大新銀行關鍵人員之薪酬
* 審議本公司及大新銀行之董事會管治
* 審議大新銀行董事會之2024年表現評核
* 審議及贊同大新銀行行政總裁及處級主管繼任計劃
* 審議及批准於本公司獎勵權利計劃授出獎勵權利予特定的高層管理人員

## 董事委員會 — 審核委員會

由本公司董事會成立之審核委員會，負責確保財務報告之客觀性及可信性、檢討內部監控制度及監管要求合規度、批准審核計劃及審閱內部與外聘核數師之查察結果及報告，並於向股東呈報業績時，確保各董事已按法例規定經審慎、盡責及克盡所能地遵循適當之會計及財務報告準則。

審核委員會之角色與職責如下：

* 向董事會就內部審核主管之委任提出建議，並審閱內部審核職能之效能
* 向董事會就外聘核數師之篩選、監察及酬金提出建議
* 根據適用之標準檢討及監察外聘核數師之獨立性及客觀性，以及審核程序之成效

---

During the process of consideration, no individual director will be involved in decisions relating to his/her own remuneration.

The NRC is chaired by an INED and the majority of the members are INEDs.

The NRC held 3 meetings in 2025. The attendance record of the NRC members at NRC meetings held in 2025 is set out in the section headed “Attendance Records” of this Corporate Governance Report.

The following is a summary of the work of the NRC during 2025:

* Reviewing and endorsing the remuneration levels for EDs, senior management and key personnel
* Reviewing and endorsing the re-election of directors
* Reviewing and endorsing the Groupʼs remuneration policy and related systems and practices
* Reviewing the disclosure on the Companyʼs remuneration systems and practices
* Reviewing and endorsing the Board Diversity Policy
* Reviewing and endorsing the Director Nomination Policy
* Reviewing the culture enhancement initiatives pursued by the Group
* Reviewing and approving the revised Code of Conduct for Staff
* Reviewing and endorsing the amendment to the Phantom Share Option Scheme
* Reviewing and endorsing the nomination of directors to the Board
* Reviewing and endorsing the changes to the Terms of Reference of the NRC
* Reviewing the assessment of independence of INED of Dah Sing Bank
* Reviewing and endorsing the remuneration packages of key personnel members of Dah Sing Bank
* Reviewing the Board governance of the Company and Dah Sing Bank
* Reviewing the 2024 Board evaluation of Dah Sing Bank
* Reviewing and endorsing the succession plan for the Chief Executive and Division Head positions of Dah Sing Bank
* Reviewing and approving the Phantom Share Options granted to selected senior executives under the Companyʼs Phantom Share Options Scheme

### BOARD COMMITTEE – AUDIT COMMITTEE

The Audit Committee (“AC”), established by the Board of the Company, is responsible for ensuring the objectivity and credibility of financial reporting, reviewing the internal control system and compliance with regulatory requirements, and approving audit plans and reviewing findings and reports of the internal and external auditors, and that in presenting results to the shareholders, the Directors have exercised the care, diligence and skills prescribed by laws, and that appropriate accounting and financial reporting standards are followed.

The AC has the following roles and responsibilities:

* Makes recommendations to the Board regarding the appointment of the head of internal audit and reviews the effectiveness of the internal audit function
* Makes recommendation to the Board on the selection, oversight and remuneration of external auditors
* Reviews and monitors the external auditorsʼ independence and objectivity and the effectiveness of the audit process in accordance with applicable standards

---

- 審閱及監察本公司之年度及中期財務報表之持正，包括編製財務報表時所採用之主要財務報告判斷
- 檢討本公司之內部監控，並向董事會報告其主要檢討結果及提供意見

本公司內部監控制度的描述載於下文，集團風險管理相關資料包括恰當之量化財務披露載於年度財務報告附註財務風險管理一節。

審核委員會之職權範圍可於大新銀行及香港交易所網頁上查閱。

所有審核委員會成員為獨立非執行董事，彼等於銀行、財務及企業管理具有豐富經驗。史習陶先生為合資格會計師，直至1996年6月為一間會計師事務所合夥人（此會計師事務所乃現時羅兵咸永道會計師事務所（「羅兵咸永道」）之前身）。衛皓民先生為羅兵咸永道之前合夥人，直至2014年6月，彼由2014年7月至2015年12月期間擔任羅兵咸永道高級顧問。除上文所述外，概無其他審核委員會成員受聘於或以其他方式與本公司之前任或現任外聘核數師有聯屬關係。

審核委員會成員與本公司之高層管理人員、內部審核主管及外聘核數師每年最少召開3次會議。2025年內共召開5次會議。審核委員會成員出席2025年審核委員會會議之出席記錄詳情載於本企業管治報告「會議出席記錄」一節。

為使董事知悉審核委員會之討論及決定，審核委員會成員出席董事會會議時亦會匯報經審核委員會會議討論與集團財務報表及內部監控系統相關之重大事項。此外，審核委員會就其已審閱及討論事項每半年向董事會呈交重點報告。

### 以下為審核委員會於2025年履行職責之概要：

- 審閱並就本集團2024年年度之業績公布及經審核財務報表，以及2025年中期業績及中期報告，向董事會提供意見及建議
- 審閱外聘核數師之審核結果及意見，及有關2024年年度審核與財務報表主要會計及財務披露事宜之管理層報告
- 審閱2024年之企業管治報告，以載於本公司2024年年報
- 批准於2024年下半年度及2025年上半年度經審核委員會審閱及接納呈交董事會期內委員會關注事項、重點及討論概要報告
- 審閱關連人士之交易及披露
- 審議並批准外聘核數師之委任及其酬金
- 審閱及批准外聘核數師之審核計劃
- 審閱外聘核數師招標程序，就批准委任新任外聘核數師向董事會提供建議及推薦意見
- 審閱及批准內部審核計劃
- 檢討內部審核工作、結果及建議
- 審閱由集團合規處提供就有關香港金融管理局（「香港金管局」）之最新考核及監管關注事項，管理層履行香港金管局建議之事宜
- 審閱香港會計師公會頒布之主要新會計及財務報告準則及指引之要點，以及採納該等準則及指引對本集團之影響

---

- Reviews and monitors the integrity of the Company's annual and interim financial statements, including significant financial reporting judgements used in producing the financial statements

- Reviews the Company's internal controls and reports its major findings and comments to the Board

Descriptions of the Company's internal control system are set out below. Information relating to the Group's risk management including appropriate financial quantification is set out in the Financial Risk Management sections as notes to the annual financial statements.

The terms of reference for the AC are available on the websites of Dah Sing Bank and the HKEX.

All members of the AC are INEDs with extensive experience in banking, finance and business management. Mr. Robert Tsai-To Sze is a qualified accountant and was a partner of a predecessor firm of PricewaterhouseCoopers (“PwC”) up to June 1996. Mr. Paul Franz Winkelmann was a former partner of PwC up to June 2014 and assumed the role as a senior advisor of PwC from July 2014 to December 2015. Save for the above, none of the other AC members are employed by or otherwise affiliated with the former or existing external auditors of the Company.

The AC members meet at least 3 times a year with the Company's senior management, the head of internal audit and the external auditors. In 2025, a total of 5 meetings were convened. The attendance record of AC members at the AC meetings held in 2025 is set out in the section headed “Attendance Records” of this Corporate Governance Report.

To enable Directors to be informed of the discussions and decisions of the AC, members of the AC who also attend meetings of the Board will advise on matters of significance relating to the financial statements and the internal control system of the Group discussed in the AC. In addition, a report highlighting the matters reviewed and dealt with by the AC is submitted to the Board on a half-yearly basis.

The following is a summary of the work of the AC during 2025 in discharging its responsibilities:

- Review, and providing advice and recommendations to the Board for the approval, of the 2024 results announcements and audited financial statements of the Group, and the 2025 interim results and interim report

- Review of external auditors' findings and comments, and management's reports on major accounting and financial disclosure matters in respect of 2024 audit and financial statements

- Review of the Corporate Governance Report of 2024 for inclusion in the Company's 2024 annual report

- Approval of the reports to the Board providing a summary of the issues, focuses and discussion reviewed and dealt with by the AC in the second half of 2024 and the first half of 2025

- Review of connected party transactions and disclosure

- Review and approval of the appointment and remuneration of external auditors

- Review and approval of the external auditors' audit plan

- Review of external auditors tender process and providing advice and recommendations to the Board for the approval of the appointment of new external auditors

- Review and approval of internal audit plan

- Review of the internal audit's work, findings and recommendations

- Review of updates from the Compliance Division of the Group on the Hong Kong Monetary Authority (“HKMA”) examinations and regulatory concerns, management's actions in implementing the HKMA's recommendations

- Review of the highlights of major new accounting and financial reporting standards and guidance issued by the Hong Kong Institute of Certified Public Accountants, and impact to the Group on their adoption

---

# 外聘核數師之獨立性及酬金

本公司已檢討並滿意本公司外聘核數師羅兵咸永道就對本集團財務報表進行審核之獨立性。

本公司僅在既具成本效益，又能維持羅兵咸永道作為本公司之外聘核數師之獨立及客觀性情況下，委聘羅兵咸永道提供審核以外之服務。否則，將另覓其他顧問公司提供專業服務。

除有關審核服務外，羅兵咸永道以協訂程序於2025年內為本集團提供審核以外服務，包括審閱報稅表與稅項計算、提供稅務顧問服務、審閱本集團中期業績公布事宜、審閱大新銀行20億美元歐洲市場中期票據計劃發售通函之更新及本集團若干操作規程、風險管理和內部監控之獨立評估。

截至2025年12月31日止年度，已支付或須支付予羅兵咸永道有關審核服務及審核以外服務之酬金如下：

| 為本公司提供的服務 | 已支付／須支付之費用（千港元） |
| :--- | :---: |
| 審核服務 | 13,163 |
| 審核以外服務： | |
| • 審閱經更新的歐洲市場中期票據計劃（「計劃」）及大新銀行在計劃下發行新後償債務的專業工作 | 300 |
| • 對營運風險管理、科技風險管理、新資訊系統項目等提供合規審閱及獨立評核 | 2,634 |
| • 與本集團相關之新稅務規則的稅項計算及諮詢服務之稅務合規審查 | 2,546 |
| • 其他 | 360 |
| **合共** | **19,003** |

## 問責及審核

### 財務報告

董事會有責任以平衡、清晰及易於理解方式評核及匯報本公司之表現、狀況及前景。

管理層負責向董事會提供充分解釋及足夠資料，讓董事會可就財務狀況及其他資訊作充分審閱以作判斷。

董事知悉其為本集團擬備財務報表之責任。於2025年12月31日，董事並不知悉有任何重大不明朗相關事件或情況會導致本集團可持續經營之能力受到質疑。

董事已按持續經營為基礎編製本集團財務報表。本集團外聘核數師對財務報表的責任乃載於本集團財務報表內之獨立核數師報告中。

董事會亦負責以平衡、清晰及明瞭方式評審呈報年度報告及中期報告、其他涉及股價敏感資料通告及其他根據《上市規則》須予披露之財務資料，以及根據法規或監管規定要求須予披露之資料。

---

## EXTERNAL AUDITORS’ INDEPENDENCE AND REMUNERATION

The Company has reviewed and is satisfied with the independence of the Company’s external auditors, PwC, for performing the audit of the Group’s financial statements.

The Company will use the non-audit services of PwC only when the Company can benefit in a cost-effective manner and the independence and objectivity of PwC as the Company’s external auditors can be maintained. Otherwise, professional services from other firms are used.

In addition to audit related services, PwC, based on agreed-upon procedures, provided the Group non-audit services during 2025 including review of tax returns and computation, tax advisory services, review of the Group’s interim financial disclosure, and review of the update on the offering circular of Dah Sing Bank’s US$2 Billion Euro Medium Term Note Programme, and independent assessments of certain operational processes, risk management and internal control of the Group.

The remuneration paid/payable to PwC in respect of audit services and non-audit services for the year ended 31 December 2025 is set out as follows:

| Services rendered for the Company | Fee paid/payable (HK$’000) |
| :--- | :--- |
| Audit services | 13,163 |
| Non-audit services: | |
| • Review of the updated Euro Medium Term Note Programme (the “Programme”) and professional work on new subordinated note issue of Dah Sing Bank under the Programme | 300 |
| • Compliance reviews and independent assessments on operational risk management, technology risk management, new IT system projects etc. | 2,634 |
| • Tax compliance review on taxation computation and advisory service on compliance with new tax regulations relevant to the Group | 2,546 |
| • Others | 360 |
| **Total** | **19,003** |

## ACCOUNTABILITY AND AUDIT

### Financial Reporting

It is the responsibility of the Board to present a balanced, clear and comprehensible assessment of the Company’s performance, position and prospects.

Management is responsible for providing sufficient explanation and information to the Board to enable the Board to make an informed assessment of the financial and other information put before the Board for approval.

The Directors acknowledge their responsibility for preparing the financial statements of the Group. As at 31 December 2025, the Directors are not aware of any material uncertainties relating to events or conditions which may cast significant doubt upon the Group’s ability to continue as a going concern. The Directors have prepared the financial statements of the Group on a going-concern basis. The responsibility of the Group’s external auditor on the financial statements is set out in the Independent Auditor’s Report attached to the Group’s financial statements.

The Board is also responsible for providing a balanced, clear and understandable assessment in annual and interim reports, other price-sensitive announcements and other financial disclosures required under the Listing Rules, as well as to information required to be disclosed pursuant to statutory or regulatory requirements.

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# 風險管理及內部監控

董事會知悉其評估及釐定達成本集團策略目標時所願意接納的風險性質及程度之負責，並確保本集團設立及維持合適及有效的風險管理及內部監控系統。該等風險包括與環境、社會及管治以及氣候風險相關之重大風險。董事會並負責監督管理層對風險管理及內部監控系統的設計、實施及監察。管理層須就該等系統之有效性向董事會確認。

集團之風險管理及內部監控系統旨在管理而非消除未能達成業務目標的風險，而且只能就不會有重大的失實陳述或損失作出合理而非絕對的保證。該等系統包含一個完善的公司架構以及全面的政策及標準。各業務及營運單位的職責範圍清晰劃分，以確保有效監察和制衡。

設定的程序旨在保障資產不被非授權挪用或處置；保存恰當的會計記錄；以及確保用作業務及公告上的財務資料的可靠性。有關程序提供合理（而非絕對）的保證，以防出現嚴重的錯誤、損失或舞弊。亦設定程序以確保遵從適用之法律、規則及規例。

本集團亦透過現行之多項系統及程序，以識別、監控及匯報本集團面對之主要風險。各業務及職能部門負責評估其職責範圍內之風險，並根據風險管理程序管理相關風險及就風險管理提出報告。本集團透過設立專責管理委員會監督並監察主要風險範疇，以及就本集團有關職能成立風險管理部門，維持有效之風險管理框架。

風險管理之報告會呈交予相關委員會，最後提呈董事會或其授權之董事委員會以監督並監察與本集團業務及運作相關之各種類風險。本集團之風險管理政策及主要監控權限，乃由董事會或其授權之委員會審批。運作及風險表現乃根據既定政策及程序，按相關風險限度定期進行監察及檢討。

## 內部監控

董事會授權管理層負責制訂及維持健全之內部監控制度。內部監控制度擬通過管理及營運監控、風險管理制度架構之運作，使董事會可監察本集團之業務表現及財務狀況、監控及調節風險、採納健全之業務守則、合理保證對欺詐及誤差之監控、確保遵守適用法例及規則，以及對管理人員作出監察及提供指引，以達成本公司之目標。然而，本集團之內部監控程序僅可對重大誤差、損失或欺詐提供合理而非絕對之保證。

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# RISK MANAGEMENT AND INTERNAL CONTROL

The Board acknowledges its responsibility to evaluate and determine the nature and extent of the risks it is willing to take in achieving the Group’s strategic objectives, and ensuring that the Group establishes and maintains appropriate and effective risk management and internal control systems. Such risks include, amongst others, material risks relating to ESG and climate-related risks. The Board is also responsible for overseeing Management in the design, implementation and monitoring of the risk management and internal control systems. Management has to provide a confirmation to the Board on the effectiveness of these systems.

The Group’s risk management and internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss. Such systems comprise a well-established organisational structure and comprehensive policies and standards. Areas of responsibilities for each business and functional unit are clearly defined to ensure effective checks and balances.

Procedures have been designed for safeguarding assets against unauthorised use or disposition; for maintaining proper accounting records; and for ensuring the reliability of financial information used within the business or for publication. The procedures provide reasonable but not absolute assurance against material errors, losses or fraud. Procedures have also been designed to ensure compliance with applicable laws, rules and regulations.

Systems and procedures are in place in the Group to identify, control and report on the major types of risks the Group encounters. Business and functional units are responsible for the assessment of individual types of risk arising under their areas of responsibilities, the management of the risks in accordance with risk management procedures and the reporting on risk management. The Group maintains an effective risk management framework through the setting up of specialised management committees for the oversight and monitoring of major risk areas and the establishment of risk management departments for relevant functions of the Group.

Risk management reports are submitted to the relevant committees and ultimately to the Board or its delegated Board committee for oversight and monitoring of various types of risk associated with the Group’s businesses and operations. The Group’s risk management policies and major control limits are approved by the Board or its delegated Board committee. Operating and risk performance are monitored and reviewed against relevant risk limits regularly according to established policies and procedures.

## Internal Controls

The Board has delegated to Management the responsibility to develop and maintain a sound internal control system. The internal control system, operating through a framework of management and operational controls, and risk management systems, is intended to allow the Board to monitor the Group’s business performance and financial positions, to control and adjust risk exposures, to adopt sound business practices, to obtain reasonable assurance on controls against fraud and errors, to ensure compliance with applicable laws and regulations, and to exercise oversight on and provide guidance to Management in achieving the Company’s objectives. However, it should be recognized that the Group’s internal control procedures can only provide reasonable, not absolute, assurance against material errors, losses or fraud.

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本集團已設立制度以維持有效內部監控，其主要程序如下：

* 設立清晰之管理組織架構，具有清楚界定之權限、問責性及職責。
* 成立專責委員會，以監察及控制重大風險因素，如信貸風險、流動資產及利率風險、操作風險及合規風險。
* 定期向高層管理人員及管理委員會報告本公司之業務表現。密切留意實際表現結果與預算之比對。董事會每季審閱本集團之業務及財務表現。
* 制訂書面政策及程序，以促進對客戶、客戶服務、職責區分、處理交易之準確性及完整性、資產之保護、信貸管理及風險監控、業務風險之控制、合規監控（包括反清洗黑錢（「反洗錢」））、員工培訓、資訊科技發展、資訊管治及信息安全、持續業務運作規劃、財務管理（包括會計、監管報告、合乎監管及財務報告準則之財務報告、管理會計及預算控制、賬目對賬），以及管理監督制度（包括各功能委員會之運作）等各方面之恰當評估。
* 獨立內部審核職能可對集團內部監控、風險管理和管治過程的充分性和有效性提供客觀保證。它進行廣泛基於風險的審核和審閱，包括合規性評估、營運審計和系統審查，以及對管理政策和程序以及適用監管要求遵守情況的評估。內部審核部主管可向審核委員會交代，管理運作上隸屬行政總裁並可直接向執行委員會稟報。
* 獨立的集團風險部職能負責監察，並向高層管理人員、風險管理及合規委員會及董事會匯報集團風險狀況及相關分析，以維持本集團業務組合中良好資產質素及風險控制，亦充分考慮風險與回報兩者間之恰當平衡。
* 本集團繼續提升其風險管理機制與能力，以加強風險控制及成效，對鞏固本集團穩健的內部監控程序猶為重要。
* 隸屬管理層之集團合規委員會致力維護及確保本集團遵守所有金融服務業的法律規定及監管指引，負責監督及領導發展、維持及加強法規合規事宜，包括主要監察機構如香港金管局、證券及期貨事務監察委員會及保險業監管局的監管法規。設立集團合規處可向本集團提供獨立合規職能，旨在提升及維護合規標準及改善本集團合規有效性。
* 反洗錢及金融犯罪風險部管理和監督本集團之反洗錢及金融犯罪風險。
* 制定集團職能報告指引，加強集團職能部門與附屬公司之間的合作，統一集團政策、守則及標準，讓集團職能部門主管對附屬公司營運進行適當的監控、監督及監察。

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The key procedures that the Group has established to maintain an effective internal control system are as follows:

- A clear management organizational structure is set up with well-defined lines of authority, accountability and responsibilities.

- Specialized committees are formed to oversee and control significant risk factors, such as credit risk, liquidity and interest rate risks, operational risk and compliance risk.

- Regular reporting of the performance of the Companyʼs businesses to senior management and management committees. Actual performance results against budgets are closely monitored. The Board reviews the Groupʼs business and financial performance on a quarterly basis.

- Written policies and procedures are established to facilitate proper assessment of customers, services to customers, segregation of duties, accuracy and completeness of transaction processing, safeguarding of assets, credit control and risk monitoring, control of business exposures, compliance control and monitoring (including anti-money laundering (“AML”)), staff training, IT development, IT governance and information security, business continuity planning, financial control (including accounting, regulatory reporting, financial reporting to comply with regulatory and financial reporting standards, management accounting and budget control, reconciliation of accounts), and system of management oversight including the operations of various functional committees.

- The independent internal audit function provides objective assurance on the adequacy and effectiveness of the Groupʼs internal control, risk management and governance processes. It conducts a wide range of risk-based audits and reviews, including compliance assessments, operational audits and systems reviews, and evaluation of adherence to management policies and procedures as well as applicable regulatory requirements. The Head of Internal Audit reports functionally to the AC and administratively to the Chief Executive and has direct access to the Executive Committee.

- The independent group risk function monitors and reports the Groupʼs risk positions and analysis to senior management, Risk Management and Compliance Committee and the Board, and operates to sustain a sound asset quality and risk control in the portfolio of the Groupʼs businesses with due consideration of a proper risk and return balance.

- The Group continues its ongoing upgrade of risk management framework and capabilities to strengthen its risk control and effectiveness, which are key to the maintenance of sound internal control process of the Group.

- The Group Compliance Committee at the management level serves to uphold a high level of compliance with all financial servicesʼ statutory requirements and regulatory guidelines governing the businesses of the Group. It is responsible for overseeing and guiding the development, maintenance and enhancement of regulatory compliance matters, including oversight of compliance with the regulations as imposed by key regulators such as the HKMA, Securities and Futures Commission and Insurance Authority. The Group Compliance Division is established to provide an independent compliance function, aiming at upgrading and upholding the compliance standards and improving compliance effectiveness of the Group.

- The AML and Financial Crime Risk Department manages and oversees AML and financial crime risk of the Group.

- A Guideline on Group Functional Reporting is in place to promote collaboration between Group functions and subsidiaries, align Groupʼs policies, practices and standards, and allow Group functional heads to exercise proper control, supervision and monitoring of subsidiariesʼ operations.

---

## 內部監控制度之評估

董事會已考慮審核委員會與管理層所作出之審核，以及內部及外聘核數師作出之審核報告，從而評估內部監控制度之有效性。

本集團內部審核部已依據審核委員會之指示就所有主要監控重點包括財務、營運及合規與風險管理監控各方面進行評估。2025年度之審閱已包括參照由內部及外聘核數師之意見、本集團的政策和程序、適用的監管指引及企業管治守則的要求之年度評估。本集團將繼續努力提升內部監控系統及加強有關程序以符合監管預期和不斷發展的最佳常規。

## 年度評估

本集團已實行穩健的風險管理及內部監控框架，持續監控及定期向管理層及董事會報告風險概況、風險狀況及內部監控事宜。參考《上市規則》企業管治守則之規定，根據持續檢討及定期評估，管理層（包括各業務部門主管、財務控制、風險管理、合規部門及營運管理）以及本集團主要附屬公司之高層管理人員已評估風險管理及內部監控制度之現有狀況並確認其仍然有效，該陳述已經內部審核部審閱及贊同以及集團高層管理人員審閱及確認。

已呈交審核委員會及董事會之2025年審閱結果總結本集團之風險管理及內部監控制度為有效及充足。

## 內部審核

本集團設立獨立內部審核職能提供客觀保證及提供建議予董事會及管理層。內部審核職能主要功能為評估由管理層設計及執行的本集團風險管理、內部控制及管治程序是否充足和有效運作。

內部審核部每年最少一次須將審核工作結果及對整體風險管理和內部控制框架的評估情況向審核委員會或董事會（如適合）匯報。內部審核部亦須跟進管理層就審核結果制定的整改計劃並核實相關措施的實施和有效性。

---

## Assessment of Internal Control System

In assessing the effectiveness of the internal control system, the Board has considered reviews performed by the AC and Management, and the findings of both internal and external auditors.

Under the direction of the AC, the Group’s Internal Audit conducted an assessment covering all material controls, including financial, operational, compliance and risk management controls. The 2025 reviews included an annual assessment of the internal control system, with reference to comments from internal and external auditors, the Group’s policies and procedures, applicable regulatory guidelines and the requirements of the CG Code. The Group is committed to continuously enhancing its internal control system and strengthening related processes in line with regulatory expectations and evolving best practice.

### Annual Assessment

The Group has implemented a robust risk management and internal control framework with ongoing monitoring and regular reporting of risk profiles, risk positions and internal control issues to the Management and to the Board. Based on the ongoing reviews and regular assessments, the Management including the heads of business units, financial control, risk management, compliance units and operations management, and the senior management of the key subsidiaries of the Group have evaluated the existing status of the risk management and internal control system and confirmed that they remain effective with reference to the requirements of the CG Code of the Listing Rules. These statements of Management have been reviewed and endorsed by Internal Audit function, and reviewed and confirmed by senior management of the Group.

The results of the 2025 review, which have been reported to the AC and the Board, concluded that the Group’s risk management and internal control systems were effective and adequate.

## INTERNAL AUDIT

The Group has established an independent Internal Audit function to provide objective assurance and advice to the Board and Management. Its primary role is to assess whether the Group’s risk management, internal control and governance processes, as designed and implemented by Management, are adequate and operating effectively.

Internal Audit reports the results of its audit work, together with an assessment of the overall risk management and internal control framework, to the AC or the Board as appropriate, at least annually. It also follows up on Management’s agreed action plans in response to audit findings and validates the implementation and effectiveness of remedial measures.

---

# 會議出席記錄

個別董事出席於2025年舉行的董事會會議、審核委員會會議、提名及薪酬委員會會議及股東周年大會之出席記錄呈列如下：

| | | 出席／合資格出席 | | |
| :--- | :---: | :---: | :---: | :---: |
| **董事** | **董事會** | **審核委員會** | **提名及薪酬委員會** | **出席股東周年大會** |
| **執行董事** | | | | |
| 王守業 | 4/4 | – | – | ✓ |
| 黃漢興 | 4/4 | – | – | ✓ |
| 王伯凌 | 4/4 | – | 3/3 | ✓ |
| 麥曉德 | 4/4 | – | – | ✓ |
| **獨立非執行董事** | | | | |
| 蘇澤光 (1) | 2/3 | – | – | – |
| 史習陶 | 4/4 | 5/5 | 3/3 | ✓ |
| 裴布雷 | 3/4 | 4/5 | – | ✓ |
| 衛皓民 | 4/4 | 5/5 | – | ✓ |
| 陳霞芳 (2) | 4/4 | 5/5 | 2/2 | ✓ |
| 張建生 | 4/4 | – | – | ✓ |
| 譚偉雄 (3) | 2/2 | – | 1/1 | – |

註：
(1) 於2025年4月30日起獲委任為本公司獨立非執行董事
(2) 於2025年5月31日獲委任為本公司提名及薪酬委員會成員
(3) 於2025年5月30日舉行之2025年股東周年大會結束後退任及於同日不再擔任本公司之提名及薪酬委員會成員

---

# ATTENDANCE RECORDS

The attendance of individual Directors at the Board meetings, Audit Committee meetings, Nomination and Remuneration Committee meetings and the Annual General Meeting held in 2025 are as follows:

| | Attended/eligible to attend | | | Attended |
| :--- | :---: | :---: | :---: | :---: |
| **Directors** | **Board** | **Audit Committee** | **Nomination and Remuneration Committee** | **Annual General Meeting (“AGM”)** |
| **EDs** | | | | |
| David Shou-Yeh Wong | 4/4 | – | – | ✓ |
| Hon-Hing Wong (Derek Wong) | 4/4 | – | – | ✓ |
| Gary Pak-Ling Wang | 4/4 | – | 3/3 | ✓ |
| Nicholas John Mayhew | 4/4 | – | – | ✓ |
| **INEDs** | | | | |
| Jack Chak-Kwong So (1) | 2/3 | – | – | – |
| Robert Tsai-To Sze | 4/4 | 5/5 | 3/3 | ✓ |
| Blair Chilton Pickerell | 3/4 | 4/5 | – | ✓ |
| Paul Franz Winkelmann | 4/4 | 5/5 | – | ✓ |
| Nancy Ha-Fong Chan (2) | 4/4 | 5/5 | 2/2 | ✓ |
| Kin-Sang Cheung (Alex Cheung) | 4/4 | – | – | ✓ |
| David Wai-Hung Tam (3) | 2/2 | – | 1/1 | – |

Notes:
(1) appointed as an INED of the Company with effect from 30 April 2025
(2) appointed as a member of the NRC of the Company with effect from 31 May 2025
(3) retired after the conclusion of the 2025 AGM on 30 May 2025 and ceased to act as a member of the NRC of the Company on the same date

---

# 董事就任須知及培訓

本公司會向新委任的董事提供董事就任手冊及本公司之資料，並由管理層作出簡介，以確保董事對本集團的運作及業務均有適當的理解，以及知悉其在相關法律及規定下的職責。本公司亦舉辦持續專業發展及培訓予其董事，以確保各董事充份知悉彼等在適用法律及規例下的職責。

各董事於年內已接受下列範疇之培訓：

董事均參與持續專業發展，發展並更新彼等的知識及技能。於年內，本公司為董事安排簡介會。所有董事均已向公司秘書提供彼等於2025年內所接受培訓的記錄。

| | | **培訓範疇** | |
| :--- | :---: | :---: | :---: |
| **董事** | **監管規定／<br>企業管治** | **集團業務<br>及管理** | **風險管治<br>及管理** |
| **執行董事** | | | |
| 王守業 | ✓ | ✓ | ✓ |
| 黃漢興 | ✓ | ✓ | ✓ |
| 王伯凌 | ✓ | ✓ | ✓ |
| 麥曉德 | ✓ | ✓ | ✓ |
| **獨立非執行董事** | | | |
| 蘇澤光 | ✓ | ✓ | ✓ |
| 史習陶 | ✓ | ✓ | ✓ |
| 裴布雷 | ✓ | ✓ | ✓ |
| 衛皓民 | ✓ | ✓ | ✓ |
| 陳霞芳 | ✓ | ✓ | ✓ |
| 張建生 | ✓ | ✓ | ✓ |

---

# INDUCTION AND TRAINING FOR DIRECTORS

A newly appointed Director is provided with a Director’s induction handbook and materials relevant to the Company and briefed by the Management to ensure that the Director has a proper understanding of the operations and business of the Group and that he or she is aware of his or her responsibilities under the relevant laws and regulations. The Company also organized continuous professional development and training to its Directors to ensure that they are fully aware of their responsibilities under the applicable laws and regulations.

Directors participated in continuous professional development to develop and refresh their knowledge and skills. During the year, the Company has organized board briefings for Directors. All Directors provided to the Company Secretary a record of the training they received in 2025.

The Directors received trainings on the following areas during the year:

| | | **Training Areas** | |
| :--- | :---: | :---: | :---: |
| **Directors** | **Regulatory/ Corporate Governance** | **Group’s Business and Management** | **Risk Governance and Management** |
| **EDs** | | | |
| David Shou-Yeh Wong | ✓ | ✓ | ✓ |
| Hon-Hing Wong (Derek Wong) | ✓ | ✓ | ✓ |
| Gary Pak-Ling Wang | ✓ | ✓ | ✓ |
| Nicholas John Mayhew | ✓ | ✓ | ✓ |
| **INEDs** | | | |
| Jack Chak-Kwong So | ✓ | ✓ | ✓ |
| Robert Tsai-To Sze | ✓ | ✓ | ✓ |
| Blair Chilton Pickerell | ✓ | ✓ | ✓ |
| Paul Franz Winkelmann | ✓ | ✓ | ✓ |
| Nancy Ha-Fong Chan | ✓ | ✓ | ✓ |
| Kin-Sang Cheung (Alex Cheung) | ✓ | ✓ | ✓ |

---

# 管治政策

本集團視本集團董事及員工的道德、個人及專業標準為極之重要。所有員工均需嚴謹遵守反映本集團核心價值及企業文化的各種不同集團政策。

## 董事之證券交易守則

本公司已採納一套自行制定且條款不低於《上市規則》附錄C3《上市發行人董事進行證券交易的標準守則》（「《標準守則》」）所載規定的董事進行證券交易的董事證券交易守則（「董事交易守則」）。經向本公司董事作出特定查詢後，彼等已確認於截至2025年12月31日止年度，均已遵守《標準守則》及本公司之董事交易守則。

所有本集團員工包括高層管理人員及指定僱員有義務遵守條款不低於《標準守則》的證券交易的限制，並載列於《僱員進行證券交易守則》。

## 僱員操守準則

為確保本集團恪守最高道德準則及專業水準，所有員工須嚴格遵守《僱員操守準則》，《僱員操守準則》闡明在工作中恪守的文化及價值觀，亦制定了員工應遵守的道德價值觀及商業行為準則，包括反貪污措施以防止貪污及賄賂。

所有員工須遵守嚴格的道德準則，並對《僱員操守準則》所規定任何形式的貪污或賄賂行為零容忍。此外，員工須遵守《反洗錢及打擊恐怖分子資金籌集政策》（「《反洗錢政策》」），該政策為員工提供了有關識別及報告疑似洗錢及恐怖分子資金籌集活動的指引。本集團以不同的溝通渠道定期提醒員工須遵守於《僱員操守準則》及《反洗錢政策》內列明的條例及道德準則。本集團定期提供有關反洗錢、操守、反貪污及賄賂的培訓予員工，並要求員工每年必須參與複習培訓以確保員工明白本集團對賄賂及貪污的零容忍立場，並加強金融犯罪風險及管理文化。

## 舉報政策

為維護本集團的企業價值觀及道德標準，本集團制定了舉報政策，為員工提供安全及保密渠道真誠舉報任何懷疑違規行為、違反法律或法規、內部監控缺陷、不道德行為或其他違規行為。

舉報政策確保報告嚴格保密及防止舉報者遭受報復。舉報可提升至本集團審核委員會及／或董事會（透過本集團審核委員會）（如適用）。

## 處理機密及股價敏感內幕資料政策

監控及披露內幕消息指引列出處理內幕資料的指導性原則、程序及內部監控，使內幕消息得以適時處理及發布，以便所有持份者及時知悉本集團及其附屬公司之最新狀況或股價敏感資料。

此外，本集團已推行有關處理未經發布並具股價敏感內幕資料的政策，該政策對擁有未經發布並具股價敏感內幕資料或機密資料的員工實施額外的防範措施，包括以代號分辨項目及僅限於因既定目的及僅限相關人員知悉的基準而發放資料。

---

## GOVERNANCE POLICIES

The Group places utmost importance on the ethical, personal and professional standards of Directors and employees of the Group. All employees are required to adhere to various Group policies that reflect the core values and corporate culture of the Group.

### Code for securities transactions by directors and employees

The Company has adopted its own code for directorsʼ securities dealing (“Directorsʼ Dealing Code”) on terms no less exacting than the prevailing required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers (“Model Code”) under Appendix C3 of the Listing Rules. Following specific enquiry, the Directors of the Company confirmed that they had complied with the required standard set out in the Model Code and the Directorsʼ Dealing Code during the year ended 31 December 2025.

All employees of the Group, including the senior management and selected members of the employees, are obliged to follow the Companyʼs restrictions on dealing in securities, which are on terms no less exacting than the Model Code, as set out in the Staff Securities Dealing Policy.

### Code of Conduct

To ensure the Group operates to the highest standards of ethical conduct and professional competence, all staff are required to strictly follow its Code of Conduct for Staff (“Code of Conduct”) which sets out at its outset the culture and values that are to be upheld at work and also lays down the guidelines on ethical values and business conduct that staff shall follow, which include, amongst others, anti-corruption measures to curb corruption and bribery.

All staff are required to observe a strict code of ethics with no tolerance for any form of corruption or bribery as stipulated in the Code of Conduct. Moreover, our staff shall comply with our Policy on Anti-Money Laundering and Counter-Financing of Terrorism (“AML Policy”), which provides, amongst others, guidance to our staff on how to identify and report suspicious money laundering and terrorist financing activities. The Group uses various communication channels to periodically remind its staff of the requirement to adhere to the rules and ethical standards set out in the Code of Conduct and AML Policy. The Group offers anti-money laundering, conduct, anti-bribery and corruption training programmes to its staff regularly, and requires them to attend refresher training mandatory on an annual basis to ensure that staff are aware of the Groupʼs zero-tolerance stance on bribery and corruption, and to strengthen the financial crime risk and management culture.

### Whistle-Blowing Policy

To uphold the Groupʼs corporate values and ethical standards, a Whistle-Blowing Policy is in place to provide staff with secure and confidential channels to report, in good faith, any suspected misconduct, breaches of laws or regulations, internal control deficiencies, unethical behaviour, or other irregularities.

The Whistle-Blowing Policy ensures that reports are handled in strict confidence and that whistle-blowers are protected against retaliation. Where appropriate, matters may be escalated to the Group AC and/or the Board through the Group AC.

### Policy of Handling of Confidential and Price-sensitive Inside Information

A Guideline on the Control and Disclosure of Inside Information is in place, which sets out the guiding principles, procedures and internal controls for the handling of confidential inside information, and dissemination of inside information in a timely manner so as to allow all stakeholders to be aware of the latest positions or price sensitive information of the Group and its subsidiaries.

In addition, the Group has implemented the Policy on Handling of Unpublished Price-sensitive Inside Information. The policy adopts additional precautions which should be taken by employees who are in possession of unpublished and price-sensitive information or confidential information, including identification of project by code name and dissemination of information for stated purpose and on a need-to-know basis only.

---

# 多元化

## 董事會多元化

### 董事會成員多元化政策

董事會於2013年12月採納董事會成員多元化政策，並每年檢視以確保其有效性。董事會成員多元化政策旨在列載本公司董事會為達致成員多元化而採取的方針，從而有利於本公司及其整體業務，並提升公司的表現素質。

本公司明白並深信董事會成員多元化對支持實現其可持續發展裨益良多。董事會成員多元化有多方面的考慮因素，甄選人選將按一系列多元化範疇為基準，包括但不限於性別、年齡、種族、文化及教育背景、專業經驗、技能、知識、獨立性及服務任期。董事會所有委任均以用人唯才為原則，並在考慮人選時以客觀條件充分顧及上述之個人特質、對董事會貢獻之期望及董事會成員多元化的裨益。

董事會現有一名女性董事會成員。董事會以維持至少現有女性比例為目標，將在提名及薪酬委員協助下藉着甄選及推舉適當董事人選時的機會，視乎是否有合適人選，考慮逐步提高女性董事的數目。董事會將參考本地的監管要求／建議最佳常規，致力確保董事會男女成員組合取得適當平衡。

為促進董事會成員的多元化，並遵守企業管治守則中新增的規定 — 即最少應委任一名不同性別的董事加入提名委員會，陳霞芳女士已於2025年5月31日起獲委任為本公司提名及薪酬委員會之成員。

### 董事會之組成及多元化

**重點提要：60%為獨立非執行董事**

| 類別 | 數據點 1 | 數據點 2 | 數據點 3 | 數據點 4 |
| :--- | :--- | :--- | :--- | :--- |
| 性別 | 男性 (9) | 女性 (1) | | |
| 獨立非執行董事比例 | 執行董事 (4) | 獨立非執行董事 (6) | | |
| 種族 | 中國籍 (7) | 非中國籍 (3) | | |
| 年齡組別 | 60歲或以下 (1) | 61-70歲 (5) | 70歲以上 (4) | |
| 擔任董事年期 | 少於3年 (4) | 3-9年 (2) | 超過9年 (4) | |
| 擔任其他上市公司的董事（公司數目） | 0間 (2) | 1間 (3) | 2間 (4) | 3間 (1) |

---

# DIVERSITY

## Board Diversity

### Board Diversity Policy

The Board Diversity Policy was adopted by the Board in December 2013 which is subject to annual review to ensure its effectiveness. The Board Diversity Policy aims to set out the approach to achieve diversity on the Company’s Board in order to enhance the quality of its performance which in turn should benefit the Company and its business as a whole.

The Company recognizes and embraces the benefits of having a diverse Board in supporting the attainment of its sustainable development. Board diversity has been considered from a number of aspects. Selection of candidates will be based on a range of diversity perspectives, including but not limited to gender, age, ethnicity, cultural and educational background, professional experience, skills, knowledge, independence and length of service. All Board appointments will be based on meritocracy, and candidates will be considered against objective criteria, having due regard for the factors on personal attributes outlined above, expectation on contribution to the Board, and the benefits of diversity of the Board.

The Board currently has one female Board member. The Board targets to maintain at least the current level of female representation and will consider opportunities to increase the number of female members over time with the assistance of the NRC in selecting and making recommendations on suitable candidates for Board appointments, subject to the availability of suitable candidates. The Board will endeavour to achieve the appropriate gender diversity with reference to local regulatory requirements/recommended best practices.

In order to promote greater board diversity and for compliance with the new requirement of the CG Code to appoint at least one director of a different gender to the nomination committee, Ms. Nancy Ha-Fong Chan has been appointed as a member of the NRC of the Company with effect from 31 May 2025.

## BOARD COMPOSITION AND DIVERSITY

### Key Highlight: INED representation of 60%

| Category | Segment 1 | Segment 2 | Segment 3 | Segment 4 |
| :--- | :--- | :--- | :--- | :--- |
| Gender | Male (9) | Female (1) | | |
| INED Ratio | ED (4) | INED (6) | | |
| Ethnicity | Chinese (7) | Non-Chinese (3) | | |
| Age Group | 60 or below (1) | 61–70 (5) | Over 70 (4) | |
| Board Tenure (Years) | Below 3 yrs (4) | 3-9 yrs (2) | Over 9 yrs (4) | |
| Other listed company directorship (no. of co.) | 0 co. (2) | 1 co. (3) | 2 co. (4) | 3 co. (1) |

---

董事會透過提名及薪酬委員會檢討董事會的架構、人數、組成及多元化以及董事會成員多元化政策，以確保董事會之組成符合企業管治守則並擁有適當的技能、經驗及多元化組合以配合本公司策略、管治及業務而對董事會作出有效及高效率的貢獻。董事會認為董事會成員多元化政策的實施有效。

## 員工多元化

本集團致力於為所有員工打造包容性的環境。根據有關法律及法規，於員工行為守則及僱傭平等機會政策設立相關政策以禁止因性別、懷孕、哺乳、婚姻狀況、殘疾、家庭狀況或種族而受到的任何歧視、騷擾、受害或誹謗。我們確保在招聘、晉升及發展機會會按個人之資歷及優點作決定。為維持我們工作環境多元化，我們持續監察員工多元化組合。於2025年，我們設定了45%-55%的員工性別比例目標，並計劃維持此目標比例。截至2025年底，本集團全職員工取得性別平衡，53%女性和47%男性。

## 股東參與

### 有效溝通

董事會極重視與股東之溝通，股東周年大會為股東提供一個與董事會交流意見之場合。董事會主席及所有董事均盡力參加。董事委員會主席及外聘核數師代表亦會出席股東周年大會以回應股東之提問。

管理層就本公司年度及中期業績與分析員舉行簡報會議。此外，本公司之指定高層管理人員亦會定期與機構投資者及分析員會面，在遵循適用法律及法規的情況下，讓彼等了解本公司發展。

此外，大新銀行網頁(www.dahsing.com)為股東提供方便之渠道以取得本公司之財務資訊、公布／通函，以及本公司企業管治架構及實務資訊，並載有本集團之業務及企業社會責任活動。

## 股東通訊政策

董事會明白與本公司股東持續保持對話之重要性，並採納了股東通訊政策，載列促進與股東有效溝通之現行框架，以及使股東能積極地與本公司溝通，並能在知情情況下行使彼等權力及於每年作出檢討，以確保其有效性。

本公司透過多種渠道及方式與股東及投資人士溝通，包括：刊物（如年報、中期業績報告、環境、社會及管治報告、通告、通函及公告）發放資訊及親身或網上出席股東大會以及投資人士會議。

關注到已有多個渠道讓股東表達其意見，董事會認為股東通訊政策為合適及有效。

股東通訊政策可於大新銀行網頁上(www.dahsing.com)查閱。

## 召開股東特別大會

持有本公司總表決權不少於5%的股東，可呈請召開本公司之股東特別大會。

有關呈請書須(i)列明會議目的，(ii)由各呈請人簽署，及(iii)遞交本公司位於香港灣仔皇后大道東248號大新金融中心26樓之註冊辦事處或以電子形式遞交。該呈請書亦可包括多份相同形式之文件，每份由一位或多位呈請人簽署。

該呈請書亦須列明(i)各呈請人之姓名，(ii)各呈請人之聯絡資料，及(iii)各呈請人持有本公司普通股之股數。

---

The Board, through the NRC, has reviewed the structure, size, composition and diversity of the Board and the Board Diversity Policy to ensure the composition of the Board complies with the CG Code with an appropriate mix of skills, experience and diversity that are relevant to the Company’s strategy, governance and business and contributes to the Board’s effectiveness and efficiency. The implementation of Board Diversity Policy was considered effective.

### Workforce Diversity

The Group is committed to creating an inclusive environment for all employees. We have established policies in our Code of Conduct for Staff and our Policy on Equal Opportunities on Employment in strict compliance with applicable laws and regulations, that prohibit any form of discrimination, harassment, victimisation, or vilification based on gender, pregnancy, breastfeeding, marital status, disability, family status, or race. We ensure decisions made with respect to recruitment, promotion and any development opportunities are based on an individual’s qualifications and merits. We monitor our workforce diversity on an on-going basis to maintain a balanced mix. To maintain diversity in our workplace, we have ongoing monitoring on our diversity mix. For 2025, we have set a target of 45%-55% for gender ratio in the workforce and plan to maintain this target ratio. As at the end of 2025, we achieved gender balance among our full-time employees across the Group, with 53% women and 47% men.

## SHAREHOLDERS ENGAGEMENT

### Effective Communication

The Board attaches great importance to communication with shareholders. The Annual General Meeting (“AGM”) provides a useful forum for shareholders to exchange views with the Board. The Chairman of the Board and all Directors make a strong effort to attend. The Chairmen of the Board Committees and a representative of the external auditors also attend the AGM to take shareholders’ questions.

The Management holds group meetings with analysts in connection with the Company’s annual and interim results. Apart from the above, designated senior executives maintain regular dialogue with institutional investors and analysts to keep them abreast of the Company’s development, subject to compliance with the applicable laws and regulations.

Moreover, the website of Dah Sing Bank (www.dahsing.com) offers shareholders convenient access to the Company’s financial information, announcements/circulars and information on the Company’s corporate governance structure and practices, in addition to business and corporate social responsibility activities of the Group.

### Shareholders Communication Policy

The Board recognizes the importance of maintaining on ongoing dialogue with the Company’s shareholders and has adopted a Shareholders Communication Policy which sets out the framework to promote effective communication with shareholders and to enable them to engage actively with the Company and exercise their rights as shareholders in an informed manner and is subject to review on an annual basis to ensure its effectiveness.

The Company disseminates information to shareholders and the investment community through a wide range of channels and means including publications (e.g. annual reports, interim reports, ESG reports, notices, circulars, and announcements), and attending shareholders meetings and investor relations meetings in person or online.

Having taken note of the multiple channels in place for shareholders to communicate their views, the Board considered that the Shareholders Communication Policy was appropriate and effective.

The Shareholders Communication Policy is available on the website of Dah Sing Bank (www.dahsing.com).

### Convening an Extraordinary General Meeting

Shareholder(s) holding not less than 5% of the total voting rights of the Company may put forth requisition to convene an Extraordinary General Meeting (“EGM”) of the Company.

The requisition must (i) state the objectives of the meeting, (ii) be signed by the requisitionist(s) and (iii) be deposited at the Company’s registered office at 26th Floor, Dah Sing Financial Centre, 248 Queen’s Road East, Wan Chai, Hong Kong or in electronic form. It may also consist of several documents in like form, each signed by one or more requisitionist(s).

The requisition must also state (i) the name(s) of the requisitionist(s), (ii) the contact details of the requisitionist(s) and (iii) the number of ordinary shares of the Company held by the requisitionist(s).

---

董事須於呈請書遞交日期起計21天內安排召開股東特別大會。該會議須於會議通知書發出日期後28天內召開。

如董事未有召開前述股東特別大會，呈請人或佔全體呈請人所持總表決權一半以上之呈請人，可自行召開會議，但任何據此召開之會議，須於呈請書遞交日期起計3個月內舉行。

由呈請人按上述方式召開之會議，須盡量依照如同由董事會召開股東會議之方式召開。

各呈請人如因董事未有妥為召開會議而產生之任何相關合理費用，須由本公司償付予各有關呈請人。

### 於股東大會提出動議

持有本公司總表決權不少於2.5%之股東，或不少於50位於股東大會有表決權利之股東，可：

*   於股東大會上提出動議
*   提供其他股東以傳閱有關於股東大會上動議之陳述書

有關於股東大會提出動議之股東資格，程序及時限之進一步詳細資料，各股東可參考《公司條例》（香港法例第622章）第580條。

### 向董事會提出查詢

股東可將彼等提請董事會關注之事宜，送交本公司之註冊辦事處（香港灣仔皇后大道東248號大新金融中心26樓），並註明公司秘書收。查詢有關於召開股東周年大會或股東特別大會，或於該等大會上提出動議之程序，亦可向公司秘書提出。

### 股息政策

本公司之股息政策旨在維持穩定持續派付股息。本公司在釐定股息分派時，考慮因素包括業務一般狀況、財務業績表現、業務增長前景、資本要求、適用於本公司業務的監管規定、股東權益及董事認為相關的任何其他因素。

### 組織章程文件

於2025年，本公司並無變更其組織章程文件。

### 公司秘書

公司秘書向董事會負責，以確保董事會內部信息有效傳遞，並遵守董事會程序。

所有董事均可向公司秘書提出諮詢和獲取服務。公司秘書具備《上市規則》第3.28條項下規定之相關資格及經驗。截至2025年12月31日止財政年度，公司秘書已接受不少於15個小時之相關專業培訓，以更新其技能及知識。

### 持續關連交易

就綜合財務報表附註43載列之持續關連交易而言，本公司之全體獨立非執行董事已審閱上述交易並確認該等交易乃於下述情況進行：

(1) 依本公司之日常及慣常業務運作；
(2) 按正常商業條款；及
(3) 根據有關交易的協議條款，而有關條款屬公平合理，並且符合本公司之利益。

此外，本公司已委任其外聘核數師羅兵咸永道按照香港會計師公會頒布之香港鑒證業務準則第3000號「非審核或審閱過往財務資料之鑒證工作」之規定，並參照實務說明第740號「關於香港上市規則所述持續關連交易之核數師函件」，審查本公司之持續關連交易並提交報告。根據《上市規則》第14A.56條，羅兵咸永道已就綜合財務報表附註43所載之持續關連交易之審查結果及結論，發出無保留意見之報告書。本公司需將核數師報告書之副本提交予香港聯合交易所有限公司。

---

The Directors must proceed to convene an EGM within 21 days from the date of the deposit of the requisition. Such meeting should be held on a date not more than 28 days after the date on which the notice convening the meeting is given.

If the Directors fail to convene the EGM as aforesaid, the requisitionist(s), or any of them representing more than one-half of the total voting rights of all of them, may themselves convene the meeting. Any meeting so convened shall not be held after the expiration of 3 months from the date of the deposit of the requisition.

A meeting so convened by the requisitionist(s) shall be convened in the same manner, as nearly as possible, as that in which meetings are to be convened by the Directors.

Any reasonable expenses incurred by the requisitionist(s) by reason of the failure of the Directors to duly convene a meeting shall be repaid to the requisitionist(s) by the Company.

### Putting forward proposals at general meetings

Shareholders representing not less than 2.5% of the total voting rights of all shareholders, or not less than 50 shareholders, who are entitled to vote on a resolution at a general meeting, may:

- put forward a proposal at a general meeting
- circulate to other shareholders a written statement with respect to matters to be dealt with at a general meeting

Shareholders may refer to section 580 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) for further details on the shareholder qualifications and the procedures and timeline in connection with the above.

### Submission of enquiries to the Board

Shareholders may send their enquiries requiring the Board’s attention to the Company Secretary at the Company’s registered office at 26th Floor, Dah Sing Financial Centre, 248 Queen’s Road East, Wan Chai, Hong Kong. Questions about the procedures for convening or putting forward proposals at an AGM or EGM may also be put to the Company Secretary.

### Dividend Policy

The Company’s dividend policy aims to pay sustainable dividends over time. In determining dividend distribution, the Company takes into account factors such as general business conditions, financial results, business growth prospects, capital requirements, regulatory requirements applicable to the Company’s businesses, shareholders’ interests and any other factors the Directors consider to be relevant.

### CONSTITUTIONAL DOCUMENTS

The Company has not changed its constitutional documents in 2025.

### COMPANY SECRETARY

The Company Secretary is accountable to the Board for ensuring good information flow within the board and that Board procedures are followed.

All Directors have access to the advice and services of the Company Secretary who possesses the relevant qualifications and experience pursuant to the requirements of Rule 3.28 of the Listing Rules. The Company Secretary had taken more than 15 hours of relevant professional training to update his skills and knowledge during the financial year ended 31 December 2025.

### CONTINUING CONNECTED TRANSACTIONS

In respect of the continuing connected transactions as set out in Note 43 to the consolidated financial statements, all the INEDs of the Company have reviewed the said transactions and confirmed that the said transactions have been entered into:

(1) in the ordinary and usual course of business of the Company;
(2) on normal commercial terms; and
(3) in accordance with the relevant agreements governing them on terms that are fair and reasonable and in the interests of the Company.

Further, the Company has engaged its external auditors, PwC, to report on the Company’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants. PwC has issued an unqualified letter containing their findings and conclusions in respect of the continuing connected transactions set out in Note 43 to the consolidated financial statements in accordance with Rule 14A.56 of the Listing Rules. A copy of the auditor’s letter needs to be submitted by the Company to The Stock Exchange of Hong Kong Limited.

---

# 環境、社會及管治

環境、社會及管治因素已融入本集團的策略執行和營運實務。本集團密切關注不斷變化的市場動態，並視情況加強其可持續發展舉措。本集團致力於實現業務及其服務社區的長期可持續發展，集中以下環境、社會及管治重點。

| | |
| :--- | :--- |
| **環境、社會及管治治理** | **加強本集團的環境、社會及管治定位，並在董事會的監督下監察氣候轉變規劃的進展** |
| 管治 | 在環境、社會及管治的監督和策略實施方面，建立明確的問責制度 |
| 溝通 | 就環境、社會及管治計劃，定期與內、外持份者保持溝通 |
| 報告 | 持續改善披露質素及表現追蹤水平 |
| **綠色及可持續銀行業務** | **監督於大新銀行集團有限公司實施綠色及可持續銀行業務的舉措及相關策略** |
| 管治 | 確定並實施與綠色及可持續銀行業務，及氣候風險相關的整體框架 |
| **以客戶為中心** | **改善客戶體驗及加強以客戶為中心** |
| 客戶滿意度 | 憑藉卓越的客戶體驗及優質的產品和服務，與客戶建立彼此信賴的長期關係 |
| **市場** | **區分並專注於中小企** |
| 支持中小企 | 主動接觸及鼓勵中小企實現環境、社會及管治轉型 |
| 數碼化 | 透過數碼轉型，改善客戶體驗及日常營運 |
| **工作環境** | **培養高度敬業的員工，以增強員工忠誠度和留任率** |
| 文化及道德操守 | 促進道德操守，維護本集團的文化及價值觀 |
| 培訓及發展 | 提升員工的組織及領導能力，以迎接未來挑戰 |
| 健康及福祉 | 宣揚健康意識，提供靈活及健康的工作環境 |

---

# ENVIRONMENT, SOCIAL AND GOVERNANCE

ESG considerations are integrated into the Group's strategy execution and operational practices. The Group closely monitors evolving market developments and enhances its sustainability initiatives accordingly where appropriate. The Group focuses on the following ESG priorities, with a commitment to continuous improvement and long-term sustainability for both the business and the communities it serves.

| ESG Priority | Commitment and Actions |
| :--- | :--- |
| **ESG Governance** | **Strengthen the Group’s ESG positioning and oversee the progress of climate transition planning under the Board’s oversight** |
| Governance | Establish clear accountability on ESG oversight and strategy implementation |
| Communication | Communicate ESG initiatives regularly to internal and external stakeholders |
| Reporting | Improve disclosure quality and performance tracking as a continuous process |
| **Green and Sustainable Banking (“GSB”)** | **Provide oversight of the implementation of GSB initiatives and related strategies across DSBG** |
| Governance | Define and implement the overall GSB and climate-related framework and relevant strategies |
| **Customer Centricity** | **Improve customer experience and reinforce customer centricity** |
| Customer Satisfaction | Build long-term, trusted relationships with customers through superior customer experience and high-quality products and services |
| **Marketplace** | **Differentiate with focus on small and medium enterprises (“SMEs”)** |
| SME Support | Increase outreach to and encourage SMEs in ESG transition |
| Digitalisation | Optimise customer experience and operational efficiency through digital transformation |
| **Workplace** | **Cultivate a highly engaged workforce to strengthen employee loyalty and retention** |
| Culture and Ethical Behaviours | Promote ethical behaviours to uphold the Group’s Culture and Values |
| Training and Development | Enhance organisational and leadership capabilities for future-ready workforce |
| Health and Well-being | Promote health awareness and provide flexible and healthy work environment |

---

| 社區 | 培育社區策略加強影響力 |
| :--- | :--- |
| 青少年教育 | 以STEAM (科學、科技、工程、藝術及數學) 及基層青少年教育為重點，支持青少年教育 |
| 青少年體育 | 透過推廣體育，培育青少年全面發展 |
| 環境、社會及管治的意識 | 提高社區對環境、社會及管治的意識以推廣可持續發展 |
| 義工服務 | 鼓勵員工參與義工服務，回饋社會 |
| **環境** | **加強關注關鍵績效指標，以實現策略影響和營運效率** |
| 環境足跡 | 減少我們的環境足跡，並鼓勵供應商秉持同一理念 |
| 無紙化 | 透過流程數碼化及鼓勵客戶採用數碼平台，減少紙張消耗 |
| 員工意識及參與 | 向員工宣揚環保意識，鼓勵綠色工作模式 |

本集團持續審閱其環境、社會及管治策略，以確保其與業務目標保持一致，此一致確保了明確的問責機制，並強化了本集團對這些優先領域的關注。透過將環境、社會及管治原則有系統地融入日常業務決策，本集團已取得顯著成就。

以下列表總結了本集團2025年於環境、社會及管治的主要成就：

| 類別 | 2025年主要成就 |
| :--- | :--- |
| 管治－負責任企業實務 | • 透過定期向環境、社會及管治委員會與風險管理及合規委員會報告氣候風險敞口，加強氣候風險管理，並更新內部綠色及可持續金融原則<br>• 為主要附屬公司大部分員工推行強制性的環境、社會及管治及氣候風險電子學習課程<br>• 92%供應商簽署《供應商環保責任承諾》 |

---

| | |
| :--- | :--- |
| **Community** | **Enrich community strategy to enhance impact** |
| Youth Education | Support youth education with a focus on STEAM (Science, Technology, Engineering, Arts and Mathematics), particularly for under-privileged children |
| Youth Sports | Promote sports as a means to nurture all-round youth development |
| ESG Awareness | Raise ESG awareness in the community to promote sustainable development |
| Volunteering | Build volunteer culture that engages staff in contributing to society |
| **Environment** | **Sharpen focus on environmental Key Performance Indicators for strategic impact and operational efficiency** |
| Environmental Footprint | Reduce environmental footprint and influence supply chain |
| Paperless | Reduce paper consumption by digitising operational processes and engaging customers in digital adoption |
| Staff Awareness and Engagement | Promote environmental conservation among staff to support a greener planet |

The Group reviews its ESG Strategy on an ongoing basis to ensure alignment with its business objectives. This alignment ensures clear accountability and reinforces our focus on these priority areas. By systematically embedding ESG principles into our day-to-day business decisions, the Group has made notable achievements.

The following table summarises the Group's key ESG achievements for 2025:

| Category | Key Achievements for 2025 |
| :--- | :--- |
| **Governance – Responsible Business Practices** | • Advanced climate risk management through regular reporting of climate risk exposure to the ESG Committee and the Risk Management and Compliance Committee and updated the Internal Principle of Green and Sustainable Finance<br><br>• Rolled out mandatory ESG and Climate Risk e-learning for most staff of key subsidiaries<br><br>• 92% suppliers signed the Supplier's Environmental Responsibility Undertakings |

---

| 類別 | 2025年主要成就 |
| :--- | :--- |
| 管治－業務策略 | • 通過與香港生產力促進局合辦的三場中小企業培訓課程，以及四場由我們舉辦的客戶研討會（其中包括一場與香港投資推廣署在深圳合辦的研討會），加強客戶教育<br>• 擴展客戶滿意度調查範圍至澳門商業銀行股份有限公司<br>• 舉行了三次客戶體驗轉型研討會 |
| 社會－員工及工作環境 | • 通過遊戲化方式在文化週期間推動創新文化<br>• 員工總培訓時數達104,472小時，促進員工發展<br>• 舉行了第十屆「大新之星獎」慶祝活動，總共表彰超過900名個人及團隊 |
| 社會－社區 | • 1,193名受益人透過社區參與及社會貢獻方案得到服務<br>• 透過金融教育活動接觸了211名學生<br>• 大新銀行已成立企業義工團隊<br>• 1,059名義工貢獻共2,618小時的義工服務 |
| 環境－可持續實務 | • 範圍1溫室氣體排放量較2024財政年度減少27.4%<br>• 就2024財政年度針對15個範圍3溫室氣體排放類別中的五個進行試點計算，為未來轉型規劃奠定基礎<br>• 相比2024財政年度，紙張消耗量減少超過150萬張印刷頁數，超過年度目標的10萬張 |

2025年環境、社會及管治報告詳細介紹了本集團過往一年於環境、社會及管治的卓越表現及持續承諾。年內，本集團已遵守上市規則附錄C2所載的《環境、社會及管治報告守則》中截至2025年12月31日止年度所有適用的披露要求及條文。此外，2025年環境、社會及管治報告亦納入國際財務報告準則可持續披露準則第2號 — 氣候相關披露框架及香港金管局《監管政策手冊》單元GS-1「氣候風險管理」的披露要求。我們將繼續致力於提升報告能力，以符合香港交易所新氣候要求。有關本集團年內可持續發展舉措之詳情請參閱本集團2025年環境、社會及管治報告（登載於大新銀行網頁(www.dahsing.com)（關於我們 — 環境、社會及管治 — ESG報告及成就））。

---

| Category | Key Achievements for 2025 |
| :--- | :--- |
| **Governance- Business Strategy** | • Advanced customer education via three SME training sessions with the Hong Kong Productivity Council Academy and four self-hosted client seminars, including one with Invest Hong Kong in Shenzhen<br><br>• Expanded customer satisfaction survey coverage to Banco Comercial de Macau, S. A.<br><br>• Delivered three customer experience transformation workshops |
| **Social- People and Workplace** | • Promoted innovation culture through gamification during Culture Week<br><br>• Provided 104,472 training hours in total for staff development<br><br>• Celebrated the 10th anniversary of the Dah Sing Star Awards, recognising more than 900 individuals and teams in total |
| **Social – Community** | • 1,193 beneficiaries reached through community engagement and social contribution initiatives<br><br>• Reached 211 students through financial education initiatives<br><br>• Established the corporate volunteer team for Dah Sing Bank<br><br>• 1,059 volunteers contributed 2,618 hours through corporate volunteer programmes |
| **Environment – Sustainable Practices** | • Scope 1 Greenhouse Gas (“GHG”) emissions decreased by 27.4% compared with FY2024<br><br>• Conducted pilot calculation covering 5 out of 15 Scope 3 GHG emission categories for FY2024, laying groundwork for future transition planning<br><br>• Reduced paper consumption by over 1.5 million printed pages compared with FY2024, far exceeding annual target of 100,000 |

Our 2025 ESG Report details the Group’s performance and ongoing commitment to ESG excellence over the past year. During the year, the Group has complied with all applicable disclosure requirements and provisions of the ESG Reporting Code set out in Appendix C2 of the Listing Rules for the year ended 31 December 2025. In addition, the 2025 ESG Report incorporates the frameworks of International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures and the disclosure requirements under the HKMA’s Supervisory Policy Manual GS-1 Climate Risk Management. We remain dedicated to advancing our reporting capabilities in line with the HKEX’s New Climate Requirements. For further details of our achievements and initiatives, please refer to the Group’s 2025 ESG Report, available on the website of Dah Sing Bank (www.dahsing.com) under About Us – Environmental, Social and Governance (ESG) – ESG Report & Achievement.

---

# 董事會報告書

董事會謹提呈截至2025年12月31日止年度之報告及經審核之綜合財務報表。

## 主要業務及營運之分項分析

大新銀行集團有限公司（「本公司」）之主要業務為銀行投資控股。而附屬公司之主要業務載於綜合財務報表附註26。本報告期按業務及區域分項之本公司及其附屬公司（「本集團」）業績表現分析載於綜合財務報表附註6。

## 業績及盈餘分配

本集團截至2025年12月31日止年度之業績載於第113頁之綜合收益賬內。

董事會宣派中期股息每股0.31港元，已於2025年9月18日派發予各股東。

董事會建議派發末期現金股息每股0.49港元。

## 暫停辦理股東登記

為釐定股東有權出席應屆之股東周年大會並於會上投票：

| | |
| :--- | :--- |
| 截止辦理股份過戶時間 | 2026年6月1日（星期一）下午4時30分 |
| 暫停辦理股東登記手續（包括首尾兩天） | 2026年6月2日（星期二）至2026年6月5日（星期五） |
| 記錄日期 | 2026年6月5日（星期五） |
| 股東周年大會 | 2026年6月5日（星期五） |

為釐定股東有權獲派發建議之末期股息*：

| | |
| :--- | :--- |
| 截止辦理股份過戶時間 | 2026年6月11日（星期四）下午4時30分 |
| 暫停辦理股東登記手續（包括首尾兩天） | 2026年6月12日（星期五）至2026年6月16日（星期二） |
| 記錄日期 | 2026年6月16日（星期二） |
| 末期股息預期派發日期 | 2026年6月25日（星期四） |

（*有待股東於應屆之股東周年大會批准）

在暫停辦理股東登記期間，本公司將暫停辦理股份過戶登記手續。所有股份過戶文件連同相關股票必須在有關之截止辦理股份過戶時間前送達本公司之股份登記處香港中央證券登記有限公司辦理過戶手續，地址為香港灣仔皇后大道東183號合和中心17樓1712至1716室。

---

# REPORT OF THE DIRECTORS

The Directors submit their report together with the audited consolidated financial statements for the year ended 31 December 2025.

## RESULTS AND APPROPRIATIONS

The results of the Group for the year ended 31 December 2025 are set out in the consolidated income statement on page 113.

The Board declared an interim dividend of HK$0.31 per share which was paid on 18 September 2025.

The Directors recommend the payment of a final dividend of HK$0.49 per share in cash.

## PRINCIPAL ACTIVITIES AND SEGMENT ANALYSIS OF OPERATIONS

The principal activity of Dah Sing Banking Group Limited (the “Company”) is banking investment holding. The principal activities of the subsidiaries are shown in Note 26 to the consolidated financial statements. An analysis of the performance of the Company and its subsidiaries (the “Group”) for the reporting period by business and geographical segments are set out in Note 6 to the consolidated financial statements.

## CLOSURE OF REGISTER OF SHAREHOLDERS

For determining shareholders’ right to attend and vote at the forthcoming annual general meeting:

| | |
| :--- | :--- |
| Latest time to lodge transfers | 4:30 p.m. on 1 June 2026 (Monday) |
| Closure of Register of Shareholders (both days inclusive) | 2 June 2026 (Tuesday) to 5 June 2026 (Friday) |
| Record date | 5 June 2026 (Friday) |
| Annual General Meeting | 5 June 2026 (Friday) |

For determining shareholders’ entitlement to receive the proposed final dividend*:

| | |
| :--- | :--- |
| Latest time to lodge transfers | 4:30 p.m. on 11 June 2026 (Thursday) |
| Closure of Register of Shareholders (both days inclusive) | 12 June 2026 (Friday) to 16 June 2026 (Tuesday) |
| Record date | 16 June 2026 (Tuesday) |
| Expected final dividend payment date | 25 June 2026 (Thursday) |

(*subject to shareholders’ approval at the forthcoming annual general meeting)

During the periods of the closure of Register of Shareholders, no share transfers will be registered. For registration, all transfer documents accompanied by the relevant share certificates must be lodged with the Company’s share registrar, Computershare Hong Kong Investor Services Limited, Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong before the relevant latest time to lodge transfers.

---

### 業務回顧

本集團之業務回顧及對本集團未來業務發展之討論及分析載於本年報之「主席報告書」及「業務回顧」內。本集團可能面對之主要風險及不明朗因素之概述亦載於本年報之「主席報告書」及「業務回顧」內。財務風險管理之目標及政策以及本集團風險管理架構及機制列於本年報之「綜合財務報表附註」內。於年結日後發生而影響本公司之重要事件資料（如有）載於「綜合財務報表附註」內。利用財務主要表現指標以分析本集團年內之表現於本年報之「業務回顧」內提供。此外，本集團之環境（包括氣候相關）政策及表現以及與主要持份者之關係及遵守對本集團有重大影響的有關法例及規則載於本年報之「企業管治報告」及「2025年環境、社會及管治報告」內。「綜合財務報表附註」亦載有本集團管理架構及機制之概況，以確保本集團遵守相關之各項法例及規則。以上部份構成本董事會報告書之一部份。

2025年環境、社會及管治報告為獨立編製報告並與本年報同時發布，以及登載於香港交易及結算所有限公司網頁 (www.hkexnews.hk) 及大新銀行網頁 (www.dahsing.com)。

### 本年度已發行之股份

本公司本年度已發行股份之詳情載於綜合財務報表附註38。

### 捐款

本集團本年度之慈善及其他捐款共5,082,000港元。

### 董事

本年度內及直至本報告書日期止本公司董事芳名：

王守業
*主席*

黃漢興
*副主席、董事總經理兼行政總裁*

蘇澤光*
*(於2025年4月30日獲委任)*

史習陶*

裴布雷*

衛皓民*

陳霞芳*

張建生*

王伯凌

麥曉德
*副行政總裁*

譚偉雄*
*(於2025年5月30日退任)*

* 獨立非執行董事

董事王守業先生、黃漢興先生及麥曉德先生將按照本公司組織章程細則第107條輪值告退，合資格並願意在應屆之股東周年大會上膺選連任。

本公司已收到各獨立非執行董事就其於年內在任董事會的持續獨立性作出的年度確認函。本公司對他們的獨立性表示認同。

在應屆之股東周年大會重選之董事的資料，載於寄發予股東的通函內。

---

# BUSINESS REVIEW

A review of the business of the Group and a discussion and analysis on the Group’s future business development are provided in the “Chairman’s Statement” and the “Review of Operations” of this Annual Report. Description of the principal risks and uncertainties that the Group may be facing can also be found in the “Chairman’s Statement” and the “Review of Operations” of this Annual Report. The objectives and policies of financial risk management and the risk management structure and framework of the Group can be found in the “Notes to the Consolidated Financial Statements” of this Annual Report. Particulars of important events affecting the Company that have occurred since the end of the financial year (if any) can be found in the “Notes to the Consolidated Financial Statements”. An analysis of the Group’s performance during the year using financial key performance indicators is provided in the “Review of Operations” of this Annual Report. In addition, discussions on the Group’s environmental (including climate-related) policies and performance and also relationships with the key stakeholders and compliance with relevant laws and regulations which have a significant impact on the Group can be found in the “Corporate Governance Report” of this Annual Report and the 2025 Environmental, Social and Governance Report (“2025 ESG Report”). The “Notes to the Consolidated Financial Statements” also contain description of the management structures and framework to ensure compliance with various laws and regulations which are applicable to the Group. The above sections form part of this Report of the Directors.

The 2025 ESG Report is issued as a separate report concurrently with this Annual Report and both reports are also published on the websites of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and Dah Sing Bank (www.dahsing.com).

## SHARES ISSUED IN THE YEAR

Details of the shares of the Company issued during the year are shown in Note 38 to the consolidated financial statements.

## DONATIONS

During the year, the Group made charitable and other donations amounting to HK$5,082,000.

# DIRECTORS

The Directors of the Company during the year and up to the date of this report are:

David Shou-Yeh Wong
*Chairman*

Hon-Hing Wong (Derek Wong)
*Vice Chairman, Managing Director and Chief Executive*

Jack Chak-Kwong So*
*(appointed on 30 April 2025)*

Robert Tsai-To Sze*

Blair Chilton Pickerell*

Paul Franz Winkelmann*

Nancy Ha-Fong Chan*

Kin-Sang Cheung (Alex Cheung)*

Gary Pak-Ling Wang

Nicholas John Mayhew
*Deputy Chief Executive*

David Wai-Hung Tam*
*(retired on 30 May 2025)*

\* Independent Non-Executive Directors

The Directors retiring by rotation in accordance with Article 107 of the Company’s Articles of Association are Messrs. David Shou-Yeh Wong, Hon-Hing Wong (Derek Wong) and Nicholas John Mayhew who, being eligible, offer themselves for re-election at the forthcoming annual general meeting.

The Company has received an annual confirmation from each of the Independent Non-Executive Directors as regards their continued independence while serving as members of the Board of Directors during the year. The Company still considers all the Independent Non-Executive Directors to be independent.

Details of the Directors to be re-elected at the forthcoming annual general meeting are set out in the circular to the shareholders.

---

# 董事服務合約

建議重選之董事與本公司或其任何附屬公司概無簽訂不可於1年內在不予賠償（法定賠償除外）的情況下終止的服務合約。

# 附屬公司董事

本年度內及直至本董事會報告書日期止，出任本公司附屬公司董事會之全部董事名單列於本報告書隨後之「附屬公司董事」一節內。

# 董事及行政總裁權益

於2025年12月31日，根據《證券及期貨條例》第XV部，本公司之董事及行政總裁所持有本公司或其任何相聯法團（定義見《證券及期貨條例》第XV部）而須向本公司及香港聯合交易所有限公司（「香港交易所」）申報之股份、相關股份及債券的權益（包括按照《證券及期貨條例》之規定而擁有或視作擁有之權益及淡倉），或按《證券及期貨條例》規定而設置之登記冊所載，或因遵照《上市發行人董事進行證券交易的標準守則》及本公司所採納之董事證券交易守則（合稱「證券標準守則」）而須知會本公司及香港交易所之權益及淡倉如下：

### 本公司普通股股份／相關股份數目
| 董事 | 個人權益 | 法團權益 | 其他權益 | 合計權益 | 佔已發行股份總數之權益百分比 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 王守業 | - | 1,045,626,955 (1) | - | 1,045,626,955 | 74.38% |
| 王伯凌 | 1,384,691 (2)(4) | - | - | 1,384,691 | 0.10% |
| 麥曉德 | 3,041,076 (3)(4) | - | - | 3,041,076 | 0.22% |

### 大新金融集團有限公司普通股股份／相關股份數目
| 董事 | 個人權益 | 法團權益 | 其他權益 | 合計權益 | 佔已發行股份總數之權益百分比 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 王守業 | 410,001 (5) | 137,285,682 (6) | - | 137,695,683 | 43.09% |
| 黃漢興 | 129,787 (7) | - | - | 129,787 | 0.04% |
| 王伯凌 | 217,392 (8) | - | - | 217,392 | 0.07% |
| 麥曉德 | 453,242 (9) | - | - | 453,242 | 0.14% |

### 重慶銀行股份有限公司普通股股份／相關股份數目（A股）
| 董事 | 個人權益 | 法團權益 | 其他權益 | 合計權益 | 佔已發行股份總數之權益百分比 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 黃漢興 | 9,800 | - | - | 9,800 | 0.00% |

---

# DIRECTORS’ SERVICE CONTRACTS

None of the Directors proposed for re-election has a service contract with the Company or any of its subsidiaries which is not determinable within 1 year without payment of compensation, other than statutory compensation.

# DIRECTORS OF SUBSIDIARIES

A list of the names of all the directors who have served on the boards of the subsidiaries of the Company during the year and up to the date of this report is provided in the “Directors of Subsidiaries” section which follows this Report of the Directors.

# INTERESTS OF DIRECTORS AND CHIEF EXECUTIVE

As at 31 December 2025, the interests and short positions of the Directors and the Chief Executive of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) which were required to be notified to the Company and The Stock Exchange of Hong Kong Limited (the “SEHK”) pursuant to Part XV of the SFO (including interests and short positions which they have taken on or are deemed to have acquired under such provisions of the SFO), or which were required pursuant to the SFO, to be entered in the register referred to therein, or as otherwise required to be notified to the Company and the SEHK pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers and the code of conduct for directors’ securities dealing adopted by the Company (collectively the “Securities Model Code”) were as follows:

### Number of ordinary shares/underlying shares of the Company
| Directors | Personal interests | Corporate interests | Other interests | Total interests | Percentage of interests in the total number of issued shares |
| :--- | :--- | :--- | :--- | :--- | :--- |
| David Shou-Yeh Wong | – | 1,045,626,955 (1) | – | 1,045,626,955 | 74.38% |
| Gary Pak-Ling Wang | 1,384,691 (2)(4) | – | – | 1,384,691 | 0.10% |
| Nicholas John Mayhew | 3,041,076 (3)(4) | – | – | 3,041,076 | 0.22% |

### Number of ordinary shares/underlying shares of Dah Sing Financial Holdings Limited
| Directors | Personal interests | Corporate interests | Other interests | Total interests | Percentage of interests in the total number of issued shares |
| :--- | :--- | :--- | :--- | :--- | :--- |
| David Shou-Yeh Wong | 410,001 (5) | 137,285,682 (6) | – | 137,695,683 | 43.09% |
| Hon-Hing Wong (Derek Wong) | 129,787 (7) | – | – | 129,787 | 0.04% |
| Gary Pak-Ling Wang | 217,392 (8) | – | – | 217,392 | 0.07% |
| Nicholas John Mayhew | 453,242 (9) | – | – | 453,242 | 0.14% |

### Number of ordinary shares/underlying shares of Bank of Chongqing Co., Ltd. – A shares
| Director | Personal interests | Corporate interests | Other interests | Total interests | Percentage of interests in the total number of issued shares |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Hon-Hing Wong (Derek Wong) | 9,800 | – | – | 9,800 | 0.00% |

---

註：

(1) 該等股份包括(a)大新金融集團有限公司（「大新金融」）持有本公司74.37%控制權益，而根據《證券及期貨條例》第XV部的定義因王守業擁有大新金融43.09%實益權益而被視作間接擁有本公司股份之法團權益；及(b)由王守業擁有控制權之公司所持有之本公司股份權益。

(2) 個人權益包括(a)本公司934,691股普通股股份權益；及(b)本公司授出有關以現金結算以股份為基礎之獎勵權利（如下文註(4)所述）而被視作持有本公司450,000股之名義相關股份權益。

(3) 個人權益包括(a)本公司2,541,076股普通股股份權益；及(b)本公司授出有關以現金結算以股份為基礎之獎勵權利（如下文註(4)所述）而被視作持有本公司500,000股之名義相關股份權益。

(4) 本公司於2018年3月20日（已於2023年12月5日終止）及2023年12月5日（於2025年12月9日修訂和重列）設立一項以現金結算以股份為基礎之獎勵權利計劃，作為獎勵僱員的長期獎勵計劃。根據該計劃授予的權利，於授予日起計第1個周年分5批平均歸屬並可予以行使。在滿意表現評估因素的前提下，承授人可行使其歸屬的權利。該計劃是一項將承授人的表現與本公司股價掛鈎的遞延現金獎勵計劃，並不會向承授人發行任何本公司股份。

(5) 個人權益包括(a)大新金融194,487股普通股股份權益；及(b)大新金融授出之215,514股獎授股份權益，獎授股份詳情載於「本公司及其相聯法團之股份計劃」一節。

(6) 董事於法團權益乃指(a)由其於股東大會上可控制三分之一或以上投票權之法團所持有之股份；及(b)透過家族全權信託旗下公司持有之股份。滙豐國際信託有限公司為家族全權信託受託人，王守業為其授予人。

(7) 個人權益包括(a)大新金融45,083股普通股股份權益；及(b)大新金融授出之84,704股獎授股份權益，獎授股份詳情載於「本公司及其相聯法團之股份計劃」一節。

(8) 個人權益包括(a)大新金融91,973股普通股股份權益；及(b)大新金融授出之125,419股獎授股份權益，獎授股份詳情載於「本公司及其相聯法團之股份計劃」一節。

(9) 個人權益包括(a)大新金融90,360股普通股股份權益；及(b)大新金融授出之362,882股獎授股份權益，獎授股份詳情載於「本公司及其相聯法團之股份計劃」一節。

所有上述權益皆屬好倉。於2025年12月31日，本公司依據《證券及期貨條例》而設置之董事及行政總裁權益及淡倉登記冊內並無董事或行政總裁持有淡倉的記錄。

除上文所披露者以及於「本公司及其相聯法團之股份計劃」一節所披露外，於2025年12月31日，本公司董事或行政總裁及其各自之聯繫人士概無於本公司或其任何相聯法團（定義見《證券及期貨條例》第XV部）之股份、相關股份及債券中擁有已在本公司按《證券及期貨條例》第352條規定備存之登記冊中記錄，或根據證券標準守則已知會本公司及香港交易所之任何權益或淡倉。

---

### Notes:

(1) Such shares included (a) the indirect corporate interests of David Shou-Yeh Wong in the Company under Part XV of the SFO by virtue of his beneficial interests of 43.09% in Dah Sing Financial Holdings Limited (“DSFH”) which currently holds a controlling interest of 74.37% in the Company; and (b) interests in the Company held through a company controlled by David Shou-Yeh Wong.

(2) The personal interest comprised of (a) interests in 934,691 ordinary shares of the Company; and (b) deemed interest in 450,000 notional underlying shares of the Company relating to cash-settled share-based incentive options granted by the Company as explained in note (4) below.

(3) The personal interests comprised of (a) interests in 2,541,076 ordinary shares of the Company; and (b) deemed interest in 500,000 notional underlying shares of the Company relating to cash-settled share-based incentive options granted by the Company as explained in note (4) below.

(4) The Company had established a cash-settled share-based incentive option scheme as a long-term incentive plan to incentivize employees on 20 March 2018 (terminated on 5 December 2023) and 5 December 2023 (amended and restated on 9 December 2025). The rights granted under the schemes shall be exercisable upon vesting in 5 equal tranches commencing from the first anniversary of the date of grant. Subject to the satisfaction of performance appraisal factors, the grantees may exercise their vested options. No shares of the Company will be issued to the grantees of the options under the schemes which are essentially a deferred cash incentive scheme linked to the performance of the grantees and the share price of the Company.

(5) The personal interests comprised of (a) interests in 194,487 ordinary shares of DSFH; and (b) interests in 215,514 share awards granted by DSFH. Details of share awards are set out in the section headed “Share Schemes of the Company and its Associated Corporation”.

(6) The corporate interests were in respect of shares held by (a) a corporation in which the director controls one third or more of the voting powers at general meetings; and (b) shares held by companies under a family discretionary trust. HSBC International Trustee Limited is the trustee of a family discretionary trust of which David Shou-Yeh Wong is the settlor.

(7) The personal interests comprised of (a) interests in 45,083 ordinary shares of DSFH; and (b) interests in 84,704 share awards granted by DSFH. Details of share awards are set out in the section headed “Share Schemes of the Company and its Associated Corporation”.

(8) The personal interests comprised of (a) interests in 91,973 ordinary shares of DSFH; and (b) interests in 125,419 share awards granted by DSFH. Details of share awards are set out in the section headed “Share Schemes of the Company and its Associated Corporation”.

(9) The personal interests comprised of (a) interests in 90,360 ordinary shares of DSFH; and (b) interests in 362,882 share awards granted by DSFH. Details of share awards are set out in the section headed “Share Schemes of the Company and its Associated Corporation”.

All the interests stated above represented long positions. As at 31 December 2025, none of the Directors or Chief Executive of the Company held any short positions as defined under the SFO which are required to be recorded in the register of directors’ and chief executives’ interests and short positions.

Save as disclosed above and the details as disclosed under the section headed “Share Schemes of the Company and its Associated Corporation”, as at 31 December 2025, none of the Directors or Chief Executive of the Company and their respective associates had any interests or short positions in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO, or as otherwise notified to the Company and the SEHK pursuant to the Securities Model Code.

---

### 本公司及其相聯法團之股份計劃

#### （甲）本公司

**1. 認股權計劃**

本公司於2024年5月31日採納認股權計劃（「大新銀行集團認股權計劃」）。

根據香港聯合交易所有限公司證券上市規則（「《上市規則》」）之要求，大新銀行集團認股權計劃概括如下：

**(1) 目的**

旨在表揚若干參與人之貢獻或價值，並激勵及獎勵彼等促進本集團長期業務目標。

**(2) 參與人**

參與人包括本集團任何僱員、本公司董事、本公司附屬公司董事或因授予認股權作為簽訂僱傭合約而成為本集團僱員的任何人。

**(3) 計劃中可予發行的股份總數及其於本董事會報告書日期佔已發行股份總數的百分率**

於本董事會報告書日期，大新銀行集團認股權計劃下可予發行之股份數目為14,057,521股，佔本公司已發行股份總數的1%。

**(4) 每名參與人可獲授權益上限**

任何合資格人士獲授予認股權可認購之股份若行使後，加上給予其已發行及將發行之股份總數在授予有關認股權包括當日計過往12個月期間超過已發行股份的1%，則不會獲授予認股權。任何進一步授予高於上限之認股權須遵守該等大新銀行集團認股權計劃之條款及受不時修訂之《上市規則》所約束。

**(5) 承授人可行使認股權的期限**

行使期由提名及薪酬委員會代表本公司董事會決定，及於授予有關認股權時闡明。股份須於有關認股權授予日起計10年內認購。

**(6) 歸屬期**

歸屬期由提名及薪酬委員會代表本公司董事會決定，及於授予時闡明。

---

# SHARE SCHEMES OF THE COMPANY AND ITS ASSOCIATED CORPORATION

## (a) The Company

### 1. Share option scheme

The Company has adopted a share option scheme (the “DSBG Share Option Scheme”) on 31 May 2024.

In accordance with the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), a summary of the DSBG Share Option Scheme is disclosed as follows:

**(1) Purpose**

To recognize the contribution or value of certain participants and to motivate and incentivize them in furtherance of the long-term business objectives of the Group.

**(2) Participants**

The participants include any employee of the Group, Director of the Company or director of a subsidiary of the Company and any person to whom a grant of options serves as an inducement to enter into employment contract to become employee of the Group.

**(3) Total number of shares available for issue under the scheme and percentage of total number of issued shares as at the date of this Report of the Directors**

The total number of shares available for issue under the DSBG Share Option Scheme is 14,057,521 shares, representing 1% of the total number of issued shares of the Company as at the date of this Report of the Directors.

**(4) Maximum entitlement of each participant**

No options may be granted to any eligible person which, if exercised, would result in such eligible person becoming entitled to subscribe for such number of shares as, when aggregated with the total number of shares already issued or to be issued to him/her under all options granted to him/her in the 12-month period up to and including the offer date of relevant options, exceed 1% of the shares in issue at such date. Any grant of further options above the limit shall be subject to the provisions of the DSBG Share Option Scheme and the Listing Rules as amended from time to time.

**(5) Period within which the option may be exercised by the grantee**

The exercise period is determined by the Nomination and Remuneration Committee on behalf of the Board of the Company, and is specified when related options are granted. Shares under the options must be taken up within 10 years from the date of grant.

**(6) Vesting period**

The vesting period is determined by the Nomination and Remuneration Committee on behalf of the Board of the Company, and is specified when related options are granted.

---

(7) 申請或接受認股權須付金額以及付款或通知付款的期限或償還有關貸款的期限

接受認股權應支付金額按每份認股權1港元代價認購，及須於授予日起計21天內或在達成其授予條件（如有）之日期內繳訖。

(8) 獲授認股權的行使價的釐定基準

認股權之行使價乃由提名及薪酬委員會代表本公司董事會以不得寬鬆於《上市規則》第17.03E條規定下，按不低於以下之較高者作釐定：(i)本公司股份在授予日於香港交易所買賣之收市價；及(ii)本公司股份在緊接授予日前5個營業日於香港交易所買賣之平均收市價。

(9) 尚餘有效期

大新銀行集團認股權計劃由2024年5月31日起計10年內有效，至2034年5月30日屆滿。

自採納日起至2025年12月31日止，並無認股權根據大新銀行集團認股權計劃授出。於2025年1月1日及2025年12月31日，根據大新銀行集團認股權計劃可授出之認股權數目為14,057,521股。

## II. 股份獎勵計劃

本公司於2021年9月9日採納股份獎勵計劃（「大新銀行集團股份獎勵計劃」），並於2024年5月31日修訂和重列。

根據《上市規則》之要求，大新銀行集團股份獎勵計劃概括如下：

(1) 目的

旨在表揚若干參與人之貢獻或價值，並激勵及獎勵彼等促進本集團長期業務目標。

(2) 參與人

參與人包括本集團任何僱員、本公司董事、本公司附屬公司董事或因授予獎授股份作為簽訂僱傭合約而成為本集團僱員的任何人。

(3) 計劃中可予授出的股份總數以及其於本董事會報告書日期佔已發行股份總數的百分率

於本董事會報告書日期，就所有獎授股份而言，可授出的股份總數總計不可超過126,517,691股，佔本公司已發行股份總數的9%。在計劃項下受託人可從市場購買已發行股份及／或向本公司認購新股份，於信託期內為選定之參與人以信託方式持有大新銀行集團獎授股份。

---

(7) **Amount payable on application or acceptance of the option and the period within which payments or calls must or may be made or loans for such purpose must be repaid**

The amount payable on acceptance of an option is HK$1 and must be made within 21 days upon offer of granting of options or the date on which the conditions (if any) for the offer are satisfied.

(8) **Basis of determining the exercise price of options granted**

The exercise price of options is concluded by the Nomination and Remuneration Committee on behalf of the Board of the Company on the basis no less exacting than the requirement set out in Rule 17.03E of the Listing Rules and is determined as no less than the higher of (i) the closing price of the Company’s shares traded on the SEHK on the date of grant; and (ii) the average closing price of the Company’s shares traded on the SEHK for the 5 business days immediately preceding the date of grant.

(9) **Remaining life**

The DSBG Share Option Scheme shall be valid and effective for a period of 10 years commencing from 31 May 2024 and expiring at the close of 30 May 2034.

No share options had been granted under the DSBG Share Option Scheme from the date of its adoption to 31 December 2025. The number of the share options available for grant under the DSBG Share Option Scheme as at 1 January 2025 and 31 December 2025 was 14,057,521.

## II. Share award scheme

The Company has adopted a share award scheme (the “DSBG Share Award Scheme”) on 9 September 2021, which was amended and restated on 31 May 2024.

In accordance with the requirements of the Listing Rules, a summary of the DSBG Share Award Scheme is disclosed as follows:

(1) **Purpose**

To recognize the contribution or value of certain participants and to motivate and incentivize them in furtherance of the long-term business objectives of the Group.

(2) **Participants**

The participants include any employee of the Group, Director of the Company or director of a subsidiary of the Company and any person to whom a grant of awards serves as an inducement to enter into employment contract to become employee of the Group.

(3) **Total number of shares available for issue under the scheme and percentage of total number of issued shares as at the date of this Report of the Directors**

The total number of shares that may be issued in respect of all share awards shall not in aggregate exceed 126,517,691 shares, representing 9% of the total number of issued shares of the Company as at the date of this Report of the Directors. Under the scheme, the trustee may acquire issued shares on-market and/or subscribe new shares from the Company and hold the shares on trust for selected participants during the trust period.

---

(4) 每名參與人可獲授權益上限

授予每位參與人的股份總數不可超過於授出日本公司已發行股份總數的1%。任何進一步授予高於上限之股份須遵守大新銀行集團股份獎勵計劃之條款及受不時修訂之《上市規則》所約束。

(5) 歸屬期

歸屬期、標準及其他條件由本公司董事會或其代表決定，並於授予相關獎授股份時在獎勵函中闡明。

(6) 申請或接受獎勵須付金額以及付款或通知付款的期限或償還有關貸款的期限

無。

(7) 獎授股份的購買價的釐定基準

無。

(8) 尚餘有效期

計劃由2021年9月9日起計10年內有效，至2031年9月8日屆滿。

自採納日起至2025年12月31日止，並無獎授股份根據大新銀行集團股份獎勵計劃授出。於2025年1月1日及2025年12月31日，根據大新銀行集團股份獎勵計劃可授出之獎授股份數目為126,517,691股。

***

### （乙） 本公司控股公司 — 大新金融集團有限公司（「大新金融」）

### I. 認股權計劃

大新金融於2024年5月31日採納認股權計劃（「大新金融認股權計劃」）。

根據《上市規則》之要求，大新金融認股權計劃概括如下：

(1) 目的

旨在表揚若干參與人之貢獻或價值，並激勵及獎勵彼等促進大新金融集團長期業務目標。

(2) 參與人

參與人包括大新金融集團任何僱員、大新金融董事、大新金融附屬公司董事或因授予認股權作為簽訂僱傭合約而成為大新金融集團僱員的任何人。

(3) 計劃中可予發行的股份總數及其於本董事會報告書日期佔已發行股份總數的百分率

於本董事會報告書日期，大新金融認股權計劃下可予發行之股份數目為3,195,751股，佔大新金融已發行股份總數的1%。

---

(4) Maximum entitlement of each participant

The total number of the shares granted to each participant shall not exceed 1% of the total number of issued shares of the Company as at the date of grant. Any grant of further shares above the limit shall be subject to the provisions of the DSBG Share Award Scheme and the Listing Rules as amended from time to time.

(5) Vesting period

The vesting period, criteria and other conditions is determined by the Board of the Company or its delegate, and are specified in the award letter when related share awards are granted.

(6) Amount payable on application or acceptance of the award and the period within which payments or calls must or may be made or loans for such purpose must be repaid

Nil.

(7) Basis of determining the purchase price of shares awarded

Nil.

(8) Remaining life

The scheme shall be valid and effective for a term of 10 years commencing from 9 September 2021 and expiring at the close of 8 September 2031.

No share awards were granted under the DSBG Share Award Scheme from the date of its adoption to 31 December 2025. The number of share awards available for grant under the DSBG Share Award Scheme as at 1 January 2025 and 31 December 2025 was 126,517,691.

## (b) Dah Sing Financial Holdings Limited (“DSFH”), the holding company of the Company

### I. Share option scheme

DSFH has adopted a share option scheme (the “DSFH Share Option Scheme”) on 31 May 2024.

In accordance with the requirements of the Listing Rules, a summary of the DSFH Share Option Scheme is disclosed as follows:

(1) Purpose

To recognize the contribution or value of certain participants and to motivate and incentivize them in furtherance of the long-term business objectives of the DSFH group.

(2) Participants

The participants include any employee of the DSFH group, Director of DSFH or director of a subsidiary of DSFH and any person to whom a grant of options serves as an inducement to enter into employment contract to become employee of the DSFH group.

(3) Total number of shares available for issue under the scheme and percentage of total number of issued shares as at the date of this Report of the Directors

The total number of shares available for issue under the DSFH Share Option scheme is 3,195,751 shares, representing 1% of the total number of issued shares of DSFH as at the date of this Report of the Directors.

---

### (4) 每名參與人可獲授權益上限

任何合資格人士獲授予認股權可認購之股份若行使後，加上給予其已發行及將發行之股份總數在授予有關認股權包括當日計過往12個月期間超過已發行股份的1%，則不會獲授予認股權。任何進一步授予高於上限之認股權須遵守該等大新金融認股權計劃之條款及受不時修訂之《上市規則》所約束。

### (5) 承授人可行使認股權的期限

行使期由提名及薪酬委員會代表大新金融董事會決定，及於授予有關認股權時闡明。股份須於有關認股權授予日起計10年內認購。

### (6) 歸屬期

歸屬期由提名及薪酬委員會代表大新金融董事會決定，及於授予時闡明。

### (7) 申請或接受認股權須付金額以及付款或通知付款的期限或償還有關貸款的期限

接受認股權應支付金額按每份認股權1港元代價認購，及須於授予日起計21天內或在達成其授予條件（如有）之日期內繳訖。

### (8) 獲授認股權的行使價的釐定基準

認股權之行使價乃由提名及薪酬委員會代表大新金融董事會以不得寬鬆於《上市規則》第17.03E條規定下，按不低於以下之較高者作釐定：(i)大新金融股份在授予日於香港交易所買賣之收市價；及(ii)大新金融股份在緊接授予日前5個營業日於香港交易所買賣之平均收市價。

### (9) 尚餘有效期

大新金融認股權計劃由2024年5月31日起計10年內有效，至2034年5月30日屆滿。

自採納日起至2025年12月31日止，並無認股權根據大新金融認股權計劃授出。於2025年1月1日及2025年12月31日，根據大新金融認股權計劃可授出之認股權數目為3,195,751股。

---

### (4) Maximum entitlement of each participant

No options may be granted to any eligible person which, if exercised, would result in such eligible person becoming entitled to subscribe for such number of shares as, when aggregated with the total number of shares already issued or to be issued to him/her under all options granted to him/her in the 12-month period up to and including the offer date of relevant options, exceed 1% of the shares in issue at such date. Any grant of further options above the limit shall be subject to the provisions of the DSFH Share Option Scheme and the Listing Rules as amended from time to time.

### (5) Period within which the option may be exercised by the grantee

The exercise period is determined by the Nomination and Remuneration Committee on behalf of the Board of DSFH, and is specified when related options are granted. Shares under the options must be taken up within 10 years from the date of grant.

### (6) Vesting period

The vesting period is determined by the Nomination and Remuneration Committee on behalf of the Board of DSFH, and is specified when related options are granted.

### (7) Amount payable on application or acceptance of the option and the period within which payments or calls must or may be made or loans for such purpose must be repaid

The amount payable on acceptance of an option is HK$1 and must be made within 21 days upon offer of granting of options or the date on which the conditions (if any) for the offer are satisfied.

### (8) Basis of determining the exercise price of options granted

The exercise price of options is concluded by the Nomination and Remuneration Committee on behalf of the Board of DSFH on the basis no less exacting than the requirement set out in Rule 17.03E of the Listing Rules and is determined as no less than the higher of (i) the closing price of DSFH’s shares traded on the SEHK on the date of grant; and (ii) the average closing price of DSFH’s shares traded on the SEHK for the 5 business days immediately preceding the date of grant.

### (9) Remaining life

The DSFH Share Option Scheme shall be valid and effective for a period of 10 years commencing from 31 May 2024 and expiring at the close of 30 May 2034.

No share options had been granted under the DSFH Share Option Scheme from the date of its adoption to 31 December 2025. The number of share options available for grant under the DSFH Share Option Scheme as at 1 January 2025 and 31 December 2025 was 3,195,751.

---

## II. 股份獎勵計劃

大新金融於2021年9月9日採納股份獎勵計劃（「大新金融股份獎勵計劃」），並於2022年3月30日更新和修訂及於2024年5月31日進一步修訂和重列。

根據《上市規則》之要求，大新金融股份獎勵計劃概括如下：

(1) 目的

旨在表揚若干參與人之貢獻或價值，並激勵及獎勵彼等促進大新金融集團長期業務目標。

(2) 參與人

參與人包括大新金融集團任何僱員、大新金融董事、大新金融附屬公司董事或因授予獎授股份作為簽訂僱傭合約而成為大新金融集團僱員的任何人。

(3) 計劃中可予授出的股份總數以及其於本董事會報告書日期佔已發行股份總數的百分率

於本董事會報告書日期，就所有獎授股份而言，可授出的股份總數總計不可超過28,761,759股，佔大新金融已發行股份總數的9%。在計劃項下受託人可從市場購買已發行股份及／或向大新金融認購新股份，於信託期內為選定之參與人以信託方式持有股份。

(4) 每名參與人可獲授權益上限

授予每位參與人的股份總數不可超過於授出日大新金融已發行股份總數的1%。任何進一步授予高於上限之股份須遵守大新金融股份獎勵計劃之條款及受不時修訂之《上市規則》所約束。

(5) 歸屬期

歸屬期、標準及其他條件由大新金融董事會或其代表決定，及於授予相關獎授股份時在獎勵函中闡明。

(6) 申請或接受獎勵須付金額以及付款或通知付款的期限或償還有關貸款的期限

無。

(7) 獎授股份的購買價的釐定基準

無。

(8) 尚餘有效期

計劃由2021年9月9日起計10年內有效，至2031年9月8日屆滿。

於2025年1月1日及2025年12月31日，根據大新金融股份獎勵計劃可授出之獎授股份數目分別為26,406,387股及25,716,764股。

---

## II. Share award scheme

DSFH has adopted a share award scheme (the “DSFH Share Award Scheme”) on 9 September 2021, which was updated and amended on 30 March 2022 and further amended and restated on 31 May 2024.

In accordance with the requirements of the Listing Rules, a summary of the DSFH Share Award Scheme is disclosed as follows:

**(1) Purpose**

To recognize the contribution or value of certain participants and to motivate and incentivize them in furtherance of the long-term business objectives of the DSFH group.

**(2) Participants**

The participants include any employee of the DSFH group, Director of DSFH or director of a subsidiary of DSFH and any person to whom a grant of awards serves as an inducement to enter into employment contract to become employee of the DSFH group.

**(3) Total number of shares available for issue under the scheme and percentage of total number of issued shares as at the date of this Report of the Directors**

The total number of shares that may be issued in respect of all share awards shall not in aggregate exceed 28,761,759 shares, representing 9% of the total number of issued shares of DSFH as at the date of this Report of the Directors. Under the scheme, the trustee may acquire issued shares on-market and/or subscribe new shares from DSFH and hold the shares on trust for selected participants during the trust period.

**(4) Maximum entitlement of each participant**

The total number of the shares granted to each participant shall not exceed 1% of the total number of issued shares of DSFH as at the date of grant. Any grant of further shares above the limit shall be subject to the provisions of the DSFH Share Award Scheme and the Listing Rules as amended from time to time.

**(5) Vesting period**

The vesting period, criteria and other conditions is determined by the Board of DSFH or its delegate, and are specified in the award letter when related share awards are granted.

**(6) Amount payable on application or acceptance of the award and the period within which payments or calls must or may be made or loans for such purpose must be repaid**

Nil.

**(7) Basis of determining the purchase price of shares awarded**

Nil.

**(8) Remaining life**

The scheme shall be valid and effective for a term of 10 years commencing from 9 September 2021 and expiring at the close of 8 September 2031.

The number of share awards available for grant under the DSFH Share Award Scheme as at 1 January 2025 and 31 December 2025 was 26,406,387 and 25,716,764 respectively.

---

根據大新金融股份獎勵計劃授出之獎授股份及按《上市規則》而須披露之資料如下：

| 承授人 | 授出日<br>（日╱月╱年） | 獎授股份數目 | | | | | 歸屬期<br>（日╱月╱年） |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| | | **於2025年<br>1月1日<br>尚未歸屬** | **2025年內<br>授出 <sup>(4)</sup>** | **2025年內<br>歸屬 <sup>(5)</sup>** | **2025年內<br>失效** | **於2025年<br>12月31日<br>尚未歸屬** | |
| **董事** | | | | | | | |
| 王守業 | 03/04/2023 | 115,640 | – | 57,820 | – | 57,820 | 03/04/2023-<br>03/04/2026 <sup>(2)</sup> |
| | 03/04/2024 | 236,541 | – | 78,847 | – | 157,694 | 03/04/2024-<br>03/04/2027 <sup>(2)</sup> |
| 黃漢興 | 03/04/2023 | 26,514 | – | 13,257 | – | 13,257 | 03/04/2023-<br>03/04/2026 <sup>(2)</sup> |
| | 03/04/2024 | 55,709 | – | 18,569 | – | 37,140 | 03/04/2024-<br>03/04/2027 <sup>(2)</sup> |
| | 03/04/2025 | – | 34,307 | – | – | 34,307 | 03/04/2025-<br>03/04/2028 <sup>(2)</sup> |
| 王伯凌 | 03/04/2023 | 71,376 | – | 35,688 | – | 35,688 | 03/04/2023-<br>03/04/2026 <sup>(2)</sup> |
| | 03/04/2024 | 61,795 | – | 20,598 | – | 41,197 | 03/04/2024-<br>03/04/2027 <sup>(2)</sup> |
| | 03/04/2025 | – | 48,534 | – | – | 48,534 | 03/04/2025-<br>03/04/2028 <sup>(2)</sup> |
| 麥曉德 | 06/12/2022 | 43,620 | – | 14,540 | – | 29,080 | 06/12/2022-<br>06/12/2027 <sup>(1)</sup> |
| | 03/04/2023 | 83,524 | – | 41,762 | – | 41,762 | 03/04/2023-<br>06/12/2026 <sup>(2)</sup> |
| | 03/04/2024 | 189,049 | – | 63,016 | – | 126,033 | 03/04/2024-<br>03/04/2027 <sup>(2)</sup> |
| | 03/04/2025 | – | 166,007 | – | – | 166,007 | 03/04/2025-<br>03/04/2028 <sup>(2)</sup> |
| 其他僱員總額 <sup>(3)</sup> | 06/12/2022 | 180,660 | – | 58,620 | 2,640 | 119,400 | 06/12/2022-<br>06/12/2027 <sup>(1)</sup> |
| | 03/04/2023 | 268,806 | – | 132,038 | – | 136,768 | 03/04/2023-<br>03/04/2026 <sup>(2)</sup> |
| | 03/04/2024 | 589,696 | – | 193,291 | – | 396,405 | 03/04/2024-<br>03/04/2027 <sup>(2)</sup> |
| | 03/04/2025 | – | 443,415 | – | – | 443,415 | 03/04/2025-<br>03/04/2028 <sup>(2)</sup> |

註：
(1) 於2022年12月6日授出的獎授股份，自授出日起計第1個至第5個周年分批平均歸屬。
(2) 於2023年4月3日、2024年4月3日及2025年4月3日授出的獎授股份，自授出日起計第1個至第3個周年分批歸屬。
(3) 獎授股份乃授予大新金融集團若干合資格僱員，彼等為大新金融董事或僱員，或大新金融集團任何其他成員。合資格僱員亦包括大新金融前僱員。
(4) 於2025年4月3日，大新金融合共授出692,263股獎授股份。大新金融股份在2025年4月2日（即2025年4月3日授出大新金融獎授股份當日之前一個營業日）的收市價為每股28.60港元。授出之獎授股份以現有已發行股份支付。
(5) 大新金融股份緊接大新金融獎授股份於2025年12月31日止年度歸屬日期前的加權平均收市價為29.42港元。
(6) 於2025年12月31日止年度並無獎授股份註銷。
(7) 有關獎勵在授出日的公平價值以及所採納之會計準則及政策之釐定詳情載於綜合財務報表附註44。

---

Particulars of share awards granted under the DSFH Share Award Scheme and information that is required to be disclosed in accordance with the Listing Rules are set out below:

### Number of share awards

| Grantees | Date of grant (D/M/Y) | Unvested as at 01/01/2025 | Granted during 2025 (4) | Vested during 2025 (5) | Lapsed during 2025 | Unvested as at 31/12/2025 | Vesting period (D/M/Y) |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **Directors** | | | | | | | |
| David Shou-Yeh Wong | 03/04/2023 | 115,640 | – | 57,820 | – | 57,820 | 03/04/2023 – 03/04/2026 (2) |
| | 03/04/2024 | 236,541 | – | 78,847 | – | 157,694 | 03/04/2024 – 03/04/2027 (2) |
| Hon-Hing Wong (Derek Wong) | 03/04/2023 | 26,514 | – | 13,257 | – | 13,257 | 03/04/2023 – 03/04/2026 (2) |
| | 03/04/2024 | 55,709 | – | 18,569 | – | 37,140 | 03/04/2024 – 03/04/2027 (2) |
| | 03/04/2025 | – | 34,307 | – | – | 34,307 | 03/04/2025 – 03/04/2028 (2) |
| Gary Pak-Ling Wang | 03/04/2023 | 71,376 | – | 35,688 | – | 35,688 | 03/04/2023 – 03/04/2026 (2) |
| | 03/04/2024 | 61,795 | – | 20,598 | – | 41,197 | 03/04/2024 – 03/04/2027 (2) |
| | 03/04/2025 | – | 48,534 | – | – | 48,534 | 03/04/2025 – 03/04/2028 (2) |
| Nicholas John Mayhew | 06/12/2022 | 43,620 | – | 14,540 | – | 29,080 | 06/12/2022 – 06/12/2027 (1) |
| | 03/04/2023 | 83,524 | – | 41,762 | – | 41,762 | 03/04/2023 – 03/04/2026 (2) |
| | 03/04/2024 | 189,049 | – | 63,016 | – | 126,033 | 03/04/2024 – 03/04/2027 (2) |
| | 03/04/2025 | – | 166,007 | – | – | 166,007 | 03/04/2025 – 03/04/2028 (2) |
| **Aggregate of other employees (3)** | 06/12/2022 | 180,660 | – | 58,620 | 2,640 | 119,400 | 06/12/2022 – 06/12/2027 (1) |
| | 03/04/2023 | 268,806 | – | 132,038 | – | 136,768 | 03/04/2023 – 03/04/2026 (2) |
| | 03/04/2024 | 589,696 | – | 193,291 | – | 396,405 | 03/04/2024 – 03/04/2027 (2) |
| | 03/04/2025 | – | 443,415 | – | – | 443,415 | 03/04/2025 – 03/04/2028 (2) |

Notes:
(1) Share awards granted on 6 December 2022 are vested in 5 equal tranches between the first and fifth anniversaries from the date of grant.
(2) Share awards granted on 3 April 2023, 3 April 2024 and 3 April 2025 are vested in 3 tranches between the first and third anniversaries from the date of grant.
(3) Share awards were granted to certain eligible employees of the DSFH Group, who are directors or employees of DSFH or any other member of the DSFH group. Eligible employees also include former employees of DSFH.
(4) On 3 April 2025, DSFH granted a total of 692,263 share awards. The closing price of the shares of DSFH on 2 April 2025 (being the business day immediately before 3 April 2025 on which the share awards were granted) was HK$28.60 per share. The share awards granted are satisfied by existing issued shares.
(5) The weighted average closing price of the shares of DSFH immediately before the dates on which the share awards were vested during the year ended 31 December 2025 was HK$29.42.
(6) No share awards were cancelled during the year ended 31 December 2025.
(7) Details of the computation of the fair value of share awards at the date of grant and the accounting standard and policy adopted are shown in Note 44 to the consolidated financial statements.

---

### 股票掛鈎協議

除認股權計劃及股份獎勵計劃於上文所披露外，本公司、其附屬公司、其同系附屬公司或其控股公司於年內或年終時並無訂立任何股票掛鈎協議。

### 主要股東權益

於2025年12月31日，以下人士（本公司董事及行政總裁之權益已於上文披露除外）於本公司股份及相關股份中，持有本公司根據《證券及期貨條例》第XV部第336條規定存置的股東權益登記冊予以記錄或據本公司知悉的權益或淡倉。

| 名稱 | 身份 | 所持股份數目／股份之權益 | 佔已發行股份總數之權益百分比 (4) |
| :--- | :--- | :--- | :--- |
| 王嚴君琴 | 因其配偶擁有須予披露權益而被視作擁有權益 | 1,045,626,955 (1) | 74.38% |
| 大新金融集團有限公司（「大新金融」） | 實益權益 | 1,045,461,643 | 74.37% |
| 王祖興 | 實益權益及被視為持有信託人間接持有的股份權益 | 1,047,650,188 (2) | 74.53% |
| 滙豐國際信託有限公司（「滙豐信託」） | 信託人及法團權益 | 1,045,461,643 (3) | 74.37% |

註：

(1) 該等股份屬王嚴君琴被視作持有之權益，皆因其配偶王守業乃大新金融之主要股東持有本公司相關股本的控股法團權益及王守業透過其控股法團持有本公司權益。王嚴君琴因此須就其被視作持有之權益而作出披露。此等權益與王守業於上述「董事及行政總裁權益」披露中所載持有本公司權益相同。

(2) 權益包括(a)於本公司1,038,545股普通股之股份權益；(b)按本公司授出以現金支付股份為基礎之獎勵權利而被視作持有本公司1,150,000股相關股份之權益；及(c)根據《證券及期貨條例》第322條被視為持有由大新金融及家族全權信託受託人滙豐信託持有之本公司1,045,461,643股股份權益，王守業為該信託之授予人。

(3) 此等股份屬大新金融在本公司之法團權益並由滙豐信託以王守業作為授予人之家族全權信託全權信託受託人身份間接持有。滙豐信託須就由其操控公司持有本公司相關股份而作出披露。相關股份已於上述「董事及行政總裁權益」有關王守業的「法團權益」一項中披露。

(4) 權益百分比乃根據本公司於2025年12月31日之已發行股份總數計算。

(5) 所有上述權益皆屬好倉。

除上述披露者外，於2025年12月31日，概無其他人士於本公司股份及相關股份中，持有本公司根據《證券及期貨條例》第XV部第336條規定存置的股東權益登記冊予以記錄或據本公司知悉的任何權益或淡倉。

---

### EQUITY-LINKED AGREEMENTS

Save for the share option schemes and share award schemes as disclosed above, no equity-linked agreements were entered into by the Company, its subsidiaries, its fellow subsidiaries or its holding company during the year or subsisted at the end of the year.

### SUBSTANTIAL SHAREHOLDERSʼ INTERESTS

As at 31 December 2025, the following are the persons, other than the Directors and Chief Executive of the Company whose interests are disclosed above, who had interests or short positions in the shares and underlying shares of the Company as recorded in the register of shareholdersʼ interests required to be kept by the Company pursuant to section 336 of Part XV of the SFO or otherwise known to the Company.

| Name | Capacity | Number of shares held/ Interests in shares | Percentage of interests in the total number of issued shares (4) |
| :--- | :--- | :--- | :--- |
| Christine Yen Wong | Deemed interest by virtue of her spouse having a notifiable interest | 1,045,626,955 (1) | 74.38% |
| Dah Sing Financial Holdings Limited (“DSFH”) | Beneficial interests | 1,045,461,643 | 74.37% |
| Harold Tsu-Hing Wong | Beneficial interests and deemed interest in shares indirectly held by trustee | 1,047,650,188 (2) | 74.53% |
| HSBC International Trustee Limited (“HSBCIT”) | Trustee and corporate interests | 1,045,461,643 (3) | 74.37% |

**Notes:**

(1) Such shares represented the deemed interest of Christine Yen Wong by virtue of her spouse, David Shou-Yeh Wong, being a substantial shareholder of DSFH which held a controlling corporate interest in the relevant share capital of the Company and interests in the Company held through a company in which David Shou-Yeh Wong has a controlling interest. Christine Yen Wong was taken to have a duty of disclosure in respect of the deemed interest in the Company. These interests comprised the same interests of David Shou-Yeh Wong under the heading “Interests of Directors and Chief Executive” above.

(2) The interests comprised of (a) interests in 1,038,545 ordinary shares of the Company; (b) deemed interest in 1,150,000 notional underlying shares of the Company relating to the cash-settled share-based incentive options granted by the Company; and (c) deemed interest pursuant to section 322 of the SFO in 1,045,461,643 ordinary shares of the Company held by DSFH and HSBCIT through a family discretionary trust of which David Shou-Yeh Wong is the settlor.

(3) Such shares represented DSFHʼs corporate interests in the Company indirectly held by HSBCIT in trust for a family discretionary trust of which David Shou-Yeh Wong is the settlor. HSBCIT was taken to have a duty of disclosure in relation to the relevant shares of the Company held through companies of which it has control. The relevant shares have been included in the “Corporate interests” of David Shou-Yeh Wong as disclosed under the heading “Interests of Directors and Chief Executive” above.

(4) The percentage of interests was calculated with reference to the total number of issued shares of the Company as at 31 December 2025.

(5) All the interests stated above represented long positions.

Save as disclosed above, as at 31 December 2025, no other persons had any interests or short positions in the shares and underlying shares of the Company as recorded in the register of shareholdersʼ interests required to be kept by the Company pursuant to section 336 of Part XV of the SFO or otherwise known to the Company.

---

### 董事於就本公司業務而言屬重要交易、安排或合約之重大權益

於年度結束時或年內任何時間，凡與本公司業務有關而本公司、其附屬公司或其控股公司有份參與之重要交易、安排或合約，本公司董事或其有關連的實體均無直接或間接擁有重大權益。

### 獲准許的彌償條文

根據本公司組織章程細則的規定，在《公司條例》（第622章）最大程度准許之情況下，每名董事及高級人員就履行其職務或職責或有關的其他事情而蒙受或招致之所有損失或責任，均有權獲得本公司以其資產賠償。本公司已為本集團董事及高級人員安排適當的董事及高級人員責任保險。

### 購買、出售或贖回證券

截至2025年12月31日止年度，本公司或其任何附屬公司並無購買、出售或贖回任何本公司之上市證券。

### 管理合約

截至2025年12月31日止年度，本公司並無就全部或任何重大部份業務簽訂或存有任何管理及行政合約。

### 可供派發儲備

按照《公司條例》（第622章）第291、297及299條計算，本公司於2025年12月31日之可供派發儲備為805,703,000港元（2024年：688,436,000港元）。

### 關連交易

截至2025年12月31日止年度期間，本集團與其關連人士之交易詳情，已載於綜合財務報表附註43。

### 主要客戶

截至2025年12月31日止年度期間，少於30%之利息收入及其他營運收入源自本集團最主要之首5名客戶。

### 五年財務資料

本集團過去5年公布之業績、資產及負債已載列於本年報之「財務概要」內。

### 充足公眾持股量

就本公司所得之公開資料及本公司各董事所知，本公司已維持根據《上市規則》所規定之公眾持股量。

### 《香港聯合交易所有限公司證券上市規則》之遵行

隨附之綜合財務報表已遵照《香港聯合交易所有限公司證券上市規則》適用之規定作披露。

### 核數師

本綜合財務報表已經羅兵咸永道會計師事務所（「羅兵咸永道」）審核，該核數師將於應屆之股東周年大會結束時退任。董事會已批准本公司審核委員會的建議，自羅兵咸永道退任後，委任畢馬威會計師事務所為本公司的新任核數師，惟該委任須經本公司股東於股東周年大會批准。

除上文所披露外，本公司在過去3年內並無更換核數師。

承董事會命
**黃漢興**
副主席、董事總經理兼行政總裁

香港，2026年3月30日

---

### DIRECTORSʼ MATERIAL INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS THAT ARE SIGNIFICANT IN RELATION TO THE COMPANYʼS BUSINESS

No transactions, arrangements or contracts of significance in relation to the Companyʼs business to which the Company, its subsidiaries or its holding company was a party and in which a Director of the Company or an entity connected with a Director had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.

### PERMITTED INDEMNITY PROVISION

Pursuant to the Companyʼs Articles of Association, every Director and officer shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities (to the fullest extent permitted by the Companies Ordinance (Cap. 622)) which he/she may sustain or incur in or about the execution of the duties of his/her office or otherwise in relation thereto. The Company has arranged appropriate directorsʼ and officersʼ liability insurance coverage for the Directors and officers of the Group.

### PURCHASE, SALE OR REDEMPTION OF SECURITIES

There was no purchase, sale or redemption by the Company, or any of its subsidiaries, of the listed securities of the Company during the year ended 31 December 2025.

### MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the year ended 31 December 2025.

### DISTRIBUTABLE RESERVES

Distributable reserves of the Company as at 31 December 2025, calculated under sections 291, 297 and 299 of the Companies Ordinance (Cap. 622), amounted to HK$805,703,000 (2024: HK$688,436,000).

### CONNECTED TRANSACTIONS

Details of transactions with related parties of the Group for the year ended 31 December 2025 have been set out in Note 43 to the consolidated financial statements.

### MAJOR CUSTOMERS

During the year ended 31 December 2025, the Group derived less than 30% of interest income and other operating income from its 5 largest customers

### FIVE-YEAR FINANCIAL INFORMATION

The published results and the assets and liabilities of the Group for the last 5 years are included in the section headed “Financial Summary” of this Annual Report.

### SUFFICIENCY OF PUBLIC FLOAT

The Company has maintained the prescribed public float under the Listing Rules, based on the information that is publicly available to the Company and within the knowledge of the Directors of the Company.

### COMPLIANCE WITH THE RULES GOVERNING THE LISTING OF SECURITIES ON THE STOCK EXCHANGE OF HONG KONG LIMITED

The accompanying consolidated financial statements comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

### AUDITORS

The consolidated financial statements have been audited by PricewaterhouseCoopers (“PwC”) who will retire as the auditors of the Company at the conclusion of the forthcoming annual general meeting. The Board approved the recommendation of the audit committee of the Company to appoint KPMG as the new auditors of the Company following the retirement of PwC, subject to the approval of the shareholders of the Company at the annual general meeting.

Save as disclosed above, there has been no change of auditors of the Company in the preceding 3 years.

On behalf of the Board
**Hon-Hing Wong (Derek Wong)**
Vice Chairman, Managing Director and Chief Executive

Hong Kong, 30 March 2026

---

### 附屬公司董事
### DIRECTORS OF SUBSIDIARIES

於截至2025年12月31日止年度及直至2026年3月30日（即本公司之本年度董事會報告書日期）止期間，出任本公司之附屬公司董事會的董事之姓名如下：

The names of the directors who have served on the boards of the subsidiaries of the Company during the year ended 31 December 2025 and up to 30 March 2026, being the date of the Report of the Directors of Company for the year, are set out below:

（依英文姓氏次序排列）
(in alphabetical order)

| | |
| :--- | :--- |
| 陳霞芳 | CHAN Ha-Fong Nancy |
| 陳浩棠 | CHAN Ho-Tong (Tom CHAN) |
| 陳維堅 | CHAN Cliff Wai-Kin |
| 陳佩玉 | CHANG Pui-Yuk Vanessa |
| 鄭羽沖 | CHENG Yu-Chung (Patrick CHENG) |
| 張建生 | CHEUNG Kin-Sang (Alex CHEUNG) |
| 周志良 | CHOW Chi-Leung Cristo |
| 方潔鈴 | FONG Kit-Ling Rons |
| 馮兆明* | FUNG Siu-Ming (Philip FUNG)* |
| 何嘉揚 | HO Ka-Yeung Eric |
| 簡俊傑* | Paul Michael KENNEDY* |
| 劉家偉 | LAU Ka-Wai Frederick |
| 劉伯雄 | LAU Pak-Hung |
| 李榮森 | LEE Wing Shum (Sam LEE) |
| 梁偉深 | LEUNG Wai-Sum (Terence LEUNG) |
| 李宗榮 | LI Richard Tsung-Yung |
| 馬苑麗 | MA Yuen-Lai Barbara |
| 繆志多 | MAO Chi-Dor (Johnny MAO) |
| 麥曉德 | Nicholas John MAYHEW |
| 顏淑芬 | NGAN Suk-Fun Mariana |
| 裴布雷 | Blair Chilton PICKERELL |
| 潘德誠 | POON Clement |
| 蘇澤光 | Jack Chak-Kwong SO |
| 史習陶 | SZE Tsai-To Robert |
| 譚偉雄* | TAM Wai-Hung David* |
| 王伯凌 | WANG Pak-Ling Gary |
| 衛皓民 | Paul Franz WINKELMANN |
| 黃捷君 | WONG Chit-Kwan (Vincent WONG) |
| 黃漢興 | WONG Hon-Hing (Derek WONG) |
| 王美珍 | WONG Mei-Chun Phoebe |
| 王守業 | WONG Shou-Yeh David |
| 王祖興 | WONG Tsu-Hing Harold |
| 甄潤心 | YAN Yun-Shum Grace |
| 袁逸圖 | YUEN Yat-To (Henry YUEN) |
| 袁耀良 | YUEN Yiu-Leung (Bacon YUEN) |

\* 已經辭任╱不再擔任本公司有關附屬公司董事職務。
\* Those who have resigned/ceased as a Director of the relevant subsidiary(ies) of the Company.

---

# 綜合收益賬
# CONSOLIDATED INCOME STATEMENT
### 截至2025年12月31日止年度 For the year ended 31 December 2025

| 以港幣千元位列示 | HK$'000 | 附註 Note | **2025** | 2024 |
| :--- | :--- | :---: | :--- | :--- |
| 利息收入 | Interest income | 7 | **10,362,908** | 12,147,056 |
| 利息支出 | Interest expense | 7 | **(4,534,239)** | (6,858,939) |
| **淨利息收入** | **Net interest income** | | **5,828,669** | 5,288,117 |
| 服務費及佣金收入 | Fee and commission income | 8 | **1,922,776** | 1,559,336 |
| 服務費及佣金支出 | Fee and commission expense | 8 | **(220,391)** | (230,727) |
| **淨服務費及佣金收入** | **Net fee and commission income** | | **1,702,385** | 1,328,609 |
| 淨交易收入 | Net trading income | 9 | **323,779** | 258,933 |
| 其他營運收入 | Other operating income | 10 | **60,348** | 59,264 |
| **營運收入** | **Operating income** | | **7,915,181** | 6,934,923 |
| 營運支出 | Operating expenses | 11 | **(3,446,287)** | (3,340,050) |
| **扣除減值虧損前之營運溢利** | **Operating profit before impairment losses** | | **4,468,894** | 3,594,873 |
| 信貸減值虧損 | Credit impairment losses | 14 | **(1,782,813)** | (1,791,361) |
| **扣除若干投資及固定資產之收益及虧損前之營運溢利** | **Operating profit before gains and losses on certain investments and fixed assets** | | **2,686,081** | 1,803,512 |
| 出售其他固定資產之淨虧損 | Net loss on disposal of other fixed assets | | **(27)** | (1,758) |
| 投資物業公平值調整之淨虧損 | Net loss on fair value adjustment of investment properties | | **(95,003)** | (101,882) |
| 出售以攤餘成本列賬的金融資產之淨收益 | Net gain on disposal of financial assets at amortised cost | | **–** | 760 |
| 出售以公平值計量且其變動計入其他全面收益的金融資產之淨虧損 | Net loss on disposal of financial assets at fair value through other comprehensive income | | **–** | (103) |
| 商譽減值虧損 | Impairment loss on goodwill | 27 | **(493,023)** | – |
| 應佔聯營公司之業績 | Share of results of an associate | | **728,771** | 677,425 |
| 聯營公司投資之減值虧損 | Impairment loss on the investment in an associate | 24 | **–** | (15,715) |
| 視同出售聯營公司投資之虧損 | Loss on deemed disposal of investment in an associate | | **(19)** | (1) |
| 應佔共同控制實體之業績 | Share of results of jointly controlled entities | | **32,787** | 33,131 |
| **除稅前溢利** | **Profit before taxation** | | **2,859,567** | 2,395,369 |
| 稅項 | Taxation | 15 | **(383,753)** | (335,022) |
| **本公司股東應佔年度溢利** | **Profit for the year attributable to shareholders of the Company** | | **2,475,814** | 2,060,347 |
| **每股盈利** | **Earnings per share** | | | |
| 基本 | Basic | 17 | **HK$1.76** | HK$1.47 |
| 攤薄 | Diluted | 17 | **HK$1.65** | HK$1.37 |

第119頁至第318頁之附註乃本綜合財務報表之一部分。 The notes on pages 119 to 318 are an integral part of these consolidated financial statements.

---

# 綜合全面收益表 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
## 截至2025年12月31日止年度 For the year ended 31 December 2025

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| **年度溢利** | **Profit for the year** | **2,475,814** | 2,060,347 |
| | | | |
| **年度其他全面收益** | **Other comprehensive income for the year** | | |
| 可能會重新分類至綜合收益賬的項目： | Items that may be reclassified to the consolidated income statement: | | |
| | | | |
| 證券投資 | Investments in securities | | |
| &nbsp;&nbsp;&nbsp;以公平值計量且其變動計入其他全面收益的債務工具之公平值變動淨額 | &nbsp;&nbsp;&nbsp;Net change in fair value of debt instruments at fair value through other comprehensive income | **354,692** | 204,192 |
| &nbsp;&nbsp;&nbsp;應佔按權益會計法處理的聯營公司之其他全面（虧損）／收益 | &nbsp;&nbsp;&nbsp;Share of other comprehensive (loss)/income of an associate accounted for using the equity method | **(289,235)** | 193,649 |
| &nbsp;&nbsp;&nbsp;淨虧損變現及轉移至綜合收益賬： | &nbsp;&nbsp;&nbsp;Net loss realised and transferred to consolidated income statement upon: | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 出售以公平值計量且其變動計入其他全面收益之債務工具 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– Disposal of debt instruments at fair value through other comprehensive income | **–** | 103 |
| &nbsp;&nbsp;&nbsp;有關上述之遞延稅項 | &nbsp;&nbsp;&nbsp;Deferred income tax related to the above | **(66,267)** | (29,387) |
| | | **(810)** | 368,557 |
| | | | |
| 換算海外機構財務報表的匯兌差異 | Exchange differences arising on translation of the financial statements of foreign entities | **256,007** | (290,718) |
| | | | |
| 不會重新分類至綜合收益賬的項目： | Items that will not be reclassified to the consolidated income statement: | | |
| | | | |
| 行產 | Premises | | |
| &nbsp;&nbsp;&nbsp;源自重新分類行產為投資物業之儲備 | &nbsp;&nbsp;&nbsp;Reserves arising from reclassification of premises to investment properties | **–** | 45,533 |
| 證券投資 | Investments in securities | | |
| &nbsp;&nbsp;&nbsp;應佔按權益會計法處理的聯營公司之其他全面收益 | &nbsp;&nbsp;&nbsp;Share of other comprehensive income of an associate accounted for using the equity method | **2,759** | 2,759 |
| &nbsp;&nbsp;&nbsp;以公平值計量且其變動計入其他全面收益的權益性工具之公平值變動淨額 | &nbsp;&nbsp;&nbsp;Net change in fair value of equity instruments at fair value through other comprehensive income | **1,813** | (156,891) |
| &nbsp;&nbsp;&nbsp;有關上述之遞延稅項 | &nbsp;&nbsp;&nbsp;Deferred income tax related to the above | **123** | 8,616 |
| | | **4,695** | (99,983) |
| | | | |
| 扣除稅項後之年度其他全面收益／（虧損） | Other comprehensive income/(loss) for the year, net of tax | **259,892** | (22,144) |
| | | | |
| **扣除稅項後之年度全面收益總額** | **Total comprehensive income for the year, net of tax** | **2,735,706** | 2,038,203 |

第119頁至第318頁之附註乃本綜合財務報表之一部分。
The notes on pages 119 to 318 are an integral part of these consolidated financial statements.

---

# 綜合財務狀況表
## CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2025年12月31日 As at 31 December 2025

| 以港幣千元位列示 HK$'000 | 附註 Note | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| **資產 ASSETS** | | | |
| 現金及在銀行的結餘 Cash and balances with banks | 18 | **15,321,690** | 14,131,725 |
| 在銀行1至12個月內到期的存款 Placements with banks maturing between one and twelve months | 18 | **7,445,935** | 5,409,555 |
| 持作交易用途的證券 Trading securities | 19 | **2,093,825** | 2,006,353 |
| 以公平值計量且其變動計入損益的金融資產 Financial assets at fair value through profit or loss | 19 | **46,749** | 4,272 |
| 衍生金融工具 Derivative financial instruments | 20 | **2,523,621** | 4,083,731 |
| 各項貸款及其他賬目 Advances and other accounts | 21 | **144,021,359** | 143,048,675 |
| 以公平值計量且其變動計入其他全面收益的金融資產 Financial assets at fair value through other comprehensive income | 22 | **44,945,013** | 44,808,705 |
| 以攤餘成本列賬的金融資產 Financial assets at amortised cost | 23 | **34,008,953** | 35,522,368 |
| 聯營公司投資 Investment in an associate | 24 | **2,968,045** | 2,532,810 |
| 共同控制實體投資 Investments in jointly controlled entities | 25 | **147,084** | 138,097 |
| 無形資產 Intangible assets | 27 | **69,715** | 69,715 |
| 商譽 Goodwill | 27 | **220,428** | 713,451 |
| 行產及其他固定資產 Premises and other fixed assets | 28 | **2,998,893** | 3,001,328 |
| 投資物業 Investment properties | 29 | **802,159** | 708,021 |
| 即期稅項資產 Current income tax assets | | **74** | 793 |
| 遞延稅項資產 Deferred income tax assets | 35 | **297,922** | 159,482 |
| **資產合計 Total assets** | | **257,911,465** | 256,339,081 |
| | | | |
| **負債 LIABILITIES** | | | |
| 銀行存款 Deposits from banks | | **284,833** | 1,936,236 |
| 衍生金融工具 Derivative financial instruments | 20 | **1,394,732** | 1,839,915 |
| 持作交易用途的負債 Trading liabilities | 31 | **1,348,191** | 498,069 |
| 客戶存款 Deposits from customers | 32 | **205,304,100** | 201,568,051 |
| 已發行的存款證 Certificates of deposit issued | 33 | **887,875** | 4,294,996 |
| 後償債務 Subordinated notes | 34 | **4,274,938** | 4,146,914 |
| 其他賬目及預提 Other accounts and accruals | | **8,086,382** | 7,793,432 |
| 即期稅項負債 Current income tax liabilities | | **695,533** | 343,835 |
| 遞延稅項負債 Deferred income tax liabilities | 35 | **95,686** | 94,261 |
| **負債合計 Total liabilities** | | **222,372,270** | 222,515,709 |
| | | | |
| **權益 EQUITY** | | | |
| **本公司股東應佔權益 Equity attributable to the Company's shareholders** | | | |
| 股本 Share capital | 38 | **6,894,438** | 6,894,438 |
| 其他儲備（包括保留盈利） Other reserves (including retained earnings) | 39 | **28,333,341** | 26,617,518 |
| **股東資金 Shareholders' funds** | | **35,227,779** | 33,511,956 |
| | | | |
| **額外權益性工具 Additional equity instruments** | 40 | **311,416** | 311,416 |
| | | | |
| **權益合計 Total equity** | | **35,539,195** | 33,823,372 |
| | | | |
| **權益及負債合計 Total equity and liabilities** | | **257,911,465** | 256,339,081 |

董事會於2026年3月30日批准及授權發布。
Approved and authorised for issue by the Board of Directors on 30 March 2026.

| | |
| :--- | :--- |
| **王伯凌** | **黃漢興** |
| 董事 | 董事總經理 |
| **Gary Pak-Ling Wang** | **Hon-Hing Wong (Derek Wong)** |
| Director | Managing Director |

第119頁至第318頁之附註乃本綜合財務報表之一部分。
The notes on pages 119 to 318 are an integral part of these consolidated financial statements.

---

# 綜合權益變動表
# CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
### 截至2025年12月31日止年度 For the year ended 31 December 2025

| 以港幣千元位列示 HK$'000 | 股本 Share capital | 其他儲備 Other reserves | 保留盈利 Retained earnings | 額外 權益性工具 Additional equity instruments | 權益合計 Total equity |
| :--- | :---: | :---: | :---: | :---: | :---: |
| **2025年1月1日結餘 Balance at 1 January 2025** | **6,894,438** | **1,740,680** | **24,876,838** | **311,416** | **33,823,372** |
| 年度溢利 Profit for the year | - | - | 2,475,814 | - | 2,475,814 |
| 年度其他全面收益 Other comprehensive income for the year | - | 259,892 | - | - | 259,892 |
| 年度全面收益總額 Total comprehensive income for the year | - | 259,892 | 2,475,814 | - | 2,735,706 |
| 額外權益性工具之派發款項 Distribution payment of additional equity instruments | - | - | (35,857) | - | (35,857) |
| 2024年末期股息 2024 final dividend | - | - | (548,243) | - | (548,243) |
| 2025年中期股息 2025 interim dividend | - | - | (435,783) | - | (435,783) |
| 其他 Others | - | 370,379 | (370,379) | - | - |
| **2025年12月31日結餘 Balance at 31 December 2025** | **6,894,438** | **2,370,951** | **25,962,390** | **311,416** | **35,539,195** |

---

# CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
## 綜合權益變動表
### For the year ended 31 December 2025
### 截至2025年12月31日止年度

以港幣千元位列示 HK$'000 | 股本<br>Share capital | 其他儲備<br>Other reserves | 保留盈利<br>Retained earnings | 額外權益性工具<br>Additional equity instruments | 權益合計<br>Total equity
---|---|---|---|---|---
**2024年1月1日結餘**<br>Balance at 1 January 2024 | 6,894,438 | 1,760,408 | 23,923,181 | 311,416 | 32,889,443
**年度溢利**<br>Profit for the year | – | – | 2,060,347 | – | 2,060,347
**年度其他全面虧損**<br>Other comprehensive loss for the year | – | (22,144) | – | – | (22,144)
**年度全面（虧損）／收益總額**<br>Total comprehensive (loss)/income for the year | – | (22,144) | 2,060,347 | – | 2,038,203
**於終止確認時，重新分類以公平值計量且其變動計入其他全面收益的權益性工具之公平值變動淨額**<br>Reclassification of net change in fair value of equity instruments at fair value through other comprehensive income upon derecognition | – | 7,400 | (7,400) | – | –
**轉移以股份為基礎報酬之儲備**<br>Transfer of share-based payment reserve | – | (4,984) | 4,984 | – | –
**額外權益性工具之派發款項**<br>Distribution payment of additional equity instruments | – | – | (35,903) | – | (35,903)
**2023年末期股息**<br>2023 final dividend | – | – | (688,818) | – | (688,818)
**2024年中期股息**<br>2024 interim dividend | – | – | (379,553) | – | (379,553)
**2024年12月31日結餘**<br>Balance at 31 December 2024 | 6,894,438 | 1,740,680 | 24,876,838 | 311,416 | 33,823,372

第119頁至第318頁之附註乃本綜合財務報表之一部分。
The notes on pages 119 to 318 are an integral part of these consolidated financial statements.

---

# 綜合現金流量結算表
# CONSOLIDATED STATEMENT OF CASH FLOWS
## 截至2025年12月31日止年度 For the year ended 31 December 2025

| 以港幣千元位列示 | HK$'000 | 附註 Note | 2025 | 2024 |
| :--- | :--- | :---: | ---: | ---: |
| **經營活動之現金流量** | **Cash flows from operating activities** | | | |
| 經營活動流入／（所用）現金淨額 | Net cash from/(used in) operating activities | 41(a) | **2,233,673** | (2,234,274) |
| | | | | |
| **投資活動之現金流量** | **Cash flows from investing activities** | | | |
| 購入一間附屬公司 | Acquisition of a subsidiary | | **–** | (184,386) |
| 購置投資物業及其他固定資產 | Purchase of investment properties and other fixed assets | | **(404,922)** | (352,660) |
| 出售其他固定資產所得款項 | Proceeds from disposal of other fixed assets | | **61** | 1,041 |
| 已收共同控制實體及聯營公司股息 | Dividend received from jointly controlled entities and associate | | **231,106** | 312,538 |
| | | | | |
| 投資活動所用現金淨額 | Net cash used in investing activities | | **(173,755)** | (223,467) |
| | | | | |
| **融資活動之現金流量** | **Cash flows from financing activities** | | | |
| 償還後償債務 | Repayment of subordinated notes | 41(c) | **–** | (1,759,714) |
| 租賃負債之付款 | Payment of lease liabilities | 41(c) | **(118,000)** | (140,677) |
| 額外權益性工具之派發款項 | Distribution payment on additional equity instrument | | **(35,857)** | (35,903) |
| 支付後償債務之利息 | Interest paid on subordinated notes | 41(c) | **(298,232)** | (384,929) |
| 派發本公司之普通股股息 | Dividend paid on ordinary shares of the Company | | **(984,026)** | (1,068,371) |
| | | | | |
| 融資活動所用現金淨額 | Net cash used in financing activities | | **(1,436,115)** | (3,389,594) |
| | | | | |
| **現金及等同現金項目增加／（減少）淨額** | **Net increase/(decrease) in cash and cash equivalents** | | **623,803** | (5,847,335) |
| | | | | |
| 年初現金及等同現金項目 | Cash and cash equivalents at beginning of the year | | **12,935,848** | 18,964,804 |
| | | | | |
| 匯率變更之影響 | Effect of foreign exchange rate changes | | **155,194** | (181,621) |
| | | | | |
| **年末現金及等同現金項目** | **Cash and cash equivalents at end of the year** | 41(b) | **13,714,845** | 12,935,848 |

第119頁至第318頁之附註乃本綜合財務報表之一部分。
The notes on pages 119 to 318 are an integral part of these consolidated financial statements.

---

# 綜合財務報表附註
# NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

### 1. 一般資料
### 1. GENERAL INFORMATION

大新銀行集團有限公司（「本公司」）與其附屬公司（統稱「本集團」）在香港，澳門及中國提供銀行、金融及其他相關服務。

Dah Sing Banking Group Limited (the “Company”) and its subsidiaries (together the “Group”) provide banking, financial and other related services in Hong Kong, Macau, and the Peopleʼs Republic of China.

本公司乃一間在香港註冊的投資控股公司，註冊地址為香港灣仔皇后大道東248號大新金融中心26樓。

The Company is an investment holding company incorporated in Hong Kong. The address of its registered office is 26th Floor, Dah Sing Financial Centre, No.248 Queenʼs Road East, Wanchai, Hong Kong.

本公司之控股公司大新金融集團有限公司（「大新金融」）為香港一間上市公司。

The holding company is Dah Sing Financial Holdings Limited (“DSFH”), a listed company in Hong Kong.

除另有註明外，此綜合財務報表概以港幣千元位列示，並已於2026年3月30日獲董事會批准發表。

These consolidated financial statements are presented in thousands of Hong Kong dollars (HK$ʼ000), unless otherwise stated. These consolidated financial statements have been approved for issue by the Board of Directors on 30 March 2026.

### 2. 重大會計政策概要
### 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES

以下為編製本財務報表所採納之主要會計政策，除另有註明外，與過往財政年度所採納者一致。

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the reporting years presented, unless otherwise stated.

### 2.1 編製基準
### 2.1 Basis of preparation

本集團之綜合財務報表按照香港財務報告會計準則及香港公司條例第622章之要求而編製。

The consolidated financial statements of the Group have been prepared in accordance with HKFRS Accounting Standards and the requirements of the Hong Kong Companies Ordinance (Cap.622).

此綜合財務報表乃根據歷史成本常規法編製，並就按公平值列賬之項目包括投資物業、以公平值計量且其變動計入其他全面收益（「以公平值計量且其變動計入其他全面收益」）的金融資產、持作交易用途之金融資產及金融負債及以公平值計量且其變動計入損益的其他金融資產及金融負債（包括衍生工具）之重估作出調整。

These consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties, financial assets at fair value through other comprehensive income (“FVOCI”), financial assets and financial liabilities held for trading, and other financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss, which are carried at fair value.

---

## 2. 重大會計政策概要（續）
## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

### 2.1 編製基準（續）
### 2.1 Basis of preparation (Continued)

編製符合香港財務報告會計準則之綜合財務報表須使用若干重要之會計估計，亦須管理層在應用本集團會計政策時作出判斷。採用之假設事項之任何變動可能對在變動期間之綜合財務報表造成重大影響。管理層相信有關的假設事項屬恰當及本集團之綜合財務報表公平地呈列其財務狀況及業績。對涉及高度判斷力或較複雜之範疇，或對綜合財務報表影響重大之假設及估計，乃於附註4中披露。

The preparation of consolidated financial statements in conformity with HKFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in applying the Group’s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions change. Management believes that the underlying assumptions are appropriate and that the consolidated financial statements therefore present the financial position and results fairly. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.

### （甲）本集團已採納之新及經修訂之香港財務報告會計準則
### (a) New and amendments to HKFRS Accounting Standards adopted by the Group

由2025年1月1日或之後開始的年度報告期間生效的經修訂之香港財務報告會計準則如下：

The following amendments to HKFRS Accounting Standards that became applicable for annual reporting periods commencing on or after 1 January 2025:

*   香港會計準則第21號的修訂－缺乏可兌換性
*   Amendments to HKAS 21 – Lack of Exchangeability

修訂要求報告企業評估一種貨幣是否可以兌換成另一種貨幣、估算即期匯率，並在得出某種貨幣無法兌換成另一貨幣的結論時進行披露。這些修訂對本集團的綜合財務報表並無影響。

The amendments require the reporting entity to assess whether or not a currency is exchangeable into another currency, and to estimate the spot exchange rate and to disclose when it concludes that a currency is not exchangeable into another currency. These amendments had no effect on the consolidated financial statements of the Group.

---

## 2. 重大會計政策概要（續）
## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

### 2.1 編製基準（續）
### 2.1 Basis of preparation (Continued)

### （乙）未採納之新及經修訂之香港財務報告會計準則
### (b) New and amendments to HKFRS Accounting Standards not yet adopted

若干已發布的新及修訂之香港財務報告會計準則，於2025年12月31日報告期並非為強制性採用，本集團亦無提前採用：

Certain new and amendments to HKFRS Accounting Standards have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group:

#### (i) 金融工具分類和計量的修訂－對香港財務報告準則第9號及香港財務報告準則第7號的修訂（於2026年1月1日或之後開始的年度期間生效）
#### (i) Amendments to the Classification and Measurement of Financial Instruments – Amendments to HKFRS 9 and HKFRS 7 (effective for annual periods beginning on or after 1 January 2026)

香港會計師公會已修訂香港財務報告準則第9號及香港財務報告準則第7號，以提供關於使用電子支付系統時若干金融負債何時可視為已償付的指引，是次修訂亦就包含可更改合約現金流時間或金額的合約條款的金融資產（包括環境、社會及管治相關或然事項）及具有若干非追索權特性的金融資產的分類作出進一步闡明。

The Hong Kong Institute of Certified Public Accountants issued amendments to HKFRS 9 and HKFRS 7 to provide guidance as to when certain financial liabilities can be deemed settled when using an electronic payment system, and the amendments also provide further clarifications regarding the classification of financial assets that contain contractual terms that change the timing and amount of contractual cash flows, including those arising from environmental, social and governance-related contingencies, and financial assets with certain non-recourse features.

本集團預計這些修訂不會對其營運或財務報表產生重大影響。

The Group does not expect these amendments to have a material impact on its operations or financial statements.

---

# 2. 重大會計政策概要（續） / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.1 編製基準（續） / 2.1 Basis of preparation (Continued)

### (乙) 未採納之新及經修訂之香港財務報告會計準則（續） / (b) New and amendments to HKFRS Accounting Standards not yet adopted (Continued)

#### (ii) 香港財務報告準則第18號《財務報表的呈列及披露》（於2027年1月1日或之後開始的年度期間生效） / (ii) HKFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)

香港財務報告準則第18號將取代香港會計準則第1號《財務報表的呈列》，引入新要求以增強同類機構財務業績的可比性，並為使用者提供更相關的資訊和透明度。其對呈列及披露的影響預計是廣泛的，尤其是在財務報表中與財務表現情況及管理層定義的績效指標相關的部分。

管理層目前正在評估該新準則對本集團綜合財務報表的具體影響。

HKFRS 18 will replace HKAS 1 Presentation of financial statements, introducing new requirements that will help achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing, management-defined performance measures within the financial statements.

Management is currently assessing the detailed implications of applying the new standard in the Group’s consolidated financial statements.

沒有其他自2025年1月1日起生效或仍未生效之香港財務報告準則或詮釋會預期對本集團有重大影響。

There are no other new or amendments to HKFRS Accounting Standards that are effective from 1 January 2025 or not yet effective that would be expected to have a material impact on the Group.

---

| **2. 重大會計政策概要（續）** | **2. SUMMARY OF MATERIAL ACCOUNTING POLICIES**<br>**(Continued)** |
| :--- | :--- |
| **2.2 綜合財務報表** | **2.2 Consolidation** |
| 綜合財務報表包括本公司及其所有附屬公司截至12月31日止之財務報表。 | The consolidated financial statements include the financial statements of the Company and all its subsidiaries made up to 31 December. |
| **（甲）附屬公司** | **(a) Subsidiaries** |
| 附屬公司是本集團可控制之實體（包括結構性實體）。本集團可控制該實體是指當本集團透過參與該實體而面對或有權獲取可變的回報，且有能力藉着對該實體之權力影響該等回報。自控制權轉移予本集團當日起附屬公司作綜合計算，並由該控制權終止之日起不再綜合計算。 | A subsidiary is an entity (including a structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. |
| 本集團以收購會計法為本集團之業務合併列賬。收購一間附屬公司所付出之代價為已轉移資產、承擔之負債及本集團發行之權益之公平值。所付出代價包括任何或然代價安排之資產或負債之公平值。收購相關之費用於產生時支銷。在業務合併過程中取得所收購可被認明資產及承擔之負債及或然負債，均於收購當日按其公平值作出初始計量。本集團根據逐項收購基準按公平值或按沒控制權股東應佔被收購者資產淨值之比例確認任何被收購者之沒控制權股東權益。 | The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest's proportionate share of the acquiree's net assets. |
| 所付出之代價、任何沒控制權股東於被收購者權益以及在收購日期於被收購者權益之公平值超出本集團應佔所收購可被認明淨資產之公平值，將列賬為商譽。如轉讓代價、確認之沒控制權股東及過往所持權益計算之總額在優惠價格收購中低於所收購附屬公司淨資產的公平值，其差額將直接在綜合收益賬內確認。 | The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the consolidated income statement. |

---

## 2. 重大會計政策概要（續） SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

### 2.2 綜合財務報表（續） Consolidation (Continued)

#### （甲）附屬公司（續） (a) Subsidiaries (Continued)

集團內公司間之交易、結餘及未變現交易收益已予抵銷。除非交易提供轉移資產減值之證明，未變現虧損亦予以抵銷。附屬公司之會計政策已作必要之變更以確保與本集團採納之政策一致。

如從附屬公司投資所收取的股息超過在其股息宣派期間所佔的全面收益總額，或在其獨立財務報表內之投資賬面值超過在其綜合財務報表內受投資方之淨資產（包括商譽）的賬面值時，則須為該等投資作減值測試。

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investeeʼs net assets including goodwill.

#### （乙）與沒控制權股東之交易 (b) Transactions with non-controlling interests

本集團把與沒控制權股東之交易視為與本集團以外人士之交易。在向沒控制權股東權益作出之收購中，任何已付代價與收購附屬公司有關股權之淨資產賬面值之差額於權益賬確認。向沒控制權股東權益出售之收益或虧損亦於權益賬確認。

倘本集團對該實體失去控制權，任何保留權益將被重新計量至其公平值，賬面值之變動於損益賬確認。日後對該保留權益作聯營公司、共同控制實體或金融資產的會計處理時，上述之公平值視為初始賬面值。此外，任何就該實體曾確認為其他全面收益之數額當作本集團直接出售有關資產或負債處理，這代表曾確認為其他全面收益之數額將重新分類至損益賬。

The Group treats transactions with non-controlling interests as transactions with parties external to the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

---

# 2. 重大會計政策概要（續） SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.2 綜合財務報表（續） Consolidation (Continued)

### (丙) 聯營公司 (c) Associates

聯營公司是指本集團可對其發揮重大影響但不能控制的公司。聯營公司投資以權益會計法處理，最初按成本入賬。本集團之聯營公司投資包括收購時認明之商譽（扣除任何累計減值虧損）。

本集團應佔聯營公司收購後的溢利或虧損在綜合收益賬中確認，本集團應佔其在收購後儲備的變化在本集團的儲備確認。投資的賬面值按累計收購後的變化作調整。除非本集團有為聯營公司提供責任承擔或支款，否則當本集團應佔聯營公司的虧損達至或超過本集團在聯營公司的權益（包括其他無抵押應收款）時，本集團不再確認額外的虧損。

本集團會於各報告期確定聯營公司投資已減值之客觀證據存在與否。倘情況屬實，本集團按聯營公司可回收金額及其賬面值之差額計算減值金額及緊接「應佔聯營公司之業績」確認於綜合收益賬。

本集團與其聯營公司間交易之未變現收益按本集團應佔聯營公司權益的份額予以抵銷。除非該交易提供轉移資產減值之證明，未變現虧損亦予以抵銷。聯營公司之會計政策已作必要之修正以確保與本集團採納之政策一致。

在聯營公司之攤薄收益及虧損在綜合收益賬內確認。

在本公司之財務狀況表內，聯營公司投資是按成本扣除減值撥備列賬。本公司對聯營公司業績的會計處理是按已收取及應收之股息入賬。

Associates are all entities over which the Group has significant influence but not control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group’s investment in an associate includes goodwill (net of any accumulated impairment loss) identified on acquisition.

The Group’s share of its associates’ post-acquisition profits or losses is recognised in the consolidated income statement, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associates.

The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to “share of results of an associate” in the consolidated income statement.

Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.

Dilution gains and losses in associate are recognised in the consolidated income statement.

In the Company’s statement of financial position, the investments in associates are stated at cost less provision for impairment losses. The results of associates are accounted for by the Company on the basis of dividends received and receivable.

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# 2. 重大會計政策概要（續） SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.2 綜合財務報表（續） Consolidation (Continued)

### （丁）共同控制實體 (d) Jointly controlled entities

共同控制實體指本集團與其他人士以合約協議方式共同進行經濟活動，該活動受合營各方共同控制，任何一方均沒有單一之控制權。

共同控制實體之業績、資產及負債按權益會計法入賬。綜合收益賬包括本集團應佔共同控制實體的年度業績，而綜合財務狀況表則包括本集團應佔共同控制實體之資產淨值。

A joint venture is a contractual arrangement whereby the Group and other parties undertake an economic activity, which is subject to joint control and none of the participating parties has unilateral control over the economic activity.

The results and assets and liabilities of jointly controlled entities are accounted for using equity method of accounting. The consolidated income statement includes the Groupʼs share of the results of jointly controlled entities for the year, and the consolidated statement of financial position includes the Groupʼs share of the net assets of the jointly controlled entities.

## 2.3 利息收入及支出 Interest income and expense

所有按攤餘成本及以公平值計量且其變動計入其他全面收益計量之債務工具的利息收入及支出乃應用實際利率法確認於綜合收益賬內。

實際利率法乃是一種用以計算金融資產或金融負債之攤餘成本及其於相關期內攤分利息收入或利息支出的方法。實際利率指可將金融工具在預計有效期間或較短期間（如適用）內之估計未來現金收支貼現為該金融資產或金融負債之賬面淨值之適用貼現率。在計算實際利率時，本集團按金融工具之所有合約條款（如提早清還之行使權）而估計其現金流量，但不考慮未發生之信貸損失。此計算包括所有合約內交易雙方所收取或支付能構成整體實際利息之費用及利率差價、交易成本及所有其他溢價或折讓。

若一項金融資產或一組金融資產的價值因減值虧損被調低，其利息收入則按計算有關減值虧損時所應用以貼現未來現金流量之利率來計量確認。

Interest income and expense are recognised in the consolidated income statement for all debt instruments measured at amortised cost and fair value through other comprehensive income using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

---

# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
# 2. 重大會計政策概要 (續)

## 2.4 Fee and commission income
## 2.4 服務費及佣金收入

來自客戶合約之服務費及佣金收入按客戶合約內列明之代價計量。本集團於客戶取得服務之控制權時確認收入。

Fee and commission income from contracts with customers is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a service to a customer.

在較長期間內持續提供不間斷之賬戶管理、託管服務等之服務費及其他服務費於服務期間按系統化基準確認。

Fees for ongoing account management, custody services and other servicing fees that are continuously provided over an extended period of time are recognised on systematic basis over the period the service is provided.

有關交易性之安排（例如兌換、經紀服務及入口或出口服務）之收入於交易發生時確認。

Revenue related to transaction-based arrangements such as interchange, broking services and import or export services is recognised at the point in time when the transaction takes place.

## 2.5 Dividend income
## 2.5 股息收入

股息於本集團收取付款之權利獲確立時於綜合收益賬確認。

Dividends are recognised in the consolidated income statement when the Group’s right to receive payment is established.

## 2.6 Financial assets and liabilities
## 2.6 金融資產及負債

### Measurement methods
### 計量方法

### Amortised cost and effective interest rate
### 攤餘成本及實際利率

攤餘成本乃金融資產及負債於初始確認時之計量金額，減去本金還款，加上或減去累計攤銷（就初始金額及到期金額間差額採用實際利率法）及就金融資產而言，調整任何虧損準備。

The amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.

實際利率指可將金融資產或金融負債在其預計使用期內之估計未來現金收支貼現為該金融資產之賬面總值（即其扣除任何減值準備前之攤餘成本）或金融負債之攤餘成本之適用貼現率。該計算並無顧及預期信貸虧損及包含了能構成整體實際利息之交易成本、溢價或折讓及收取或支付之利率差價，例如發行費。對於購入或源生之信貸減值金融資產（為於初始確認時已是信貸減值之金融資產），本集團計算經信貸調整之實際利率，其按金融資產之攤餘成本而非賬面總值及計入預期信貸虧損對估計未來現金流之影響而計算。

The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset (i.e. its amortised cost before any impairment allowance) or to the amortised cost of a financial liability. The calculation does not consider expected credit losses and includes transaction costs, premiums or discounts and fees and points paid or received that are integral to the effective interest rate, such as origination fees. For purchased or originated credit-impaired financial assets (assets that are credit-impaired at initial recognition) the Group calculates the credit-adjusted effective interest rate, which is calculated based on the amortised cost of the financial asset instead of its gross carrying amount and incorporates the impact of expected credit losses in estimated future cash flows.

---

# 2. 重大會計政策概要 (續) / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.6 金融資產及負債 (續) / 2.6 Financial assets and liabilities (Continued)

### 計量方法 (續) / Measurement methods (Continued)

| | |
| :--- | :--- |
| **攤餘成本及實際利率 (續)** | **Amortised cost and effective interest rate (Continued)** |
| 當本集團修訂未來現金流之估計數值時，金融資產或金融負債之各自賬面值乃就採用原實際利率貼現新估計數值而調整。任何變動於收益賬內確認。 | When the Group revises the estimates of future cash flows, the carrying amount of the respective financial asset or financial liability is adjusted to reflect the new estimate discounted using the original effective interest rate. Any changes are recognised in profit or loss. |
| **初始確認及計量** | **Initial recognition and measurement** |
| 金融資產及金融負債於機構成為工具之合約條款中之一方時確認。慣常之金融資產買賣於交易日（本集團承諾買賣該資產之日期）確認。 | Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. |
| 於初始確認時，本集團計量金融資產或金融負債時按公平值加上或減去交易成本（就非以公平值計量且其變動計入損益的金融資產或金融負債而言），其為購入或發行該金融資產或金融負債時的新增或直接歸屬於該等交易之成本（例如服務費及佣金）。以公平值計量且其變動計入損益之金融資產及金融負債之交易成本於收益賬內支銷。緊接初始確認後，就以攤餘成本計量之金融資產及以公平值計量且其變動計入其他全面收益之債務工具投資確認預期信貸虧損（「預期信貸虧損」）準備，其引致就新源生資產確認會計虧損於收益賬。 | At initial recognition, the Group measures a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss. Immediately after initial recognition, an expected credit loss (“ECL”) allowance is recognised for financial assets measured at amortised cost and investments in debt instruments measured at FVOCI which results in an accounting loss being recognised in profit or loss when an asset is newly originated. |
| 當金融資產及負債之公平值有別於於初始確認時之交易價格，本集團確認該差額如下： | When the fair value of financial assets and liabilities differs from the transaction price on initial recognition, the Group recognises the difference as follows: |
| （甲）當相同資產或負債之公平值可由於活躍市場之報價（即第1級別數據）或只使用可觀察市場之數據按估值方法中提供證據，差額確認為收益或虧損。 | (a) When the fair value is evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or based on a valuation technique that uses only data from observable markets, the difference is recognised as a gain or loss. |
| （乙）於其他情況，差額將會遞延及按個別情況釐定其初始損益之遞延確認時間。差額於工具之可用年期內攤銷，或遞延直至工具之公平值可採用市場之可觀察數據釐定，或透過結算變現。 | (b) In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortised over the life of the instrument, deferred until the instrument’s fair value can be determined using market observable inputs, or realised through settlement. |

---

# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) / 2. 重大會計政策概要（續）

## 2.6 Financial assets and liabilities (Continued) / 2.6 金融資產及負債（續）

### Financial assets / 金融資產

#### (i) Classification and subsequent measurement / (i) 分類及其後之計量

| | |
| :--- | :--- |
| **2. 重大會計政策概要（續）** | **2. SUMMARY OF MATERIAL ACCOUNTING POLICIES** |
| | **(Continued)** |
| **2.6 金融資薩及負債（續）** | **2.6 Financial assets and liabilities (Continued)** |
| **金融資產** | **Financial assets** |
| **(i) 分類及其後之計量** | **(i) Classification and subsequent measurement** |
| 本集團分類其金融資產至下列計量類別： | The Group classifies its financial assets in the following measurement categories: |
| • 以公平值計量且其變動計入損益（包括持作交易用途）； | • Fair value through profit or loss (including held for trading); |
| • 以公平值計量且其變動計入其他全面收益；或 | • Fair value through other comprehensive income; or |
| • 攤餘成本。 | • Amortised cost. |
| 債務及權益性工具之分類規定載述如下： | The classification requirements for debt and equity instruments are described below: |
| **債務工具** | **Debt instruments** |
| 債務工具為該等以發行人觀點而言符合定義為金融負債之工具，如貸款、政府和企業債券及於保理業務中購自客戶之貿易應收賬。 | Debt instruments are those instruments that meet the definition of a financial liability from the issuerʼs perspective, such as loans, government and corporate bonds and trade receivables purchased from clients in factoring arrangements. |
| 債務工具之分類及其後之計量取決於： | Classification and subsequent measurement of debt instruments depend on: |
| • 本集團管理該資產之業務模式；及 | • the Group’s business model for managing the asset; and |
| • 該資產之現金流特性。 | • the cash flow characteristics of the asset. |
| 根據該等因素，本集團分類其債務工具至下列三個計量類別其中之一： | Based on these factors, the Group classifies its debt instruments into one of the following three measurement categories: |
| • 攤餘成本：持作收取合約現金流（其現金流代表純屬本金及利息之償付（「純屬本金及利息之償付」）及並未指定為以公平值計量且其變動計入損益（「以公平值計量且其變動計入損益」）之資產，乃按攤餘成本計量。該等資產之賬面值已就於下述部份(ii)所確認及計量之任何預期信貸虧損準備作出調整。該等金融資產之利息收入採用實際利率法計算。 | • Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest (“SPPI”), and that are not designated at fair value through profit or loss (“FVPL”), are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL allowance recognised and measured as described in section (ii) below. Interest income from these financial assets is calculated using the effective interest rate method. |

---

## 2. 重大會計政策概要 (續)
## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

### 2.6 金融資產及負債 (續)
### 2.6 Financial assets and liabilities (Continued)

#### 金融資產 (續)
#### Financial assets (Continued)

** (i) 分類及其後之計量 (續) **
** (i) Classification and subsequent measurement (Continued) **

** 債務工具 (續) **
** Debt instruments (Continued) **

- 以公平值計量且其變動計入其他全面收益：持有金融資產以收取合約現金流及出售（該資產之現金流純屬本金及利息之償付）及並未指定為以公平值計量且其變動計入損益之金融資產，乃按以公平值計量且其變動計入其他全面收益計量。賬面值之變動於其他全面收益（「其他全面收益」）入賬（惟確認減值收益或虧損、利息收入和工具攤餘成本的匯兌收益及虧損將於收益賬確認）。當撤銷確認金融資產時，其以往計入其他全面收益之累計收益或虧損由權益賬重新分類至收益賬。該等金融資產之利息收入採用實際利率法計算。
- FVOCI: Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assetsʼ cash flows represent SPPI, and that are not designated at FVPL, are measured at FVOCI. Movements in the carrying amount are taken through other comprehensive income (“OCI”), except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the instrumentʼs amortised cost which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss. Interest income from these financial assets is calculated using the effective interest rate method.

- 以公平值計量且其變動計入損益：不符合準則列作攤餘成本或以公平值計量且其變動計入其他全面收益的資產乃按以公平值計量且其變動計入損益計量。其後按以公平值計量且其變動計入損益計量的債務投資之收益及虧損（並非對沖關係之一部份）確認為損益及在產生期間呈列於綜合收益賬。
- FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL and is not part of a hedging relationship is recognised in profit or loss and presented in the consolidated income statement in the period in which it arises.

---

# 2. 重大會計政策概要（續） / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.6 金融資產及負債（續） / 2.6 Financial assets and liabilities (Continued)

| | |
| :--- | :--- |
| **金融資產（續）** | **Financial assets (Continued)** |
| **(i) 分類及其後之計量（續）** | **(i) Classification and subsequent measurement (Continued)** |
| 債務工具（續） | *Debt instruments (Continued)* |
| **業務模式：** 業務模式反映本集團如何管理資產以產生現金流。即本集團之目標是否純屬從該資產收取合約現金流或收取合約現金流兼從出售該資產中收取現金流。倘若兩者皆不適用（如金融資產乃持作交易用途），則分類該金融資產為「其他」業務模式之一部份及按以公平值計量且其變動計入損益計量。本集團就一組資產釐定業務模式時考慮之因素包括過往之經驗於：如何從該等資產收取合約現金流、如何評估該等資產之表現及呈報予重要管理人員、如何評估和管理風險及如何酬報管理人員。持作交易用途之證券主要為持作短期交易用途或一併管理之金融工具組合之一部份（其有證據顯示近期作短期獲利之真實模式）。該等證券則分類至「其他」業務模式內及按以公平值計量且其變動計入損益計量。 | **Business model:** the business model reflects how the Group manages the assets in order to generate cash flows. That is, whether the Groupʼs objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g. financial assets are held for trading purposes), then the financial assets are classified as part of “other” business model and measured at FVPL. Factors considered by the Group in determining the business model for a group of assets include past experience on how the cash flows for these assets were collected, how the assetʼs performance is evaluated and reported to key management personnel, how risks are assessed and managed and how managers are compensated. Securities held for trading are held principally for the purpose of selling in the near term or are part of a portfolio of financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. These securities are classified in the “other” business model and measured at FVPL. |
| **純屬本金及利息之償付：** 倘業務模式為持有資產以收取合約現金流或以收取合約現金流及出售，本集團會評估金融工具之現金流是否代表純屬本金及利息之償付（「純屬本金及利息之償付測試」）。在進行評估時，本集團會考慮合約現金流與基本借貸安排是否一致，即利息只包含金錢的時間價值、信貸風險、其他基本借貸風險及利潤率之考慮與基本借貸安排一致。如合約條款引入與基本借貸安排非一致之風險承擔或波幅，相關金融資產會按以公平值計量且其變動計入損益分類及計量。 | **SPPI:** Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Group assesses whether the financial instrumentsʼ cash flows represent solely payments of principal and interest (the “SPPI test”). In making this assessment, the Group considers whether the contractual cash flows are consistent with a basic lending arrangement (i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVPL. |
| 含內嵌衍生工具之金融資產，當釐定其現金流是否純屬本金及利息之償付時會以整體作考慮。 | Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI. |

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# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
# 2. 重大會計政策概要（續）

## 2.6 Financial assets and liabilities (Continued)
## 2.6 金融資產及負債（續）

### Financial assets (Continued)
### 金融資產（續）

#### (i) Classification and subsequent measurement (Continued)
#### (i) 分類及其後之計量（續）

**Debt instruments (Continued)**
**債務工具（續）**

The Group reclassifies debt investments when and only when its business model for managing those assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be very infrequent and none occurred during the period.

本集團只會在管理該等資產之業務模式變更時才重新分類債務投資。重新分類自變更後的首個報告期開始生效。預期該變更為非常見的及於期內並無發生。

**Equity instruments**
**權益性工具**

Equity instruments are instruments that meet the definition of equity from the issuerʼs perspective; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuerʼs net assets. Examples of equity instruments include basic ordinary shares.

權益性工具為以發行人觀點而言符合定義為權益性之工具；即不含有償付之合同責任，及可證明應佔發行人資產淨值剩餘權益之工具。權益性工具之例子包括基本的普通股股份。

The Group subsequently measures all equity investments at fair value through profit or loss, except where the Groupʼs management has elected, at initial recognition, to irrevocably designate an equity investment at fair value through other comprehensive income. When this election is used, fair value gains and losses are recognised in OCI and are not subsequently reclassified to profit or loss, including on disposal. Dividends, when representing a return on such investments, continue to be recognised in profit or loss as other operating income when the Groupʼs right to receive payment is established.

除本集團於初始確認時已選擇不可撤回地指定該權益性投資為以公平值計量且其變動計入其他全面收益外，本集團往後按以公平值計量且其變動計入損益計量所有權益性工具。倘應用該選擇，公平值之收益及虧損於其他全面收益確認及其後不會重新分類至收益賬（包括於出售時）。當股息代表該等投資之回報時，其於本集團收取付款之權利獲確立時繼續於收益賬中確認為其他收入。

Gains and losses on equity investments at FVPL are included in the “Net trading income” in the consolidated income statement.

以公平值計量且其變動計入損益的權益性投資之收益及虧損乃包含於綜合收益賬內之「淨交易收入」項下。

---

# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) / 重大會計政策概要（續）

## 2.6 Financial assets and liabilities (Continued) / 金融資產及負債（續）

### Financial assets (Continued) / 金融資產（續）

#### (ii) Impairment / 減值

**[Chinese Text]**

本集團按前瞻基準評估按攤餘成本列賬及以公平值計量且其變動計入其他全面收益列賬的債務工具資產及源自客戶貸款、貸款承擔及財務擔保合約的風險引致相關之預期信貸虧損。本集團就該等虧損於各呈報日確認虧損準備。預期信貸虧損之計量反映：

- 經評估一系列可能結果而釐定一個無偏頗及已計及或然加權之金額；
- 金錢的時間價值；及
- 毋須花費不必要成本或精力而可取得於呈報日之有關過往事件、現時情況及預測未來經濟狀況之合理及有據可依的資料。

以攤餘成本計量之金融資產之減值準備呈列為資產賬面總值之扣減。貸款承擔及財務擔保合約之減值準備確認為撥備及「其他賬目及預提」之一部分。以公平值計量且其變動計入其他全面收益之債務工具之賬面值為其公平值。其減值準備確認為「投資重估儲備」之一部分。

附註 3.2.2 提供更多詳情有關如何計量預期信貸虧損準備。

---

**[English Text]**

The Group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the exposures arising from loans to customers, loan commitments and financial guarantee contracts. The Group recognises a loss allowance for such losses at each reporting date. The measurement of ECL reflects:

- An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;
- The time value of money; and
- Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

Impairment allowance of financial assets measured at amortised cost is presented as a deduction from the gross carrying amount of the assets. Impairment allowance of loan commitments and financial guarantee contracts is recognised as a provision as part of “Other accounts and accruals”. The carrying amount of debt instruments measured at FVOCI is their fair value. Their impairment allowance is recognised as part of “Investment revaluation reserve”.

Note 3.2.2 provides more details of how the ECL allowance is measured.

---

# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
# 2. 重大會計政策概要（續）

## 2.6 Financial assets and liabilities (Continued)
## 2.6 金融資產及負債（續）

### Financial assets (Continued)
### 金融資產（續）

#### (iii) Modification of loans
#### (iii) 貸款修改

本集團有時重新協商或以其他方式修改客戶貸款之合約現金流。倘若此發生時，本集團會評估新條款是否與原條款有重大差異。本集團就此會考慮下列因素：

* 倘借款人陷於財務困境，修改是否只是降低合約現金流至借款人預期有能力償還的金額。
* 有否加入任何重大的新條款，例如重大地影響貸款風險面貌的利潤分享／以股權為基礎之回報。
* 當借款人未陷於財務困境時重大地延長貸款期限。
* 利率之重大變更。
* 貸款的結算貨幣之變更。
* 加入之抵押品、其他擔保物或為增強信貸所提供的保障重大地影響貸款之相關信貸風險。

倘條款有重大差異，本集團則撤銷確認原有金融資產及以公平值確認「新」資產和重新計算該資產之新實際利率。故此重新協商日被視為初始確認日期以作計算減值用途，包括用以釐定信貸風險是否大幅增加。然而，本集團亦評估已確認之新金融資產是否於初始確認時被視作信貸減值資產，尤其是在債務人未能按原有協定支付款項而促使重新協商的情況下。賬面值之差額亦會於撤銷確認時在收益賬中確認為收益或虧損。

The Group sometimes renegotiates or otherwise modifies the contractual cash flows of loans to customers. When this happens, the Group assesses whether or not the new terms are substantially different to the original terms. The Group does this by considering, among others, the following factors:

* If the borrower is in financial difficulty, whether the modification merely reduces the contractual cash flows to amounts the borrower is expected to be able to pay.
* Whether any substantial new terms are introduced, such as a profit share/equity-based return that substantially affects the risk profile of the loan.
* Significant extension of the loan term when the borrower is not in financial difficulty.
* Significant change in the interest rate.
* Change in the currency the loan is denominated in.
* Insertion of collateral, other security or credit enhancements that significantly affect the credit risk associated with the loan.

If the terms are substantially different, the Group derecognises the original financial asset and recognises a “new” asset at fair value and recalculates a new effective interest rate for the asset. The date of renegotiation is consequently considered to be the date of initial recognition for impairment calculation purposes, including for the purpose of determining whether a significant increase in credit risk has occurred. However, the Group also assesses whether the new financial asset recognised is deemed to be credit-impaired at initial recognition, especially in circumstances where the renegotiation was driven by the debtor being unable to make the originally agreed payments. Differences in the carrying amount are also recognised in profit or loss as a gain or loss on derecognition.

---

# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
# 2. 重大會計政策概要（續）

## 2.6 Financial assets and liabilities (Continued)
## 2.6 金融資產及負債（續）

### Financial assets (Continued)
### 金融資產（續）

#### (iii) Modification of loans (Continued)
#### (iii) 貸款修改（續）

倘條款未有重大差異，重新協商或修改不會引致撤銷確認，及本集團按金融資產經修訂之現金流重新計算賬面總值，並於收益賬確認修改之收益或虧損。新賬面總值乃按原有實際利率（或購入或源生的信貸減值金融資產經信貸調整之實際利率）貼現經修訂之現金流作重新計算。

If the terms are not substantially different, the renegotiation or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognises a modification gain or loss in profit or loss. The new gross carrying amount is recalculated by discounting the modified cash flows at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets).

#### (iv) Derecognition other than on a modification
#### (iv) 除修改外之撤銷確認

當從資產收取現金流量之合約權利已失效，或當其已被轉移及(i)本集團重大地轉讓擁有權之所有風險及回報或(ii)本集團既未轉讓也不重大地保留擁有權之所有風險和回報及本集團並無保留控制權時，金融資產（或其部份）即被撤銷確認。

Financial assets, or a portion thereof, are derecognised when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control.

當本集團於若干交易中保留從資產收取現金流的合約權利但承擔了支付該等現金流予其他機構的合約責任及重大地轉讓所有風險及回報，該等交易會按引致撤銷確認之「通過」轉讓處理，倘若本集團：

The Group enters into transactions where it retains the contractual rights to receive cash flows from assets but assumes a contractual obligation to pay those cash flows to other entities and transfers substantially all of the risks and rewards. These transactions are accounted for as “pass through” transfers that result in derecognition if the Group:

- 除非已從資產中收取相等金額，否則並無支付款項之責任；
- Has no obligation to make payments unless it collects equivalent amounts from the assets;

- 被禁止出售或抵押資產；及
- Is prohibited from selling or pledging the assets; and

- 有責任在無重大拖延下匯出收取自資產之任何現金。
- Has an obligation to remit any cash it collects from the assets without material delay.

---

# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) / 2. 重大會計政策概要（續）

## 2.6 Financial assets and liabilities (Continued) / 2.6 金融資產及負債（續）

### Financial assets (Continued) / 金融資產（續）

| (iv) 除修改外之撤銷確認（續） | (iv) Derecognition other than on a modification (Continued) |
| :--- | :--- |
| 若本集團在預先釐定之回購價格基礎上保留了相關交易大部份風險和回報，因此不符合撤銷確認之準則，本集團不會撤銷確認根據標準回購協議及證券借貸交易下提供之抵押品（股份及債券）。此亦應用於本集團保留後償剩餘權益的若干證券化交易。 | Collateral (shares and bonds) furnished by the Group under standard repurchase agreements and securities lending and borrowing transactions are not derecognised because the Group retains substantially all the risks and rewards on the basis of the predetermined repurchase price, and the criteria for derecognition are therefore not met. This also applies to certain securitisation transactions in which the Group retains a subordinated residual interest. |
| 倘從資產收取現金流之合約權利已轉讓，和本集團未轉讓或保留大部份風險和回報，及本集團保留了轉讓資產之控制權，則本集團採用持續參與法。 | When the contractual rights to receive the cash flows from the assets have been transferred, and the Group neither transfers nor retains substantially all the risks and rewards of ownership, and the Group has retained control of the transferred assets, the Group applies continuing involvement approach. |
| 按此方法，本集團在持續參與的範圍內繼續確認該轉讓之資產及確認相關負債，以反映本集團保留之權利及責任。轉讓之資產及相關負債之賬面淨值為：<br>（甲）本集團保留之權利及責任的攤餘成本（倘轉讓之資產按攤餘成本計量）；或（乙）相等於本集團保留之權利及責任按單獨基準下計量的公平值（倘轉讓之資產按公平值計量）。 | Under this approach, the Group continues to recognise the transferred asset to the extent of its continuing involvement and recognise the associated liability, to reflect the rights and obligations retained by the Group. The net carrying amount of the transferred asset and associated liability is: (a) the amortised cost of the rights and obligations retained by the Group, if the transferred asset is measured at amortised cost; or (b) equal to the fair value of the rights and obligations retained by the Group when measured on a stand-alone basis, if the transferred asset is measured at fair value. |

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# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) / 2. 重大會計政策概要（續）

## 2.6 Financial assets and liabilities (Continued) / 2.6 金融資產及負債（續）

### Financial liabilities / 金融負債

#### (i) Classification and subsequent measurement / (i) 分類及其後之計量

| Traditional Chinese | English |
| :--- | :--- |
| 於本期間及之前期間，金融負債被分類並其後按攤餘成本計量，除了： | In both the current and prior period, financial liabilities are classified and subsequently measured at amortised cost, except for: |
| • 以公平值計量且其變動計入損益的金融負債：該分類應用於衍生工具、持作交易用途的金融負債（例如：交易賬內之短盤）及於初始確認時以此指定之其他金融負債。指定以公平值計量且其變動計入損益的金融負債之收益及虧損，部份於其他全面收益（歸因於該負債的信貸風險變動引致之金融負債公平值變動金額，按非歸因於引致市場風險的市場狀況變動金額釐定）及部份於收益賬（負債之公平值變動的剩餘金額）呈列。除非該呈列將會引起或擴大會計錯配，歸因於負債的信貸風險變動之收益及虧損則於收益賬呈列； | • Financial liabilities at fair value through profit or loss: this classification is applied to derivatives, financial liabilities held for trading (e.g. short positions in the trading booking) and other financial liabilities designated as such at initial recognition. Gains or losses on financial liabilities designated at fair value through profit or loss are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability, which is determined as the amount that is not attributable to changes in market conditions that give rise to market risk) and partially profit or loss (the remaining amount of change in the fair value of the liability). This is unless such a presentation would create, or enlarge, an accounting mismatch, in which case the gains and losses attributable to changes in the credit risk of the liability are also presented in profit or loss; |
| • 不符合撤銷確認資格的金融資產轉讓或應用持續參與法時所產生的金融負債。當金融資產轉讓不符合撤銷確認資格時，則就轉讓所收取之代價確認金融負債。於往後期間，本集團確認就金融負債產生之任何支出；應用持續參與法時；及 | • Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, or when the continuing involvement approach applies. When the transfer of financial asset did not qualify for derecognition, a financial liability is recognised for the consideration received for the transfer. In subsequent periods, the Group recognises any expense incurred on the financial liability; when continuing involvement approach applies; and |
| • 財務擔保合約及貸款承擔。 | • Financial guarantee contracts and loan commitments. |

---

# 2. 重大會計政策概要（續）
# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.6 金融資產及負債（續）
## 2.6 Financial assets and liabilities (Continued)

### 金融負債（續）
### Financial liabilities (Continued)

#### (ii) 撤銷確認
#### (ii) Derecognition

金融負債於終止（即當合約內列明之責任已解除、取消或失效）時撤銷確認。

Financial liabilities are derecognised when they are extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expires).

本集團與債務工具原出借人間之交換（條款有重大差異，且現有金融負債條款有重大修訂）按終止原有金融負債及確認新金融負債處理。倘若按新條款以原有實際利率按現金流（包括扣除任何已收取費用之任何已付費用）貼現之現值與原有金融負債之剩餘現金流之貼現現值最少10%的差額，則條款為有重大差異。此外，其他質化因素（例如：工具之結算貨幣、利率類別的變更、工具附帶之新兌換特徵及契約之變更）亦一併考慮。倘若債務工具之交換或條款之修訂按終止方式處理，任何已產生之成本或費用將確認為終止之部份收益及虧損。倘若交換或修訂並非按終止方式處理，任何已產生之成本或費用按調整負債之賬面值確認，並於經修訂負債之剩餘年期內攤銷。

The exchange between the Group and its original lenders of debt instruments with substantially different terms, as well as substantial modifications of the terms of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. In addition, other qualitative factors, such as the currency that the instrument is denominated in, changes in the type of interest rate, new conversion features attached to the instrument and change in covenants are also taken into consideration. If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred to adjust the carrying amount of the liability are amortised over the remaining term of the modified liability.

---

## 2. 重大會計政策概要 (續)
## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

### 2.7 財務擔保合約及貸款承擔
### 2.7 Financial guarantee contracts and loan commitments

財務擔保合約是指發行人須就某指定債務人未能根據債務合約的條款支付到期債務時須向合約持有人支付指定款項以償付其損失之合約。該等財務擔保乃代表客戶授予銀行、金融機構及其他團體以擔保其貸款、透支及其他銀行信貸。

Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions and others on behalf of customers to secure loans, overdrafts and other banking facilities.

財務擔保合約最初以公平值計量及其後按以下兩者之間之較高者計量：

Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of:

- 虧損準備之金額；及
- The amount of the loss allowance; and
- 初始確認時收取之費用扣除按香港財務報告準則第15號《客戶合同收入》原則下確認之收入。
- The fee received on initial recognition less income recognised in accordance with the principles of HKFRS 15 “Revenue from Contracts with Customers”.

本集團提供之貸款承擔以虧損準備之金額計量。本集團並無作出任何承擔以提供低於市場利率之貸款，或可以現金或以交付或發行另一金融工具的方式淨額清償。

Loan commitments provided by the Group are measured as the amount of the loss allowance. The Group has not provided any commitment to provide loans at a below-market interest rate, or that can be settled net in cash or by delivering or issuing another financial instrument.

就貸款承擔及財務擔保合約而言，虧損準備乃確認為撥備。然而，包含貸款及未提取承擔之合約及本集團不能從該貸款組成部份中分開識別未提取承擔組成部份之預期信貸虧損，未提取承擔之預期信貸虧損乃連同貸款之虧損準備一起確認。倘合併之預期信貸虧損超過貸款之賬面淨值，預期信貸虧損乃確認為撥備。

For loan commitments and financial guarantee contracts, the loss allowance is recognised as a provision. However, for contracts that include both a loan and an undrawn commitment and the Group cannot separately identify the expected credit losses on the undrawn commitment component from those on the loan component, the expected credit losses on the undrawn commitment are recognised together with the loss allowance for the loan. To the extent that the combined expected credit losses exceed the gross carrying amount of the loan, the expected credit losses are recognised as a provision.

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## 2. 重大會計政策概要（續） / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

### 2.8 衍生工具及對沖活動 / 2.8 Derivative and hedging activities

| 2. 重大會計政策概要（續） | 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) |
| :--- | :--- |
| **2.8 衍生工具及對沖活動** | **2.8 Derivative and hedging activities** |
| 衍生工具最初於訂立衍生工具合約之日按公平值確認，其後按公平值重新計量。當衍生工具的公平值為正數時，均作為資產入賬；當公平值為負數時，則作為負債入賬。 | Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. |
| 某些衍生工具嵌入混成合約（例如可換股債券內之兌換期權）。倘混成合約包含之主體為金融資產，則本集團按上述金融資產部份之闡述評估整體合約作分類及計量用途。否則，內嵌衍生工具作為個別衍生工具處理倘： | Certain derivatives are embedded in hybrid contracts, such as the conversion option in a convertible bond. If the hybrid contract contains a host that is a financial asset, then the Group assesses the entire contract as described in the financial assets section above for classification and measurement purposes. Otherwise, the embedded derivatives are treated as separate derivatives when: |
| • 其經濟性質及風險與主合約並無密切關係； | • Their economic characteristics and risks are not closely related to those of the host contract; |
| • 具有相同條款之個別工具將符合衍生工具之定義；及 | • A separate instrument with the same terms would meet the definition of a derivative; and |
| • 混成合約並非按以公平值計量且其變動計入損益計量。 | • The hybrid contract is not measured at fair value through profit or loss. |
| 除本集團選擇指定該混成合約為以公平值計量且其變動計入損益外，此等內嵌衍生工具乃按公平值分開入賬，其公平值的變動於綜合收益賬內確認。 | These embedded derivatives are separately accounted for at fair value, with changes in fair value recognised in the consolidated income statement unless the Group chooses to designate the hybrid contracts at fair value through profit or loss. |
| 確認公平值收益或虧損的方法取決於該衍生工具是否被指定及符合資格為對沖工具，如屬者則須取決其對沖項目之性質。本集團指定若干衍生工具為已確認資產或負債或確定之承擔公平值的對沖工具（公平值對沖）。 | The method of recognising the resulting fair value gain or loss depends on whether the derivative is designated and qualifies as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of the fair value of recognised assets or liabilities or firm commitments (fair value hedges). |
| 本集團於訂立對沖時需記錄對沖項目與所對沖工具的關係，並包括其風險管理目標及進行若干對沖交易的策略。本集團亦於開始對沖後持續就其用於對沖交易的衍生工具是否對對銷公平值變動有顯著成效作出評估。 | The Group documents, at the inception of the hedge, the relationship between hedged items and hedging instruments, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values of hedged items. |

---

## 2. 重大會計政策概要（續）
## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.8 衍生工具及對沖活動（續）
## 2.8 Derivative and hedging activities (Continued)

### (甲) 公平值對沖
### (a) Fair value hedge

已指定並符合條件作公平值對沖的衍生工具的公平值變動，連同與對沖風險相關的對沖資產或負債的任何公平值變動，均於綜合收益賬內「淨交易收入－用公平值對沖的相關金融工具之淨收益／（虧損）」項下入賬。

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated income statement under “Net trading income – Net gain/(loss) arising from financial instruments subject to fair value hedge”, together with any changes in the fair value of the hedged asset that are attributable to the hedged risk.

倘該對沖不再符合對沖會計處理的標準，則應用實際利率法釐定該被對沖項目賬面值的調整數，按到期前期間於收益賬內攤銷。對沖權益性證券賬面值之調整及包含在保留盈利直至出售該被對沖項目為止。倘該對沖關係不再符合對沖會計處理的標準或因終止確認以外的原因而被中止，例如由於對沖項目的償付、對沖項目的未攤銷賬目值調整（終止對沖項目時的賬面價值與倘從不存在對沖項目時的賬目值兩者之差額）在剩餘期間內攤銷到收益表中。倘中止確認對沖項目，其未攤銷賬面值之調整立即在收益賬確認。

If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss over the period to maturity. If the hedge relationship no longer meets the criteria for hedge accounting or is terminated for reasons other than derecognition, e.g. due to repayment of the hedged item, the unamortised carrying value adjustment (the difference between the carrying value of the hedged item at the time of termination and the value at which it would have been carried had the hedge never existed) to the hedged item is amortised to the income statement over the remaining life of the hedged item by the effective interest method. If the hedged item is derecognised, the unamortised carrying value adjustment is recognised immediately in the income statement.

### (乙) 不符合作對沖會計處理的衍生工具
### (b) Derivatives that do not qualify for hedge accounting

若干衍生工具並不符合作對沖會計處理。任何不符合作對沖會計處理的衍生工具的公平值變動即時於綜合收益賬內「淨交易收入－持作交易用途的衍生工具之淨收益／（虧損）」項下確認。就與指定金融資產或金融負債一同管理之衍生工具而言，因其公平值變動而產生之收益及虧損列入「淨交易收入－以公平值計量且其變動計入損益的金融工具之淨收益／（虧損）」項下。

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the consolidated income statement under “Net trading income – Net gain/(loss) from derivatives entered into for trading purpose”. For derivatives that are managed in conjunction with designated financial assets or financial liabilities, the gains and losses arising from changes in their fair value are included under “Net trading income – Net gain/(loss) on financial instruments at fair value through profit or loss”.

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# 2. 重大會計政策概要 (續)
# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.9 對銷金融工具
## 2.9 Offsetting financial instruments

倘有可執行法律權利對銷某些已確認金額及有意以淨額基準結算或變現資產以同時清償負債時，金融資產及負債將互相對銷，有關之淨款項於綜合財務狀況表內呈報。法定可強制執行權利必須沒有附帶於未來事件，而在一般業務過程中以及倘本公司或對手一旦出現違約，無償債能力或破產時，仍可必須強制執行。

Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

## 2.10 出售及回購協議
## 2.10 Sale and repurchase agreements

有關出售附有回購協議（「回購協議」）之證券所引致之對交易對手負債已適當地包含銀行存款或其他賬目及預提中之結餘。按再售協議（「反向回購協議」）而購入之證券已記錄在貸款及墊款予其他銀行或客戶貸款及墊款中。出售價與回購價之差額當作利息處理及應用實際利率法在該協議期限內計提。借予交易對手之證券則保留在綜合財務報表內。

The liability to counterparties in respect of securities sold subject to repurchase agreements (“repos”) is included in deposits from banks, or other accounts and accruals, as appropriate. Securities purchased under agreements to resell (“reverse repos”) are recorded as loans and advances to other banks or customers, as appropriate. The difference between the sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities lent to counterparties are also retained in the consolidated financial statements.

借來之證券除已售予第三者且有關購入及出售記錄於賬內及收益或虧損包括在交易收入外，將不會在綜合財務報表內確認。借來證券之歸還責任則當作交易負債以公平值入賬。

Securities borrowed are not recognised in the consolidated financial statements, unless these are sold to third parties, in which case the purchases and sales are recorded with the gain or loss included in trading income. The obligation to return them is recorded at fair value as a trading liability.

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# 2. 重大會計政策概要 （續）
# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.11 收回資產
## 2.11 Repossessed assets

已收回抵押品資產之貸款不會被撤銷，並在綜合財務狀況表內連同已作出之合適減值準備數額列賬。就拖欠償付貸款而言，本集團根據司法安排或法院法令而行使以物抵債權及回收其抵押品資產和取得資產法定擁有權，相關之貸款已被終止確認。該行使以物抵債權取得之資產持作再出售並呈報於「各項貸款及其他賬目－其他資產」項下。

Loans on which collateral assets have been repossessed are not derecognised and are carried in the consolidated statement of financial position with appropriate amounts of impairment allowances made. In the case of delinquent loans on which collateral assets have been foreclosed and repossessed by the Group pursuant to legal arrangements or court orders, and with the legal title of the assets having been passed to the Group, such loans are derecognised. The foreclosed assets held for resale are included in “Advances and other accounts – Other assets”.

## 2.12 分項報告
## 2.12 Segment reporting

本集團營運業務分項劃定為客戶群分項，原因是主要經營決策人使用客戶群資料，作出資源分配及評估表現的決定。香港財務報告準則第8號「營運業務分項」規定，分項披露須以本集團主要經營決策人看待及管理本集團的方式為基礎；各可報告分項所呈報的金額，仍為向本集團主要經營決策人呈報，用於評估分部表現及就營運事項作出決定的計量數據。

The Groupʼs operating segments are determined to be customer group segment because the chief operating decision maker uses customer group information in order to make decisions about allocating resources and assessing performance. HKFRS 8 ʻOperating Segmentsʼ requires segmental disclosure to be based on the way that the Groupʼs chief operating decision maker regards and manages the Group, with the amounts reported for each reportable segment being the measures reported to the Groupʼs chief operating decision maker for the purpose of assessing segmental performance and making decision about operating matters.

## 2.13 外幣換算
## 2.13 Foreign currency translation

### （甲） 功能及呈列貨幣
### (a) Functional and presentation currency

本集團旗下各機構之財務報表中所載項目乃應用該機構營運之主要經濟環境所使用之貨幣（「功能貨幣」）計量。綜合財務報表乃以港幣呈列。港幣乃本集團之呈列貨幣及本公司及本集團主要業務之功能及呈列貨幣。

Items included in the financial statements of each of the Groupʼs entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in HK dollars, which is the Groupʼs presentation currency and the functional and presentation currency of the Company and major part of the Group.

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| # 2. 重大會計政策概要（續） | # 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) |
| :--- | :--- |
| **## 2.13 外幣換算（續）** | **## 2.13 Foreign currency translation (Continued)** |
| **### （乙）交易及結餘** | **### (b) Transactions and balances** |
| 外幣交易按交易日現行之匯率換算為有關機構的功能貨幣。該等交易結算及以外幣結算之貨幣性資產或負債按年結日之匯率換算所產生之匯兌收益及虧損，乃於綜合收益賬內確認。 | Foreign currency transactions are translated into the functional currency of the relevant entity using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement. |
| 所有於綜合收益賬確認之外幣換算收益及虧損按淨額於綜合收益賬之相應項目下呈列。其他全面收益項目之外幣換算收益及虧損於綜合全面收益表之相應項目下呈列。 | All foreign exchange gains and losses recognised in the consolidated income statement are presented net in the consolidated income statement within the corresponding item. Foreign exchange gains and losses on other comprehensive income items are presented in the consolidated statement of comprehensive income within the corresponding item. |
| 倘以外幣結算並分類為以公平值計量且其變動計入其他全面收益的金融資產之貨幣性資產之公平值變動，會就資產之攤餘成本變動及資產賬面值其他變動產生之換算差額作出區分。與攤餘成本變動有關之換算差額於綜合收益賬內確認，而與賬面值變動（減值除外）有關之換算差額於其他全面收益內確認。 | In the case of changes in the fair value of foreign currency denominated monetary assets classified as FVOCI, a distinction is made between translation differences resulting from changes in amortised cost of the assets and other changes in the carrying amount of the assets. Translation differences related to changes in the amortised cost are recognised in the consolidated income statement, and those related to changes in the carrying amount, except for impairment, are recognised in other comprehensive income. |
| 非貨幣性項目，如持有以公平值計量且其變動計入損益的權益性工具投資，其換算差額將作為公平值收益或虧損之一部份呈報。若干非貨幣性項目，如歸類為以公平值計量且其變動計入其他全面收益的金融資產之權益證券，其換算差額則列入其他全面收益內的投資重估儲備。 | Translation differences on non-monetary items, such as investments in equity instruments held at fair value through profit or loss, are reported as part of the fair value gain or loss. Translation difference on certain other non-monetary items, such as equities classified as FVOCI, are included in the investment revaluation reserve in other comprehensive income. |

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# 2. 重大會計政策概要（續） / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.13 外幣換算（續） / 2.13 Foreign currency translation (Continued)

| (丙) 集團旗下公司 | (c) Group companies |
| :--- | :--- |
| 所有功能貨幣與呈列貨幣不同的集團實體（其均非超通脹經濟之貨幣）之業績及財務狀況按以下方式換算為呈列貨幣： | The results and financial position of all the Group’s entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: |
| (i) 各財務狀況表所呈列之資產及負債按財務狀況表之報告日期之收市匯率換算； | (i) assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; |
| (ii) 各收益賬之收入及支出按平均匯率換算（倘此平均值並非該等交易日期通行匯率的累積效果之合理約數，收入及支出則按交易日匯率換算）；及 | (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and |
| (iii) 所有兌換差額將確認為權益賬內一個獨立項目。 | (iii) all resulting exchange differences are recognised as a separate component of equity. |
| 上述過程產生之匯兌差異於股東權益賬「匯兌儲備」項下呈報。 | Exchange differences arising from the above processes are reported in shareholders’ equity under “Exchange reserve”. |
| 於綜合賬目時，換算國外機構淨投資所產生之兌換差額，列入股東權益賬內。倘國外業務被出售，該等兌換差額將列作出售所得之部份收益或虧損在綜合收益賬內確認。 | On consolidation, exchange differences arising from the translation of the net investment in foreign entities are taken to shareholders’ equity. When a foreign operation is sold, such exchange differences are recognised in the consolidated income statement as part of the gain or loss on sale. |
| 因收購國外實體產生之商譽及公平值調整，被當作該國外實體之資產及負債處理，並按於結算日之匯率換算。 | Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. |

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# 2. 重大會計政策概要 (續) / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.14 行產及其他固定資產 / 2.14 Premises and other fixed assets

行產主要包括辦公室和商舖。被歸類為融資租賃之租賃土地及其他固定資產按歷史成本減除折舊載列。歷史成本包括直接歸屬於收購該等項目之支出。

Premises comprise mainly offices and shops. Leasehold land and all other fixed assets are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

只有當一項資產可能給本集團帶來相關連之未來經濟利益，以及該項目之成本可以可靠地釐定時，該項資產之後期成本才會列於資產之賬面值中或作為個別資產確認（視乎適合而定）。資產被更換部份之賬面值會被撤銷確認。所有其他維修開支均於產生之財政期間於綜合收益賬內扣除。

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are expensed in the consolidated income statement during the financial period in which they are incurred.

| | | | |
| :--- | :--- | :--- | :--- |
| － 行產 | 於剩餘的租賃期內 | － Premises | Over the remaining period of lease |
| － 傢俬、裝置、設備及汽車 | 於估計使用年期（一般在3至10年之間或未屆之租賃期，以短者為準） | － Furniture, fittings, equipment and motor vehicles | Over the estimated useful lives generally between 3 and 10 years or the unexpired terms of the lease, whichever is shorter |

資產之剩餘價值及使用年期於每個報告期末將被評估，並在合適之情況下作出調整。

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each end of the reporting period.

倘資產之賬面值高於其估計可回收金額，則該資產之賬面值將即時被減值至其可回收金額（附註2.17）。

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.17).

出售之收益及虧損按比較所得款項與賬面值釐定及確認於綜合收益賬內。

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated income statement.

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# 2. 重大會計政策概要 (續) / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.15 投資物業 / 2.15 Investment properties

| 繁體中文 | English |
| :--- | :--- |
| 持作收取長期租金收益或獲取資本增值或兩者兼得且並非由集團旗下公司所佔用之物業被歸類為投資物業。 | Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the companies in the consolidated Group, is classified as investment property. |
| 投資物業最初以成本值（包括相關交易費用）計量。 | Investment property is measured initially at its cost, including related transaction costs. |
| 在初始確認後，投資物業按公平值列賬。公平值乃以活躍市場之價格為基礎，於需要時就特定之資產性質、地點或狀況之任何差異作出調整。倘該等資料無法得到，本集團則應用替代估值法，例如按次活躍市場最近之價格或貼現現金流量預測進行估值。該等估值乃依照國際估值準則委員會頒布之指引完成。該等估值每年由外聘估值師進行。重建並持續用作投資物業之投資物業，或其市場活躍度下降之投資物業繼續按公平值計量。 | After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. These valuations are performed in accordance with the guidance issued by the International Valuation Standards Committee. These valuations are reviewed annually by external valuers. Investment property that is being redeveloped for continuing use as investment property, or for which the market has become less active, continues to be measured at fair value. |
| 投資物業之公平值反映（其中包括）現時租賃之租金收入及按現行市況預期之未來租金收入。 | The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions. |
| 只有當與該項目可能給本集團帶來關連之未來經濟利益及該項目之成本可被可靠地計量時，後期開支才會計入該資產之賬面值。所有其他維修支出於其產生之相關財政期間記入綜合收益賬內。 | Subsequent expenditure is charged to the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed in the consolidated income statement during the financial period in which they are incurred. |
| 公平值變動於綜合收益賬內確認。 | Changes in fair values are recognised in the consolidated income statement. |
| 倘投資物業由本集團旗下公司所佔用，則重新歸類為行產及其他固定資產，其於重新歸類日期之公平值將成為其成本值。 | If an investment property becomes owner-occupied, it is reclassified as premises and other fixed assets, and its fair value at the date of reclassification becomes its cost for accounting purposes. |
| 倘某些行產及其他固定資產因其用途改變而轉為投資物業，根據香港會計準則第16號，該資產於轉讓日之賬面值與公平值間任何差額，將當作行產及其他固定資產之重估而確認於權益賬內。然而，倘該公平值增值抵銷過往之減值虧損，該增值則於綜合收益賬內確認。 | If an item of premises and other fixed assets becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer is recognised in equity as a revaluation of premises and other fixed assets under HKAS 16. However, if a fair value gain reverses a previous impairment loss, the gain is recognised in the consolidated income statement. |

---

## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
## 2. 重大會計政策概要（續）

### 2.16 Goodwill and intangible assets
### 2.16 商譽及無形資產

商譽指收購之成本超逾本集團應佔被收購者於收購日期之可認明資產及負債公平值淨值之金額。商譽按成本減所有累積減值虧損列示。商譽將每年進行減值測試。商譽的減值虧損不能回撥，出售實體之收益及虧損包含該出售實體之商譽賬面值。

Goodwill represents the excess of the cost of an acquisition over the Group’s share of the net fair value of the identifiable assets and liabilities of the acquiree as at the date of acquisition. Goodwill is carried at cost less any accumulated impairment losses. Goodwill is tested annually for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

商譽須被分配至各現金產生單位以作為其減值測試。所分配之單位為預期可受惠於產生該商譽之業務合併之各現金產生單位或各組現金產生單位。

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination on which the goodwill arose.

倘因收購而產生之無形資產可與商譽獨立確認，或倘因合約或其他法律權利而產生之無形資產，及其價值可以可靠地估計，則無形資產與商譽分開確認。無形資產包括商號及核心存款、合約以及客戶關係的無形資產。無形資產根據預計使用年期按成本減攤銷及／或累積減值虧損列示。攤銷按其介乎5至12年之預計使用年期以餘額遞減法計算。

Intangible assets arising from an acquisition are recognised separately from goodwill when they are separable or arise from contractual or other legal rights, and their value can be measured reliably. They include trade names and intangible assets of core deposits, contracts and customer relationships. Intangible assets are stated at cost less amortisation, and/or accumulated impairment losses. Amortisation is calculated based on estimated useful life ranging from 5 to 12 years using a diminishing balance method.

### 2.17 Impairment of goodwill, intangible assets and non-financial assets
### 2.17 商譽、無形資產及非金融資產之減值

具無使用期限或未能使用之資產將不會被攤銷，但每年須作減值測試。倘出現某些事件或環境變化顯示其賬面值可能不可收回時，該等資產將作減值檢查。資產賬面值超逾可收回金額之數額被確認為減值虧損。可收回金額乃扣除出售費用後之資產公平值及使用價值之較高者。該等資產按最原始類別分類（現金產生單位）從而分別認明其現金流，藉以用作減值評估用途。除商譽外，非金融資產於各報告期就其減值之回撥可能性作出審閱。

Assets that have an indefinite useful life or are not yet available for use are not subject to amortisation, but are tested annually for impairment. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels (cash-generating units) for which there are separately identifiable cash flows. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

在本公司的財務報表，如從附屬公司或聯營公司收取的股息超過其在該宣派年度的所佔全面收益總額，或其在本公司之財務狀況表內的賬面值超過在其綜合財務狀況表內包括商譽的所佔淨資產值時，亦須為該等投資作減值測試。

In the Company’s financial statements, impairment testing of the investment in a subsidiary or an associate is also required upon receiving dividend from that entity if the dividend exceeds the Company’s share of the total comprehensive income of that entity concerned in the period the dividend is declared or if the carrying amount of that entity in the Company’s statement of financial position exceeds the Company’s share of the carrying amount of that entity’s net assets including goodwill in its consolidated statement of financial position.

---

## 2. 重大會計政策概要（續）
## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

### 2.18 即期及遞延稅項
本期稅項支出包括即期及遞延稅項。除於其他全面收益或直接於權益確認之項目，其相關稅項在其他全面收益或直接於權益之相應項目內確認外，稅項在綜合收益賬內確認。

即期稅項支出按照本公司之附屬公司、聯營公司及合營公司其獲得應課稅收入之地區於報告期末已頒布或實質上已頒布之稅法作為基準計算。管理層定期就適用稅例內須作詮釋之情況評估報稅表內之申報狀況，並在適當時按預計須繳付予稅務機關之金額作為撥備基準。

遞延稅項乃根據資產及負債的稅基值及其於綜合財務報表內賬面值之暫時差異按負債法確認。遞延稅項應用於報告期末已經或基本已經實施及預計於相關遞延稅項資產變現或遞延稅項負債清償時將適用之稅率釐定。

倘暫時差異可用以對銷日後有可能出現之應課稅溢利時，應列作遞延所得稅資產入賬。結轉稅項虧損的稅務影響於該等虧損可用於抵銷未來可能產生之應課稅利潤時確認為資產。

除非暫時差異之撥回由本集團控制及該暫時差異很可能不會在可見未來撥回，本集團已就投資於附屬公司、聯營公司及共同控制實體而產生之暫時差異作出撥備。

有關投資物業之遞延稅項乃根據假設該等投資物業是通過出售來回收其賬面值之稅務效應而計量。

與重新計量以公平值計量且其變動計入其他全面收益的債務證券之公平值相關之遞延稅項，亦直接在其他全面收益扣除或計入其他全面收益，其後於有關投資變現時於綜合收益賬內確認。

### 2.18 Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In such case, the tax is recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantially enacted at the end of the reporting period in the territories where the Company’s subsidiaries, associates and joint ventures generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates that have been enacted or substantially enacted by the end of the reporting period and that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. The tax effects of income tax losses available for carry forward are recognised as an asset when it is probable that future taxable profits will be available against which these losses can be utilised.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates and jointly controlled entities, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred income tax related to investment properties is measured according to the tax consequence on the presumption that they are recovered entirely through sale.

Deferred income tax related to fair value re-measurement of debt securities at FVOCI, which is charged or credited directly to other comprehensive income, is also credited or charged directly to other comprehensive income and is subsequently recognised in the consolidated income statement upon the realisation of relevant investments.

---

## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
## 2. 重大會計政策概要 （續）

### 2.19 Employee benefits
### 2.19 僱員福利

#### (a) Pension obligations
#### （甲）退休金責任

集團提供一項強制性公積金及多項界定供款退休計劃，計劃之資產一般由獨立管理之基金持有。退休金計劃由集團相關公司與員工供款。

The Group offers a mandatory provident fund scheme and a number of defined contribution plans, the assets of which are generally held in separate trustee-administered funds. These pension plans are funded by payments from employees and by the relevant Group companies.

集團向強制性公積金計劃及界定供款退休計劃支付之供款在已付時當作費用支銷。除向強制性公積金款外，集團可將員工在未全數取得既得之利益前退出計劃而被沒收之僱主供款用作扣減供款。

The Groupʼs contributions to the mandatory provident fund schemes and defined contribution retirement schemes are expensed as incurred. Other than mandatory provident fund contribution, the Groupʼs contributions may be reduced by contributions forfeited by those employees who leave prior to vesting fully in the contributions.

#### (b) Share-based compensation
#### （乙）以股份為基礎報酬

##### (i) Share option schemes
##### (i) 認股權計劃

在以股份作為基礎支付之報酬計劃中，本集團可選擇於行使日向承授人支付認股權的內在價值或發行新股份。於歸屬期間列作支出之總額乃參考根據支付方式之公平值釐定。

The Group has the choice to pay the intrinsic value of the share option or to issue new shares to a grantee at the date of exercise under the share-based compensation plans. The total amount to be expensed over the vesting period is determined by reference to the fair value according to settlement type.

以現金支付以股份作為基礎之報酬，支出總額為所授出之認股權之公平值。該公平值將於每個報告期內重新計量，而任何成本變動於綜合收益賬內確認及相應調整和列於「負債」。

For cash-settled share-based compensation, the total cost is the fair value of the options granted, with re-measurement at each reporting period with any change in the cost recognised in the consolidated income statement, with a corresponding credit or adjustment to the “Liabilities”.

以股權支付以股份為基礎之報酬，支出總額為所授出之認股權於授出日之公平值，及相應金額於股東資金「以股份為基礎報酬之儲備」項下確認。於授出日所釐定的支出總額將根據認股權期內生效條款於綜合收益賬內確認。在認股權被行使時，本公司將會發行新股份以支付其承擔，及於「以股份為基礎報酬之儲備」轉撥相關金額至「股本」項下。

For equity-settled share-based compensation, the total cost is measured and recognised based on the fair value of the equity options at the grant date, with a corresponding credit to the “Shared-based compensation reserve” in the shareholdersʼ funds. The total cost, which is fixed based on the fair value at the grant date, is charged to consolidated income statement in accordance with the terms of the vesting of the options over time. When the options are exercised, the Company will issue new shares to settle its obligation, and transfer applicable amount from the “Share-based compensation reserve” to the “Share capital” account.

---

# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)
# 2. 重大會計政策概要（續）

## 2.19 Employee benefits (Continued)
## 2.19 僱員福利（續）

### (b) Share-based compensation (Continued)
### （乙）以股份為基礎報酬（續）

#### (ii) Share award schemes
#### (ii) 股份獎勵計劃

For award shares under the Share Award Scheme, the amount to be expensed as share-based compensation expenses is determined by reference to the fair value of the award shares granted, taking into account all non-vesting conditions associated with the grants on grant date. The total expenses is recognised over the relevant vesting periods or on the grant date if the shares vest immediately, with a corresponding credit to the “Shared-based compensation reserve” in the shareholdersʼ funds.

對於股份獎勵計劃授出之股份，其以股份為基礎之報酬的支出金額，乃考慮到於授出日所有非歸屬條件相關的授出利益，授予股票的公允價值計算。總費用在相關歸屬期內攤銷確認，倘授出日立即歸屬確認，並相應計入股東資金內的「以股份為基礎報酬之儲備」。

For those awarded shares which are amortised over the vesting periods, the Group reviews its estimates of the number of award shares that are expected ultimately vest based on the vesting conditions at the end of each reporting period. Any resulting adjustment to the cumulative amount recognised in prior years is charged or credited to share-based compensation expenses in the current year, with a corresponding adjustment to “Share-based compensation reserve”.

對於於歸屬期間攤銷之授出股份，本集團於各報告期末根據歸屬條件審視預期最終歸屬獎勵股份數目之估計。對確認至往年累計金額之任何調整，均會計及至當年度的以股份為基礎之報酬的支出金額，並相應地調整至「以股份為基礎報酬之儲備」。

Where award shares are acquired under the Share Award Scheme from the market or by electing for scrip in lieu of cash dividends, the total consideration of the shares acquired from the market (including any directly attributable costs) or the value of shares received under the scrip dividend scheme is presented as “Shares held for share award scheme” and deducted from total equity.

於股份獎勵計劃下，從股票市場購入用作授出股份或購入股份用作以股代息之總成本（包含所有有關成本），均呈列於「持作股份獎勵計劃之股份」項下及從總權益中扣除。

Upon vesting, the related costs of the vested award shares purchased from the market and shares acquired from reinvesting cash dividends or received under the scrip dividend scheme (dividend shares) are credited to “Shares held for share award scheme”, with a corresponding decrease in “Share-based compensation reserve” for the purchased shares, and decrease in retained earnings for the dividend shares.

於股份獎勵計劃之歸屬期間，於股票市場購入用作授出股份、以現金股息購入股份用作再投資，及茲收以股代息（「茲收紅股」），其有關成本均回撥至「持作股份獎勵計劃之股份」，其中倘購入股份則相應減少「以股份為基礎報酬之儲備」，其中倘茲收以股代息（「茲收紅股」）則相應減少保留盈利。

---

## 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) / 重大會計政策概要 （續）

### 2.19 Employee benefits (Continued) / 僱員福利（續）

#### (c) Employee leave entitlements / （丙）僱員應享假期
僱員應享年假和長期服務休假福利已在僱員提供服務時確認。於截至報告期末已就僱員提供服務而應享之年假及長期服務休假之估計負債作出撥備。

Employee entitlements to annual leave and long service leave are recognised when they accrue to employees. An accrual is made for the estimated liability for annual leave and long service leave as a result of services rendered by employees up to the end of the reporting period.

#### (d) Bonus plans / （丁）獎金計劃
當本集團因為僱員提供服務而產生之即時或推定應付獎金責任，而有關金額須在報告期末後12個月內償付並能可靠地估計時，則該獎金計劃之負債將被確認。

Liabilities for bonus plans due wholly within twelve months after the end of the reporting period are recognised when the Group has a present or constructive obligation as a result of services rendered by employees and a reliable estimate of the obligation can be made.

### 2.20 Provisions / 撥備
倘本集團因過往事件而產生即時法律或推定責任；可能須就解除責任而導致經濟資源流失之可能性高於不會導致資源流失之可能性；及可就承擔之款額作出可靠估計時，則需確認重組成本及法律索償之撥備。重組撥備包括終止租賃罰金及終止聘約付款。未來經營虧損則不會確認為撥備。

Provisions are recognised when: the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses.

倘有多項同類責任時，解除該等責任導致損失之可能性按責任之類別作整體釐定。即使在同一類別責任內任何一項目導致損失之可能性可能會很小，亦需就此確認撥備。

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

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| 2. 重大會計政策概要（續） | 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) |
| :--- | :--- |
| **2.21 租賃** | **2.21 Leases** |
| 租賃於本集團可使用其租賃資產之日期被確認為一項使用權資產及一項相應負債。 | Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. |
| 合約可能包含租賃及非租賃組成部分。本集團按其相對之單獨價格分配合約代價至租賃及非租賃組成部分。然而，就本集團為承租人之物業租賃，本集團選擇不分開租賃及非租賃組成部分及反而當其為單一租賃組成部分處理。 | Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. |
| 源自租賃之資產及負債按現值基準作初始計量。租賃負債包含下列租賃付款之淨現值： | Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: |
| • 固定付款（包括實質上固定付款），扣除任何應收租賃優惠， | • fixed payments (including in-substance fixed payments), less any lease incentives receivable, |
| • 按一個指數或一個比率為基礎之變動付款，其於生效日期之初始計量使用該指數或比率（如有）， | • variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date, if any |
| • 本集團按擔保剩餘價值預計應付之金額（如有）， | • amounts expected to be payable by the Group under residual value guarantees, if any |
| • 買入選擇權之行使價如本集團可合理地確定行使該選擇權，及 | • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and |
| • 終止租賃之罰金付款，倘若租賃期反映本集團行使該選擇權。 | • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. |
| 按可合理確定之延長選擇權而將支付之租賃付款亦包括在負債之計量。 | Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. |

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| 2. 重大會計政策概要（續） | 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued) |
| :--- | :--- |
| **2.21 租賃（續）** | **2.21 Leases (Continued)** |
| 租賃付款使用隱含於租賃之利率貼現。倘若不能隨時釐定該利率（其為本集團內租賃之一般情況），則使用個別承租人之新增借貸利率，即承租人將會需要支付之利率以獲得借貸所需資金從而取得在同類經濟環境、同類條款，擔保及條件下與使用權資產同類價值相近之資產。 | The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lesseeʼs incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. |
| 就釐定新增借貸利率，本集團： | To determine the incremental borrowing rate, the Group: |
| • 於可行情況，使用個別承租人近期取得之第三方融資為起點，再就取得第三方融資後之融資狀況變動作出調整， | - where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received, |
| • 使用由下而上方法，以無風險利率為起點，再就本集團持有之租賃（其並無取得近期之第三方融資）之信貸風險作出調整，及 | - uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party financing, and |
| • 就租賃作出特定調整，例如條款、國家、貨幣及擔保物。 | - makes adjustments specific to the lease, e.g. term, country, currency and security. |
| 租賃支出分配在本金及財務成本之間。財務成本於租賃期間在收益賬中支銷以就於各個期間內之負債的剩餘結餘製定一個持續之定期的利率。 | Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. |
| 使用權資產以成本計量，並包括下列項目： | Right-of-use assets are measured at cost comprising the following: |
| • 租賃負債之初始計量金額， | - the amount of the initial measurement of lease liability, |
| • 任何於生效日期或之前的租賃付款（扣除任何收取之租賃優惠）， | - any lease payments made at or before the commencement date less any lease incentives received, |
| • 任何初始直接開支，及 | - any initial direct costs, and |
| • 修復開支。 | - restoration costs. |

---

## 2. 重大會計政策概要（續） / 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

| | |
| :--- | :--- |
| **2.21 租賃（續）** | **2.21 Leases (Continued)** |
| 使用權資產一般在該資產之可使用年期及租賃期中以較短者配以直線法折舊。 | Right-of-use assets are generally depreciated over the shorter of the assetʼs useful life and the lease term on a straight-line basis. |
| 有關短期租賃及所有低價值資產租賃之付款按直線法在收益賬中確認為開支。短期租賃乃租賃期為12個月或以下之租賃。 | Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. |
| 集團作為出租人時，從經營租賃收取的租賃收入按租賃年期以直線法確認為收入。 | Lease income from operating leases where the Group is a lessor is recognised in income on a straight-line basis over the lease term. |
| **2.22 受託業務** | **2.22 Fiduciary activities** |
| 本集團一般以託管人及其他信託方式行事，代表個人、信託及其他機構持有或存置資產。由於該等資產及其所產生的收入並非本集團之資產，故不會於本集團之綜合財務報表中列賬。 | The Group commonly acts as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts and other institutions. These assets are excluded from the consolidated financial statements, as they are not assets of the Group. |
| **2.23 股本** | **2.23 Share capital** |
| 普通股股份被分類為權益，發行新股份應佔之新增支出，於除稅後從實收款項中扣除，並呈列於權益賬內。 | Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. |
| 普通股股份之股息在綜合財務報表內獲股東批准之期間確認為負債。 | Dividends on ordinary shares are recognised as a liability in the consolidated financial statements in the period in which they are approved by shareholders. |
| **2.24 現金及等同現金項目** | **2.24 Cash and cash equivalents** |
| 於現金流量結算表，現金及等同現金項目包括由購入日起計3個月內到期的結餘，包括現金、銀行及其他金融機構結餘、國庫票據、價值變化無重大風險且可隨時轉換至確定現金數額之其他認可票據及存款證及證券投資。 | In the statement of cash flows, cash and cash equivalents comprise balances with less than three monthsʼ maturity from the date of acquisition, including: cash, balances with banks and other financial institutions, treasury bills, other eligible bills and certificates of deposit and investment securities which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. |

---

# 2. 重大會計政策概要 (續)
# 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (Continued)

## 2.25 或然負債及或然資產
## 2.25 Contingent liabilities and contingent assets

或然負債指因為過往事件而可能引起之承擔，而其存在只能就集團控制範圍以外之一宗或多宗不確定未來事件之出現而被確認。或然負債亦可能是因為過往事件引致之現有承擔，但由於可能不需要有經濟資源流失，或承擔金額未能可靠衡量而未有記賬。

A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. It can also be a present obligation arising from past events that is not recognised because it is not probable that an outflow of economic resources will be required or the amount of obligation cannot be measured reliably.

或然負債不會被確認，但會在綜合財務報表附註中披露。假若資源流失之可能性改變而導致資源可能流失，則被確認為撥備。

A contingent liability is not recognised but is disclosed in the notes to the consolidated financial statements. When a change in the probability of an outflow occurs so that outflow is probable, it will then be recognised as a provision.

或然資產指因為過往事件而可能產生之資產，而其存在只能就集團控制範圍以外之一宗或多宗不確定事件之出現而被確認。

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain events not wholly within the control of the Group.

或然資產不會被確認，但會於經濟收益有可能獲得時在綜合財務報表附註中披露。若實質確定有收益獲得時，則被確認為資產。

A contingent asset is not recognised but is disclosed in the notes to the consolidated financial statements when an inflow of economic benefits is probable. When such inflow is virtually certain, an asset is recognised.

# 3. 財務風險管理
# 3. FINANCIAL RISK MANAGEMENT

本集團之營運業務承受著不同之財務風險，該等業務活動涉及分析、評估、接受及管理若干程度之風險或組合風險。須承擔風險乃金融業務之核心部份，而操作風險乃從事業務不可避免之後果。因此，本集團之目標為適當地平衡風險與回報，並將對本集團財務表現所潛在的不良影響減至最低。

The Groupʼs activities expose it to a variety of financial risks and those activities involve the analysis, evaluation, acceptance and management of some degree of risk or combination of risks. Taking risk is core to the financial business, and operational risks are an inevitable consequence of being in business. The Groupʼs aim is therefore to achieve an appropriate balance between risk and return and minimise potential adverse effects on the Groupʼs financial performance.

本集團之風險管理政策旨在認明及分析此等風險，設定合適之風險額度和控制，監控風險及使用可靠和先進之資訊系統以嚴守額度。本集團定期審視其風險管理政策及系統以反映市場、產品及最佳慣例之變化。

The Groupʼs risk management policies are designed to identify and analyse these risks, to set appropriate risk limits and controls, and to monitor the risks and adherence to limits by means of reliable and up-to-date information systems. The Group regularly reviews its risk management policies and systems to reflect changes in markets, products and emerging best practice.

---

| **3. 財務風險管理 (續)** | **3. FINANCIAL RISK MANAGEMENT (Continued)** |
| :--- | :--- |
| 風險管理乃遵循董事會批准之整體策略和政策而執行。董事會授權風險管理及合規委員會（「風險管理及合規委員會」）監督及指導不同風險之管理，並由集團風險部（「集團風險部」）及不同之功能委員會專責管理和處理。此外，內部審核處負責獨立審查風險管理及控制狀況。 | Risk management is carried out pursuant to the overall strategy and policies approved by the Board of Directors. The Risk Management and Compliance Committee (“RMCC”) under the authority delegated by the Board oversees and guides the management of different risks which are more particularly managed and dealt with by the Group Risk Division (“GRD”) and different functional committees. In addition, Internal Audit is responsible for the independent review of risk management and the control environment. |
| 董事會已審定通過包含本集團風險偏好框架之風險策略框架以進一步提升風險管治及風險管理水平。經考慮整體業務策略及方針後，該風險策略制定了本集團之核心價值及其高層次之風險管理方針，據此設定穩健之風險偏好框架以指導策略規劃程序及增強風險回報管理。基本上，風險偏好框架列出本集團為達成業務計劃所願意承擔之風險類別及金額。本集團之風險偏好指標包括計量資本、風險、回報及流動性之主要指標及加上組成本集團主要風險限額之一系列風險容忍度。為確保業務在設定之風險偏好內進行，對風險偏好限額及風險容忍度之監控按季度進行。就此而言，本集團已制定了涵蓋本集團風險及回報的五個主要範疇之風險偏好闡明，名為股東回報率的目標、盈利波幅、償付能力、流動性及其他主要風險措施。集團風險部負責持續監控、恪守風險偏好闡明及定期向風險管理及合規委員會及董事會報告。此外，風險管理及合規委員會及董事會每年審閱風險偏好框架及主要風險偏好限額。 | To further enhance the risk governance and risk management standards, the Board has approved a Risk Strategy framework that also covers the Groupʼs Risk Appetite framework. The Risk Strategy sets out the core values and high level risk management direction of the Group, taking into account the overall business strategy and direction, under which a robust Risk Appetite framework is established to guide the strategic planning process and strengthen the risk-return management. Fundamentally, the Risk Appetite framework sets out the types and amount of risk that the Group is willing to take in order to achieve its business plan. The Groupʼs risk appetite metrics are composed of key indicators for measuring capital, risks, return and liquidity and this is supplemented by a set of risk tolerances made up of major risk limits of the Group. In order to ensure that business is conducted within our established risk appetite, monitoring on the compliance with the risk appetite limits and risk tolerance is undertaken on a quarterly basis. In this connection, the Group has set out its Risk Appetite Statement that covers five key dimensions of the risks and returns of the Group, namely, the target returns to shareholders, earnings volatility, solvency, liquidity and other key risk measures. The GRD is responsible for the ongoing monitoring of the compliance with the Risk Appetite Statement and the regular reporting of the status to the RMCC and the Board. Moreover, the Risk Appetite framework and major risk appetite limits are subject to review by the RMCC and the Board on an annual basis. |
| 最主要之風險類別為信貸風險、流動性風險和市場風險。市場風險包括外匯風險、利率風險及其他定價風險。 | The most important types of risk are credit risk, liquidity risk and market risk. Market risk includes currency risk, interest rate risk and other price risks. |

---

## 3. 財務風險管理（續）
## 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.1 應用金融工具策略
### 3.1 Strategy in using financial instruments

本集團接受定息或浮息及不同年期之客戶存款，並以此取得之資金投資於各種類別的資產以賺取息差收入。本集團尋求透過整合短期資金及按較高利率借出較長期之款項以增加此等息差收入，同時並保持足夠之流動資金以應付可能須付之所有到期債務。

The Group accepts deposits from customers at both fixed and floating rates, and for various periods, and seeks to earn positive interest margins by investing and lending these funds in a wide range of assets. The Group seeks to increase these margins by consolidating short-term funds and lending for longer periods at higher rates, while maintaining sufficient liquidity to meet all claims that might fall due.

本集團亦按信貸風險及市場情況，透過向商業及零售借款人貸款賺取息差，以及向客戶收取合理費用及佣金。此等活動風險不單涉及資產負債表內之貸款及墊款，亦涉及本集團提供擔保及其他承擔，例如信用證、履約保證及其他保證。

The Group also seeks to apply its interest margins through its lending to commercial and retail borrowers and to charge customers appropriate fees and commission, taking into consideration credit risk and market conditions. Such exposures involve not just on-balance sheet loans and advances, as the Group also enters into guarantees and other commitments such as letters of credit, performance bonds and other bonds.

本集團亦通過交易所及場外交易（「場外交易」）買賣包括衍生工具之金融工具，藉著證券、債券、貨幣及利率之短期波動賺取利潤。董事會制定交易限額以控制不同程度之市場持倉風險。除指定對沖安排外，有關外匯及利率之風險一般以訂立對銷持倉（包括與客戶及市場對手之交易）或利用衍生工具作對沖，藉此控制有關市場持倉套現之現金淨值。

The Group also trades in financial instruments where it takes positions in exchange-traded and over-the-counter (“OTC”) instruments, including derivatives, to take advantage of short-term market movements in equities and bonds and in currencies and interest rates. The Board places trading limits on the level of exposures that can be taken in relation to market positions. Apart from specific hedging arrangements, foreign exchange and interest rate exposures are normally offset by entering into counterbalancing positions (including transactions with customers or market counterparties), or by the use of derivatives, thereby controlling the variability in the net cash amounts required to liquidate market positions.

本集團亦應用利率掉期及其他利率衍生工具以減輕因利率變動令定息資產公平值下降或定息負債公平值上升之利率風險。若干金融工具被用作公平值對沖，對沖項目之細節，包括被對沖項目、金額、利率、對沖期及目的，皆於各公平值對沖項目開始時被確定和記錄，亦於開始對沖時按預期基礎評估及不時根據實際經驗及估價重新評估對沖有效性。倘公平值對沖關係不符合對沖會計的有效性測試標準，則對沖會計方法將於此公平值對沖失效日起停止。

The Group also uses interest rate swap and other interest rate derivatives to mitigate interest rate risk arising from changes in interest rates that will result in decrease in the fair value of fixed rate assets or increase in the fair value of fixed rate liabilities. Part of these financial instruments are designated as fair value hedges, and the terms of hedge including hedged item, amount, interest rates, hedge period and purpose are determined and documented at the inception of each fair value hedge. Hedge effectiveness is assessed at inception on a prospective basis and is reassessed, on an ongoing basis, based on actual experience and valuation. Fair value hedge relationships that do not meet the effectiveness test requirement of hedge accounting are discontinued with effect from the date of ineffectiveness of the fair value hedge.

---

# 3. 財務風險管理（續）
## 3.1 應用金融工具策略（續）
### 3.1.1 持作風險管理及對沖會計處理之衍生工具

**利率風險之公平值對沖**

本集團採用利率掉期以對沖指標利率對發行之定息負債及持有之定息債務證券所產生之公平值變動風險。其支付浮息／收取定息之利率掉期與特定的定息負債配對，或支付定息／收取浮息之利率掉期與持有之定息債務證券配對（其條款與對沖項目之關鍵條款緊密一致）。

本集團僅對沖利率風險部分及管理但非對沖其他風險（例如信貸風險）。本集團應用對沖會計處理之利率風險源自發行之定息負債及持有之定息債務證券，其公平值因指標利率變動而波動。由於指標利率之變動重大地影響發行之負債或債務證券之公平值變動，本集團僅就指標利率對沖利率風險。當經濟對沖關係符合對沖會計處理之準則時則應用對沖會計處理。

本集團應用公平值對沖會計處理前，按對沖項目之質化特性及量化分析支持對沖風險之評估釐定對沖項目與對沖工具間是否存在經濟關係。本集團在評估經濟關係是否存在時會考慮對沖項目及對沖工具之關鍵條款是否緊密一致。本集團評估對沖項目及對沖工具之公平值是否就同類型風險有同樣反應。

# 3. FINANCIAL RISK MANAGEMENT (Continued)
## 3.1 Strategy in using financial instruments (Continued)
### 3.1.1 Derivatives held for risk management and hedge accounting

**Fair value hedges of interest rate risk**

The Group uses interest rate swaps to hedge its exposure to changes in the fair values of fixed-rate issued liabilities and fixed-rate debt securities held in respect of a benchmark interest rate. Pay-floating/receive-fixed interest rate swaps are matched to specific issuances of fixed-rate liabilities or pay-fixed/receive-floating interest rate swaps are matched to fixed-rate debt securities held with terms that closely align with the critical terms of the hedged item.

Only the interest rate risk element is hedged and therefore other risks, such as credit risk, are managed but not hedged by the Group. Interest rate risk to which the Group applies hedge accounting arises from fixed-rate issued liabilities and fixed-rate debt securities held, whose fair value fluctuates when benchmark interest rates change. The Group hedges interest rate risk only to the extent of benchmark interest rates because the changes in fair value of an issued liability or a debt security are significantly influenced by changes in the benchmark interest rate. Hedge accounting is applied where economic hedge relationships meet the hedge accounting criteria.

Before fair value hedge accounting is applied by the Group, the Group determines whether an economic relationship between the hedged item and the hedging instrument exists based on an evaluation of the qualitative characteristics of these items and the hedged risk that is supported by quantitative analysis. The Group considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Group evaluates whether the fair value of the hedged item and the hedging instrument respond similarly to similar risks.

---

| | |
| :--- | :--- |
| # 3. 財務風險管理 (續) | # 3. FINANCIAL RISK MANAGEMENT (Continued) |
| ## 3.1 應用金融工具策略 (續) | ## 3.1 Strategy in using financial instruments (Continued) |
| ### 3.1.1 持作風險管理及對沖會計處理之衍生工具 (續) | ### 3.1.1 Derivatives held for risk management and hedge accounting (Continued) |
| #### 利率風險之公平值對沖 (續) | #### Fair value hedges of interest rate risk (Continued) |
| 本集團透過促使定息債務證券或發行之負債之票面價及指定為對沖工具之利率掉期之名義金額一致而設定對沖比率。可能之對沖失效原因如下： | The Group establishes a hedge ratio by aligning the par amount of the fixed-rate debt security or issued liabilities and the notional amount of the interest rate swap designated as a hedging instrument. Possible sources of ineffectiveness are as follows: |
| (i) 市場流動性及債務證券買賣價差之變動； | (i) changes in market liquidity and bid-ask spread of the debt securities; |
| (ii) 就下一定息日前之指標利率及利率掉期之指標利率的固定息差之公平值變動； | (ii) the fair value changes related to the benchmark rate before next fixing date and on the fixed spread over the benchmark rate of the interest rate swap; |
| (iii) 不同公平值水平之利率敏感度變動； | (iii) changes in interest rate sensitivity at different fair value level; |
| (iv) 交易對手及本集團本身之信貸風險對利率掉期公平值之影響，並未反映在受利率變動影響之對沖項目公平值；及 | (iv) the effect of the counterparty and the Groupʼs own credit risk on the fair value of the interest rate swap, which is not reflected in the fair value of the hedged item attributable to the change in interest rate; and |
| (v) 持有之債務證券或已發行債務證券與利率掉期之到期日差異。 | (v) differences in maturities of the interest rate swap and the debt securities held or the debt securities issued. |

---

# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.1 應用金融工具策略 (續)
## 3.1 Strategy in using financial instruments (Continued)

### 3.1.1 持作風險管理及對沖會計處理之衍生工具 (續)
### 3.1.1 Derivatives held for risk management and hedge accounting (Continued)

#### 利率風險之公平值對沖 (續)
#### Fair value hedges of interest rate risk (Continued)

本集團持有下列利率掉期為利率風險公平值對沖之對沖工具。

The Group held the following interest rate swaps as hedging instruments in fair value hedges of interest risk.

| 2025年12月31日 | 31 December 2025 | 到期日 Maturity | | |
| :--- | :--- | :--- | :--- | :--- |
| **風險類別－利率風險** | **Risk category – interest rate risk** | **1年以內** | **1年以上至5年** | **5年以上** |
| **以港幣千元位列示** | **HK$’000** | **Less than 1 year** | **1-5 years** | **More than 5 years** |
| **對沖發行之負債－存款證** | **Hedge of issued liabilities – certificates of deposit** | | | |
| 面值 | Nominal amount | 887,353 | – | – |
| 平均固定利率 | Average fixed interest rate | 4.31% | – | – |
| **對沖發行之負債－後償債務** | **Hedge of issued liabilities – subordinated notes** | | | |
| 面值 | Nominal amount | 2,335,140 | 1,945,950 | – |
| 平均固定利率 | Average fixed interest rate | 3.00% | 7.38% | – |
| **對沖持有之以公平值計量且其變動計入其他全面收益的債務證券** | **Hedge of debt securities held at fair value through other comprehensive income** | | | |
| 面值 | Nominal amount | 3,462,887 | 10,476,468 | 1,745,128 |
| 平均固定利率 | Average fixed interest rate | 2.97% | 3.85% | 3.57% |
| **對沖持有之以攤餘成本列賬的債務證券** | **Hedge of debt securities held at amortised cost** | | | |
| 面值 | Nominal amount | 1,748,545 | 12,182,580 | 2,189,248 |
| 平均固定利率 | Average fixed interest rate | 2.91% | 3.52% | 3.00% |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued) 財務風險管理 (續)

## 3.1 Strategy in using financial instruments (Continued) 應用金融工具策略 (續)

### 3.1.1 Derivatives held for risk management and hedge accounting (Continued) 持作風險管理及對沖會計處理之衍生工具 (續)

### Fair value hedges of interest rate risk (Continued) 利率風險之公平值對沖 (續)

| 31 December 2024 / 2024年12月31日 | | 到期日 / Maturity | |
| :--- | :---: | :---: | :---: |
| **Risk category – interest rate risk HK$’000 / 風險類別－利率風險 以港幣千元位列示** | **1年以內 / Less than 1 year** | **1年以上至5年 / 1-5 years** | **5年以上 / More than 5 years** |
| **Hedge of issued liabilities – certificates of deposit / 對沖發行之負債－存款證** | | | |
| Nominal amount / 面值 | 4,293,851 | – | – |
| Average fixed interest rate / 平均固定利率 | 5.10% | – | – |
| **Hedge of issued liabilities – subordinated notes / 對沖發行之負債－後償債務** | | | |
| Nominal amount / 面值 | – | 4,270,558 | – |
| Average fixed interest rate / 平均固定利率 | – | 4.99% | – |
| **Hedge of debt securities held at fair value through other comprehensive income / 對沖持有之以公平值計量且其變動計入其他全面收益的債務證券** | | | |
| Nominal amount / 面值 | 2,182,297 | 12,566,234 | 2,536,090 |
| Average fixed interest rate / 平均固定利率 | 3.71% | 3.75% | 3.03% |
| **Hedge of debt securities held at amortised cost / 對沖持有之以攤餘成本列賬的債務證券** | | | |
| Nominal amount / 面值 | 3,412,488 | 9,188,356 | 6,265,731 |
| Average fixed interest rate / 平均固定利率 | 2.84% | 3.79% | 2.98% |

---

# 3. 財務風險管理（續）
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.1 應用金融工具策略（續）
## 3.1 Strategy in using financial instruments (Continued)

### 3.1.1 持作風險管理及對沖會計處理之衍生工具（續）
### 3.1.1 Derivatives held for risk management and hedge accounting (Continued)

### 公平值對沖
### Fair value hedges

有關指定為對沖項目之金額如下：
The amounts relating to items designated as hedged items were as follows:

**2025**

| 以港幣千元位列示 HK$'000 | 賬面值 Carrying amount 資產 Assets | 賬面值 Carrying amount 負債 Liabilities | 包括在對沖項目賬面值之對沖項目之公平值對沖累積調整金額 Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item 資產 Assets | 包括在對沖項目賬面值之對沖項目之公平值對沖累積調整金額 Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item 負債 Liabilities | 綜合財務狀況表內包含對沖項目之項目 Line item in the consolidated statement of financial position in which the hedged item is included | 用於計算2025年對沖失效由對沖產生之公平值變動 Change in value subject to hedge used for calculating hedge ineffectiveness for 2025 註（甲） Note (a) | 保留在綜合財務狀況表內已停止調整對沖收益及虧損之任何對沖項目之公平值對沖累積調整金額 Accumulated amount of fair value hedge adjustments remaining in the consolidated statement of financial position for any hedged items that have ceased to be adjusted for hedging gains and losses |
| :--- | :---: | :---: | :---: | :---: | :--- | :---: | :--- |
| **存款證**<br>Certificates of deposit | – | 887,875 | – | 522 | 已發行的存款證<br>Certificates of deposit issued | 24 | 不適用<br>Not applicable |
| **後償債務**<br>Subordinated notes | – | 4,274,938 | – | (6,152) | 後償債務<br>Subordinated notes | (117,619) | 不適用<br>Not applicable |
| **持有之以公平值計量且其變動計入其他全面收益的債務證券**<br>Debt securities held at fair value through other comprehensive income | 15,445,426 | – | (358,510) | – | 以公平值計量且其變動計入其他全面收益的金融資產<br>Financial assets at fair value through other comprehensive income | 506,982 | 不適用<br>Not applicable |
| **持有之以攤餘成本列賬的債務證券**<br>Debt securities held at amortised cost | 15,563,251 | – | (797,122) | – | 以攤餘成本列賬的金融資產<br>Financial assets at amortised cost | 611,895 | 不適用<br>Not applicable |

---

### 3. 財務風險管理（續） FINANCIAL RISK MANAGEMENT (Continued)

### 3.1 應用金融工具策略（續） Strategy in using financial instruments (Continued)

### 3.1.1 持作風險管理及對沖會計處理之衍生工具（續） Derivatives held for risk management and hedge accounting (Continued)

### 公平值對沖（續） Fair value hedges (Continued)

有關指定為對沖項目之金額如下：（續）
The amounts relating to items designated as hedged items were as follows: (Continued)

2024

| 以港幣千元位列示 HK$'000 | 賬面值 Carrying amount 資產 Assets | 賬面值 Carrying amount 負債 Liabilities | 包括在對沖項目賬面值之對沖項目之公平值對沖累積調整金額 Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item 資產 Assets | 包括在對沖項目賬面值之對沖項目之公平值對沖累積調整金額 Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item 負債 Liabilities | 綜合財務狀況表內包含對沖項目之項目 Line item in the consolidated statement of financial position in which the hedged item is included | 用於計算2024年對沖失效由對沖產生之公平值變動 Change in value subject to hedge used for calculating hedge ineffectiveness for 2024 註 (甲) Note (a) | 保留在綜合財務狀況表內已停止調整對沖收益及虧損之任何對沖項目之公平值對沖累積調整金額 Accumulated amount of fair value hedge adjustments remaining in the consolidated statement of financial position for any hedged items that have ceased to be adjusted for hedging gains and losses |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 存款證 Certificates of deposit | – | 4,294,996 | – | 1,145 | 已發行的存款證 Certificates of deposit issued | (15,753) | 不適用 Not applicable |
| 後償債務 Subordinated notes | – | 4,146,914 | – | (123,643) | 後償債務 Subordinated notes | (12,657) | 不適用 Not applicable |
| 持有之以公平值計量且其變動計入其他全面收益的債務證券 Debt securities held at fair value through other comprehensive income | 16,491,802 | – | (861,805) | – | 以公平值計量且其變動計入其他全面收益的金融資產 Financial assets at fair value through other comprehensive income | 91,720 | 不適用 Not applicable |
| 持有之以攤餘成本列賬的債務證券 Debt securities held at amortised cost | 17,469,291 | – | (1,397,284) | – | 以攤餘成本列賬的金融資產 Financial assets at amortised cost | 114,653 | 不適用 Not applicable |

---

# 3. 財務風險管理（續） FINANCIAL RISK MANAGEMENT (Continued)

## 3.1 應用金融工具策略（續） Strategy in using financial instruments (Continued)

### 3.1.1 持作風險管理及對沖會計處理之衍生工具（續） Derivatives held for risk management and hedge accounting (Continued)

#### 公平值對沖（續） Fair value hedges (Continued)

有關指定為對沖工具之項目及對沖失效之金額如下：
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:

| 2025 | | | | | | | |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **以港幣千元位列示 HK$'000** | **面值 Nominal amount** | **賬面值 Carrying amount 資產 Assets** | **賬面值 Carrying amount 負債 Liabilities** | **綜合財務狀況表內包含對沖工具之項目 Line item in the consolidated statement of financial position where the hedging instrument is included** | **用於計算 2025 年對沖失效之公平值變動 Change in fair value used for calculating hedge ineffectiveness for 2025 註（甲） Note (a)** | **確認於收益賬之對沖失效 Ineffectiveness recognised in profit/(loss) 註（甲） Note (a)** | **收益賬內包含對沖失效之項目 Line item in profit or loss that includes hedge ineffectiveness** |
| **利率風險 Interest rate risk** | | | | | | | |
| 利率掉期－對沖存款證<br>Interest rate swaps – hedge of certificates of deposit | 887,353 | 531 | 10 | 衍生金融工具<br>Derivatives financial instruments | 15 | 39 | 用公平值對沖的相關金融工具之淨收益／（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |
| 利率掉期－對沖後償債務<br>Interest rate swaps – hedge of subordinated notes | 4,281,090 | 43,998 | 50,768 | 衍生金融工具<br>Derivatives financial instruments | 118,866 | 1,247 | 用公平值對沖的相關金融工具之淨收益／（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |
| 利率掉期－對沖持有之以公平值計量且其變動計入其他全面收益的債務證券<br>Interest rate swaps – hedge of debt securities held at fair value through other comprehensive income | 15,684,483 | 405,365 | 47,431 | 衍生金融工具<br>Derivatives financial instruments | (507,419) | (437) | 用公平值對沖的相關金融工具之淨收益／（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |
| 利率掉期－對沖持有之以攤餘成本列賬的債務證券<br>Interest rate swaps – hedge of debt securities held at amortised cost | 16,120,373 | 806,895 | 19,048 | 衍生金融工具<br>Derivatives financial instruments | (612,085) | (190) | 用公平值對沖的相關金融工具之淨收益／（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |

註：
（甲）已於損益內確認的各類公平值對沖失效金額，為被對沖項目於年內的價值變動及其對應之對沖工具的公平值變動兩者間之差異。

Note:
(a) The amount of hedge ineffectiveness recognised in profit/(loss) for each category of fair value hedges is the difference between the change in value of the hedged item subject to hedge in the current year and the change in fair value of the corresponding hedging instrument in the current year.

---

# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.1 應用金融工具策略 (續)
## 3.1 Strategy in using financial instruments (Continued)

### 3.1.1 持作風險管理及對沖會計處理之衍生工具 (續)
### 3.1.1 Derivatives held for risk management and hedge accounting (Continued)

#### 公平值對沖 (續)
#### Fair value hedges (Continued)

有關指定為對沖工具之項目及對沖失效之金額如下：（續）
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows: (Continued)

| | | | | | **2024** | | |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| | | | | **綜合財務狀況表內 包含對沖工具之項目** | **用於計算 2024年 對沖失效 之公平值變動** | **確認於收益賬 之對沖失效** | **收益賬內包含 對沖失效之項目** |
| | | **賬面值** | | **Line item in the consolidated statement of financial position where the hedging instrument is included** | **Change in fair value used for calculating hedge ineffectiveness for 2024** | **Ineffectiveness recognised in profit/(loss)** | **Line item in profit or loss that includes hedge ineffectiveness** |
| | | **Carrying amount** | | | | | |
| **以港幣千元位列示** | **面值** | **資產** | **負債** | | **註（甲）** | **註（甲）** | |
| **HK$'000** | **Nominal amount** | **Assets** | **Liabilities** | | **Note (a)** | **Note (a)** | |
| **利率風險** | | | | | | | |
| **Interest rate risk** | | | | | | | |
| 利率掉期－對沖存款證<br>Interest rate swaps – hedge of certificates of deposit | 4,293,851 | 3,956 | 2,851 | 衍生金融工具<br>Derivatives financial instruments | 15,994 | 241 | 用公平值對沖的相關金融工具之淨收益╱（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |
| 利率掉期－對沖後償債務<br>Interest rate swaps – hedge of subordinated notes | 4,270,558 | 7,839 | 133,346 | 衍生金融工具<br>Derivatives financial instruments | 12,501 | (156) | 用公平值對沖的相關金融工具之淨收益╱（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |
| 利率掉期－對沖持有之以公平值計量且其變動計入其他全面收益的債務證券<br>Interest rate swaps – hedge of debt securities held at fair value through other comprehensive income | 17,284,621 | 871,692 | 10,028 | 衍生金融工具<br>Derivatives financial instruments | (91,789) | (69) | 用公平值對沖的相關金融工具之淨收益╱（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |
| 利率掉期－對沖持有之以攤餘成本列賬的債務證券<br>Interest rate swaps – hedge of debt securities held at amortised cost | 18,866,575 | 1,400,197 | 2,954 | 衍生金融工具<br>Derivatives financial instruments | (115,340) | (687) | 用公平值對沖的相關金融工具之淨收益╱（虧損）<br>Net gain/(loss) arising from financial instruments subject to fair value hedge |

---

### 3. 財務風險管理 (續)
### 3. FINANCIAL RISK MANAGEMENT (Continued)

#### 3.2 信貸風險
#### 3.2 Credit risk

本集團之主要信貸風險為借款人或交易對手未能履行對本集團之償款責任。此等責任乃源自本集團之貸款及投資活動、以及金融工具之交易（包括衍生工具）。

The Groupʼs main credit risk is that borrowers or counterparties may default on their payment obligations due to the Group. These obligations arise from the Groupʼs lending and investment activities, and trading of financial instruments (including derivatives).

本集團設有集團信貸委員會（「集團信貸委員會」）負責批核重大的信貸風險敞口。信貸管理委員會（「信貸管理委員會」）與財資及投資風險委員會（「財資及投資風險委員會」）乃是分別負責制訂貸款及財資業務之信貸政策及監察其組合之委員會，該等委員會由行政總裁或集團風險總監擔任主席並由若干執行董事及高級業務及信貸人員組成。信貸風險計量，承保、批核和監測之規定都詳列於信貸政策內。

The Group has a Group Credit Committee (“GCC”) for approving major credit exposures. The Credit Management Committee (“CMC”) and the Treasury & Investment Risk Committee (“TIRC”) are the committees responsible for credit policy formulation and portfolio monitoring of the loan and treasury businesses respectively. These committees have been chaired by the Chief Executive or Group Chief Risk Officer with certain Executive Directors and senior business and credit officers as members. Credit risk measurement, underwriting, approval and monitoring requirements are detailed in credit policies.

本集團以審慎基礎管理各類型的信貸風險。信貸批核須規限在信貸政策所設定之參數之內，並且須由各級管理層人員按既定之指引及授權批核。管理層、信貸委員會及集團風險部會定期監察及控制信貸風險敞口、信貸限額及資產質素。本集團內部審核師亦會作定期檢閱及審核以確保信貸政策，程序及規管指引得以遵從。

The Group manages all types of credit risk on a prudent basis. Credits are extended within the parameters set out in the credit policies and are approved by different levels of management based upon established guidelines and delegated authorities. Credit exposures, limits and asset quality are regularly monitored and controlled by management, credit committees and GRD. The Groupʼs internal auditors also conduct regular reviews and audits to ensure compliance with credit policies and procedures, and regulatory guidelines.

本集團已就新產品及業務建立了有關審核及審閱的政策與程序，亦已制定了信貸政策，內容包括貸款評級或信貸評分、流程及減值政策各方面的細節。

The Group has established policies and processes for the approval and review of new products and activities, and credit policies with details of the loan grading, or credit scoring, processes and impairment policies.

---

# 3. FINANCIAL RISK MANAGEMENT (Continued) / 3. 財務風險管理 （續）

## 3.2 Credit risk (Continued) / 3.2 信貸風險（續）

### 3.2.1 Credit risk measurement / 3.2.1 信貸風險計量

#### Credit risk grading / 信貸風險評級

The Group uses internal credit risk grading that reflects the credit quality of the borrowers. The Group uses internal credit grading scorecards tailored to the various categories of counterparty. The credit grading scorecards take into consideration borrower and loan specific information collected at the time of application (such as disposable income, and level of collateral for retail exposures; and financial indicators and qualitative indicators for corporate exposures). For retail exposures, this is supplemented with internal data such as delinquency status and external data such as credit bureau scoring information on individual borrowers. In addition, the scorecards enable expert judgement from the credit risk officer to determine the final internal credit grade for each exposure. This allows for considerations which may not be captured as part of the other inputs into the scorecards.

本集團採用內部信貸風險評級以反映借款人之信貸質素。本集團採用切合不同交易對手類別之內部信貸風險評級記分機制。信貸風險評級記分機制顧及申請時收集之借款人及特定貸款資料（例如可支配收入；及零售風險承擔之抵押品級別；和企業風險承擔之財務指標及質化指標）。就零售風險承擔而言，再輔以有關個別借款人之內部數據（例如違約狀況）及外部數據（例如信貸局之評級資料）。此外，記分機制可促使信貸風險人員以專業判斷釐定各項風險承擔之最終內部信貸評級，包括考慮其他不能計入記分機制內作參數之因素。

The following are additional considerations for each type of portfolio held by the Group:

下列為有關本集團持有各組合類別之額外考慮：

#### Retail / 零售

After the date of initial recognition, for personal unsecured lending of retail business, the likelihood of default is monitored on a periodic basis by behavioural score. This score is mapped to a Probability of Default (“PD”).

初始確認後，就零售業務之個人無抵押借貸而言，以行為評分按定期基準監察可能出現之違約。此評分與違約或然率（「違約或然率」）配對。

#### Corporate / 企業

For corporate business, the credit grade is determined at the borrower level. A relationship manager will incorporate any updated or new information/credit assessments into the credit grading scorecard on an ongoing basis. In addition, the relationship manager will also update information about the creditworthiness of the borrower every year from sources such as borrowerʼs financial statements. This will determine the updated internal credit grading.

就企業業務而言，信貸評級按借款人層面釐定。客戶經理會按持續基礎收納任何已更新或新資料╱信貸評估予信貸評級記分機制內。此外，客戶經理並會每年從各渠道（例如借款人之財務報表）更新有關借款人之信譽度資料。此將會決定最新之內部信貸評級。

Using the internal observed default rate supplemented with external default data, and by applying statistical methods, PD master scales are calibrated to arrive at the PD for each credit grade.

採用內部觀察之違約率輔以外部違約數據，及應用統計法，違約或然率主要等級用以標定各信貸評級之違約或然率。

---

# 3. 財務風險管理 (續) / 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續) / 3.2 Credit risk (Continued)

### 3.2.1 信貸風險計量 (續) / 3.2.1 Credit risk measurement (Continued)

| Chinese | English |
| :--- | :--- |
| **信貸風險評級 (續)** | **Credit risk grading (Continued)** |
| **財資** | **Treasury** |
| 有關財資及環球市場組合內之債務證券及同業間之風險承擔採用外部評級機構之信貸評級。該等發布評級乃持續監控及更新。各級別之相關違約或然率與評級機構發布之過往違約率掛鈎。 | For debt securities and interbank exposures under the Treasury and Global Markets portfolio, external rating agency credit grades are used. These published grades are continuously monitored and updated. The PDs associated with each grade are linked to the historical default rates published by the rating agencies. |

### 3.2.2 預期信貸虧損計量 / 3.2.2 Expected credit loss measurement

| Chinese | English |
| :--- | :--- |
| 香港財務報告準則第9號略述自初始確認後因信貸質素變動而引致減值之「3階段」模型，其概述如下： | HKFRS 9 outlines a “three-stage” model for impairment based on changes in credit quality since initial recognition as summarised below: |
| • 於初始確認時為非信貸減值的金融工具分類為「階段1」及其信貸風險由本集團持續監察。 | • A financial instrument that is not credit-impaired on initial recognition is classified in “Stage 1” and has its credit risk continuously monitored by the Group. |
| • 倘金融工具被識別為信貸風險自初始確認後大幅增加（「信貸風險大幅增加」），即會轉移至「階段2」，但仍未被視作信貸減值。 | • If a significant increase in credit risk (“SICR”) since initial recognition is identified, the financial instrument is moved to “Stage 2” but is not yet deemed to be credit-impaired. |
| • 倘金融工具已被界定為信貸減值，則金融工具即被轉移至「階段3」。 | • If the financial instrument is credit-impaired, the financial instrument is then moved to “Stage 3”. |
| • 階段1金融工具之預期信貸虧損按相當於在未來12個月內可能發生之違約事件引致之全期預期信貸虧損部份的金額計量。階段2或階段3之工具則根據全期基準計量其預期信貸虧損。 | • Financial instruments in Stage 1 have their ECL measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. Instruments in Stages 2 or 3 have their ECL measured based on expected credit losses on a lifetime basis. |
| • 根據香港財務報告準則第9號計量預期信貸虧損的一個普遍概念就是必須考慮前瞻性資料。 | • A pervasive concept in measuring ECL in accordance with HKFRS 9 is that it should consider forward-looking information. |
| • 購入或源生之信貸減值金融資產為該等於初始確認時已是信貸減值之金融資產。其預期信貸虧損一直按全期基準計量。 | • Purchased or originated credit-impaired financial assets are those financial assets that are credit impaired on initial recognition. Their ECL is always measured on a lifetime basis. |

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# 3. FINANCIAL RISK MANAGEMENT (Continued) / 財務風險管理（續）

## 3.2 Credit risk (Continued) / 信貸風險（續）

### 3.2.2 Expected credit loss measurement (Continued) / 預期信貸虧損計量（續）

The following diagram summarises the impairment requirements under HKFRS 9 (other than purchased or originated credit-impaired financial assets):
下列圖表概述按香港財務報告準則第9號之減值規定（購入或源生之信貸減值金融資產除外）：

| 自初始確認起之信貸質素變動<br>Change in credit quality since initial recognition | | |
| :--- | :--- | :--- |
| **階段 1**<br>**Stage 1** | **階段 2**<br>**Stage 2** | **階段 3**<br>**Stage 3** |
| （初始確認）<br>(Initial recognition) | （信貸風險自初始確認後大幅增加）<br>(Significant increase in credit risk since initial recognition) | （信貸減值資產）<br>(Credit-impaired assets) |
| 12 個月期間預期信貸虧損<br>12-month expected credit losses | 全期預期信貸虧損<br>Lifetime expected credit losses | 全期預期信貸虧損<br>Lifetime expected credit losses |

The key judgements and assumptions adopted by the Group in addressing the requirements of the standard are discussed below:
本集團就準則規定採納之主要判斷和假設論述如下：

### 3.2.2.1 Significant increase in credit risk / 信貸風險大幅增加

The Group considers a financial instrument to have experienced a SICR when one or more of the following criteria have been met:
當符合以下一項或多項準則時本集團認為金融工具已陷於信貸風險大幅增加：

* **when there is significant adverse external credit rating transition for the bond portfolio, migrating from investment grade to non-investment grade, or one notch downgrade for bond with original non-investment grade at purchase**
  就債券組合而言，當外部信貸評級出現重大不利轉變，由投資級別轉移至非投資級別，或購買時原本為非投資級別之債券下降一級
* **when there is internal credit rating transition, ranging from one notch to eight notches depending on its initial credit rating, for corporate portfolio**
  就企業組合而言，當內部信貸評級出現轉變，根據其初始信貸評級，於一級至八級之間
* **when the day past due (“DPD”) exceeds 30 days**
  當逾期日數（「逾期日數」）超過30天
* **when the borrower is reported as “Early Warning” for corporate portfolio**
  就企業組合而言，當借款人已呈報為「預早警示」
* **when the borrower is reported as Special Mention according to the loan classification of the HKMA. The decision to classify the loans is based on the borrower’s repayment ability and likelihood of individual counterparties defaulting.**
  當借款人已按香港金管局之貸款分類呈報為特別關注。分類該貸款之決定乃按借款人之償還能力及個別交易對手之違約可能性。

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# 3. 財務風險管理 (續) / 3. FINANCIAL RISK MANAGEMENT (Continued)
## 3.2 信貸風險 (續) / 3.2 Credit risk (Continued)
### 3.2.2 預期信貸虧損計量 (續) / 3.2.2 Expected credit loss measurement (Continued)

#### 3.2.2.1 信貸風險大幅增加 (續) / 3.2.2.1 Significant increase in credit risk (Continued)

| | |
| :--- | :--- |
| 本集團就持有之所有零售金融工具按組合層面每月進行信貸風險大幅增加之評估。就企業金融工具而言，乃採用預早警示清單監控信貸風險，及按交易對手層面每月進行評估。組合之各自信貸部門在合適時修訂識別信貸風險大幅增加之準則。 | The assessment of SICR is performed on a monthly basis at a portfolio level for all retail financial instruments held by the Group. In relation to corporate financial instruments, where an Early Warning list is used to monitor credit risk, this assessment is performed at the counterparty level and on a monthly basis. The criteria used to identify SICR are revised as when appropriate by the respective credit departments of the portfolios. |
| 本集團於截至2025年及2024年12月31日止年度並無就任何金融工具使用低信貸風險豁免安排。 | The Group has not used the low credit risk exemption for any financial instruments in the year ended 31 December 2025 and 2024. |

#### 3.2.2.2 違約及信貸減值資產之定義 / 3.2.2.2 Definition of default and credit-impaired assets

| | |
| :--- | :--- |
| 當一件或多件不利於金融資產於估計未來現金流之事項發生時，本集團定義該金融資產為違約，其與信貸減值之定義一致（即「階段3金融資產」）。 | The Group defines a financial instrument as in default, which is aligned with the definition of credit impaired (referred to as “Stage 3 financial assets”), when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. |
| 金融資產已變作信貸減值之證據包括下列可見數據： | Evidence that a financial asset is credit-impaired includes the following observable data: |
| • 借款人或發行人陷於重大財務困境； | - significant financial difficulty of the borrower or issuer; |
| • 違反合約（例如違約或逾期事件）； | - a breach of contract such as a default or past due event; |
| • 本集團重組貸款或墊款或本集團持有之債券，其條款本集團在其他情況下不會考慮； | - the restructuring of a loan or advance by the Group or bond held by the Group on terms that the Group would not consider otherwise; |
| • 借款人或發行人已破產； | - the borrower or the issuer is bankrupt; |
| • 其已按香港金管局之貸款分類呈報為次級、呆滯或虧損。分類該金融資產之決定乃按借款人或發行人之償還能力及個別交易對手之違約可能性；及 | - it is reported as substandard, doubtful or loss according to the loan classification of the HKMA. The decision to classify the financial assets is based on the borrower’s or the issuer’s repayment ability and likelihood of individual counterparties defaulting; and |
| • 抵押品之活躍市場因財務困境而消失。 | - the disappearance of an active market for a security because of financial difficulties. |
| 因借款人狀況惡化而重訂條款之貸款一般視為信貸減值，除非有證據證明不能收取合約現金流之風險已重大地減低及並無其他減值指標。此外，逾期90日或超過90日之零售貸款乃視為信貸減值。 | A loan that has been renegotiated due to deterioration in the borrower’s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. In addition, a retail loan that is overdue for 90 days or more is considered credit-impaired. |

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# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續)
## 3.2 Credit risk (Continued)

### 3.2.2 預期信貸虧損計量 (續)
### 3.2.2 Expected credit loss measurement (Continued)

#### 3.2.2.3 計量預期信貸虧損－參數、假設及估算方法之說明
#### 3.2.2.3 Measuring ECL – Explanation of inputs, assumptions and estimation techniques

預期信貸虧損乃根據信貸風險大幅增加是否發生或是否認為資產會減值而按12個月期間（「12個月期間」）或全期基準計量。預期信貸虧損乃違約或然率、違約風險承擔（「違約風險承擔」）及違約損失率（「違約損失率」）之經貼現後之結果，其定義如下：

The ECL is measured on either a 12-month (“12M”) or Lifetime basis depending on whether a SICR has occurred since initial recognition or whether an asset is considered to be credit-impaired. Expected credit losses are the discounted product of the PD, exposures at default (“EAD”), and loss given default (“LGD”), defined as follows:

*   違約或然率代表借款人或發行人在其財務責任上於下一個12個月期間（「12個月期間違約或然率」）或於責任之全期剩餘期間（「全期違約或然率」）違約之可能性（按照上述「違約及信貸減值資產之定義」）。
    *   The PD represents the likelihood of a borrower or an issuer defaulting on its financial obligation (as per “Definition of default and credit-impaired” above), either over the next 12 months (“12M PD”), or over the remaining lifetime (“Lifetime PD”) of the obligation.

*   違約風險承擔乃根據本集團預計違約時於下一個12個月期間或於全期剩餘期間欠付之金額。例如，就循環承擔而言，本集團包括即期已提取金額加上任何預期當違約發生時，按現時合約額度，亦會被提取之額外金額。
    *   EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months or over the remaining lifetime. For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur.

*   違約損失率代表本集團預計在違約風險承擔之損失程度。違約損失率按交易對手類別、索賠類別和排序及抵押品或其他信貸支援之有效性而異。違約損失率按違約時付予每個風險承擔單位之損失百分比標示。
    *   LGD represents the Group’s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default.

預期信貸虧損乃就各個未來月份及各個別風險承擔延伸估算違約或然率、違約損失率及違約風險承擔而釐定。此三個組成部分相乘後配以殘活可能性作出調整（即該風險承擔於早前月分並未提早還款或違約）。其有效計算未來各月份之預期信貸虧損，然後再貼現至呈報日及匯總。用於計算預期信貸虧損之貼現率乃原有之實際利率或其約數。

The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.

全期違約或然率乃應用到期日分布至即期12個月期間而得。到期日分布檢視組合自初始確認起至貸款期內如何形成違約。到期日分布根據過往可見數據及假定組合及信貸級別段內之所有資產皆相同。其受到過往分析所支持。

The Lifetime PD is developed by applying a maturity profile to the current 12M PD. The maturity profile looks at how defaults develop on a portfolio from the point of initial recognition throughout the lifetime of the loans. The maturity profile is based on historical observed data and is assumed to be the same across all assets within a portfolio and credit grade band. This is supported by historical analysis.

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# 3. 財務風險管理 （續）
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險（續）
## 3.2 Credit risk (Continued)

### 3.2.2 預期信貸虧損計量（續）
### 3.2.2 Expected credit loss measurement (Continued)

#### 3.2.2.3 計量預期信貸虧損－參數、假設及估算方法之說明（續）
#### 3.2.2.3 Measuring ECL – Explanation of inputs, assumptions and estimation techniques (Continued)

違約風險承擔乃按預計支付分布釐定，其按產品類別而異。

- 就攤餘產品及分段式還款貸款而言，其按借款人於12個月期間及全期基準欠付之合約還款。並會就預計全期貸款作出調整。提早還款／再融資之假定亦納入計算中。
- 就非循環產品而言，違約風險承擔乃使用即期已提取餘額及加上未提取貸款額之「信貸換算系數」計算，其納入違約時剩餘額度之預計提取。
- 就循環產品而言，違約風險承擔乃採用資產負債表內風險承擔及按使用率估計於違約時之已使用金額間之最大金額估算。

違約損失率乃按違約後影響收回金額之參數釐定。其包括抵押品類別及延伸估算之抵押品價值、因強制出售之市場／賬面價值之過往折讓、收回所需時間及可見之收回成本。

釐定違約或然率、違約風險承擔及違約損失率時亦包括前瞻性經濟資料。參照附註3.2.2.4就前瞻性經濟資料及其包含在計算之解說。

計算預期信貸虧損之相關假定需作定期監控及審視（例如評估違約或然率之到期日分布及抵押品價值之變動）。

The EADs are determined based on the expected payment profile, which varies by product type.

- For amortising products and bullet repayment loans, this is based on the contractual repayments owed by the borrower over a 12-month or lifetime basis. This will also be adjusted by expected lifetimes of loans. Early repayment/refinance assumptions are also incorporated into the calculation.
- For non-revolving products, the exposure at default is predicted by taking current drawn balance and adding a “credit conversion factor” on the undrawn limit which allows for the expected drawdown of the remaining limit by the time of default.
- For revolving products, the EAD is estimated by taking the maximum between the on-balance sheet exposure and the estimated utilised amount at default based on utilisation rate.

The LGDs are determined based on the factors which impact the recoveries made post default. These include collateral type and projected collateral values, historical discounts to market/book values due to forced sales, time to repossession and recovery costs observed.

Forward-looking economic information is also included in 3.2.2.4 determining the PD, EAD and LGD. Refer to Note 3.2.2.4 for an explanation of forward-looking information and its inclusion in ECL calculations.

The assumptions underlying the ECL calculation, such as how the maturity profile of the PDs and how collateral values change etc., are regularly monitored and reviewed.

#### 3.2.2.4 納入預期信貸虧損模型之前瞻性資料
#### 3.2.2.4 Forward-looking information incorporated in the ECL models

信貸風險大幅增加之評估及預期信貸虧損之計算皆納入前瞻性資料。本集團已進行過往分析及認明影響信貸風險之主要經濟變數及對各組合之預期信貸虧損的影響。

The assessment of SICR and the calculation of ECL both incorporate forward-looking information. The Group has performed historical analysis and identified the key economic variables impacting credit risk and expected credit losses for each portfolio.

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### 3. FINANCIAL RISK MANAGEMENT (Continued) / 財務風險管理（續）
### 3.2 Credit risk (Continued) / 信貸風險（續）
### 3.2.2 Expected credit loss measurement (Continued) / 預期信貸虧損計量（續）
### 3.2.2.4 Forward-looking information incorporated in the ECL models (Continued) / 納入預期信貸虧損模型之前瞻性資料（續）

該等經濟變數及其對違約或然率、違約風險承擔及違約損失率之相關影響按金融工具而異。過程中也應用專業判斷。若干經濟研究機構及內部經濟研究團隊定期提供該等經濟變數之預測（「基礎經濟情境」）及就下一個5年之經濟觀點提供最佳估計。就超過預測期（即下一個5年後）之經濟變數而言，於最後預測期間時候之違約風險級別乃參照各工具之全期違約風險級別而估計。該等經濟變數對違約或然率及違約損失率之影響按明瞭過往之違約率及損失率對該等變數之影響而進行之統計迴歸分析而釐定。

These economic variables and their associated impact on the PD, EAD and LGD vary by financial instrument. Expert judgement has also been applied in this process. Forecasts of these economic variables (the “base economic scenario”) are provided by some economic research institutions and the in-house economic research team on a regular basis and provide the best estimate view of the economy over the next five years. For the economic variables out of the forecasting periods (i.e. after the next five years), the point-in-time default risk level at the last forecasting period is referenced to estimate the lifetime default risk level of each instrument. The impact of these economic variables on the PD and LGD has been determined by performing statistical regression analysis to understand the impact changes in these variables have had historically on default rates and loss rates.

信貸風險大幅增加之評估乃考慮信貸質素之變動、專業信貸判斷及防守性指標而進行。其釐定整體金融工具是否為階段1或階段2及是否記錄為12個月期間或全期之預期信貸虧損。緊隨該評估，本集團計量預期信貸虧損或然加權的12個月期間預期信貸虧損（階段1），或是或然加權的全期預期信貸虧損（階段2）。該等或然加權的預期信貸虧損乃透過有關預期信貸虧損模型運作各情境及乘以合適之情境加權值而釐定。

The assessment of SICR is performed by considering either the change in credit quality, expert credit judgement and backstop indicator. This determines whether the whole financial instrument is in Stage 1 or Stage 2 and hence whether 12-month or lifetime ECL should be recorded. Following this assessment, the Group measures ECL as either a probability weighted 12-month ECL (Stage 1), or a probability weighted lifetime ECL (Stage 2). These probability-weighted ECLs are determined by running each scenario through the relevant ECL model and multiplying it by the appropriate scenario weighting.

儘管美國利率於2024年開始下調，減息的速度和幅度仍然不確定，尤以特朗普執政期間為甚。此外，鑑於內地房地產開發商及香港商業房地產信用質素問題之持續影響，本集團過去數年已積極管理相關問題貸款。展望未來，本集團繼續在預期信貸虧損的計量中採用適當的評估和風險管理程序。這包括審查信貸組合，考慮不同的宏觀經濟預測情境，評估預期信貸虧損模型輸出的合理性，以及評估預期信貸虧損準備的充足性。

Although the US interest rates started to drop in 2024, the pace and the magnitude of the rate cut is still uncertain, especially under the Trump administration. Meanwhile, in light of the lingering shadow cast by the credit quality issue of Mainland property developers and the Hong Kong commercial real estate sector, the Group has proactively managed related problem loans over the past few years. Looking ahead, the Group will continue to adopt appropriate assessment and risk management procedures in the measurement of ECL. This includes reviewing credit portfolios, considering different macroeconomic forecast scenarios, assessing the reasonableness of ECL models outputs, and evaluating the adequacy of ECL allowances.

---

# 3. 財務風險管理 (續) / 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續) / 3.2 Credit risk (Continued)

### 3.2.2 預期信貸虧損計量 (續) / 3.2.2 Expected credit loss measurement (Continued)

#### 3.2.2.4 納入預期信貸虧損模型之前瞻性資料 (續) / 3.2.2.4 Forward-looking information incorporated in the ECL models (Continued)

**預期信貸虧損模型優化**

因應市場情況快速變化，本集團於過去一年主動檢視其預期信貸虧損模型，並分階段優化特定模型參數，以更有效反映大新銀行（中國）信貸組合之資產質量趨勢。此類優化將提升預期信貸虧損撥備計量之穩健性。

**ECL Model Refinements**

In light of the rapidly changing market conditions, the Group has proactively reviewed its ECL models throughout the past year, which led to a phased refinement of specific model parameters, allowing for a more effective representation of the asset quality trends within the DSB China credit portfolios. Such refinement will facilitate a more resilient measurement of ECL provisions.

**經濟變數之假定**

本集團依據大範圍之前瞻性經濟資料作為模型參數，例如宏觀經濟因素好像物業價格指數、生產總值增長率、失業率及利率等之預測。所選擇的宏觀經濟因素均通過了業界普遍採用的嚴格統計數據測試及專業判斷，以確保預期信貸虧損模型中所使用的宏觀經濟因素與集團信貸組合的風險狀況相關及具反映性，並同時滿足所需的定量標準。

**Economic variable assumptions**

The Group relies on a broad range of forward-looking economic indicators as model inputs, such as the forecasts of macroeconomic factors (“MEFs”) such as property price indices, GDP growth rates, unemployment rates, and interest rates. The selection of MEFs had gone through stringent statistical data tests commonly adopted by the industry as well as expert judgements to ensure that MEFs used in the ECL models are relevant to and reflective of the risk profile of the Group’s credit portfolios while satisfying required quantitative standards.

「基礎」、「良好」及「不良」情境乃按下表載述之相關假定而釐定。尤其是，「基礎」情境是參照從經濟研究機構及內部經濟研究團之一系列宏觀經濟預測。「良好」和「不良」情境是參考「基礎」情境的宏觀經濟因素所制定的，同時考慮到前瞻性經濟環境中的不確定性，對上行和下行的潛在變數進行適當的調整。調整幅度是根據涵蓋過去經濟週期高峰和低谷的長跨度所觀測到的宏觀經濟因素的歷史走勢而釐訂。

The scenarios “base”, “good” and “bad” were determined based on the underlying assumptions described in the below table. In particular, the “base” scenario makes reference to a set of macroeconomic forecasts obtained from different economic research institutions and the Group’s economist. “Good” and “bad” scenarios were developed by referencing the MEFs in the “base” scenario, with appropriate adjustment to the upside and the downside potential variations taking into account the uncertainties in the forward-looking economic environments. The magnitude of adjustment were quantified based on historical movements of the MEFs observed through a long span of observed data covering peaks and troughs of past economic cycles.

---

# 3. 財務風險管理（續） / FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險（續） / Credit risk (Continued)

### 3.2.2 預期信貸虧損計量（續） / Expected credit loss measurement (Continued)

#### 3.2.2.4 納入預期信貸虧損模型之前瞻性資料（續） / Forward-looking information incorporated in the ECL models (Continued)

**經濟變數之假定（續） / Economic variable assumptions (Continued)**

| 情境 | 情境之相關假定 | Scenario | Underlying assumptions of the scenario |
| :--- | :--- | :--- | :--- |
| 基礎 | 前瞻性宏觀經濟因素為宏觀經濟觀點之一個重要部分。基礎情境乃依據一系列宏觀經濟預測（其制定有關之經濟變數的最可能未來方向之「基礎情況」觀點）。 | Base | Forward-looking macroeconomic factors are a key component of the macroeconomic outlook. The base scenario is based on a set of macroeconomic forecasts which formulate a “base case” view of the most probable future direction of relevant economic variables. |
| 良好 | 該情境是參考「基礎」情境而制定，並將上行變化納入「基礎」情境宏觀經濟預測，以反映正面的不確定性。 | Good | This scenario is determined by making reference to the “base” scenario and reflects positive uncertainties by incorporating upside variations to the “base” scenario macroeconomic forecasts. |
| 不良 | 該情境是參考「基礎」情境而制定，並將下行變化納入「基礎」情境宏觀經濟預測，以反映負面的不確定性。 | Bad | This scenario is determined by making reference to the “base” scenario and reflects negative uncertainties by incorporating downside variations to the “base” scenario macroeconomic forecasts. |

信貸管理委員會及信貸風險部門的部門主管均就其發生的可能性提出了全面的看法，使集團能夠對經濟因素及前瞻性的違約或然率和違約損失率進行預測。為進一步作專業審閱及合理性監察，本集團的經濟師就集體預測結果是否大體上符合他的預期提出了整體觀點。作為一項嚴格的措施，匯總的結果將提交予集團信貸管理委員會進行最終審批。然後，這些前瞻性的違約或然率和違約損失率將被用作預期信用損失模型中的輸入參數。

Members of the CMC as well as department heads of credit risk units put forth their most holistic view on the likelihood of occurrence, enabling the Group to generate an overall market outlook to determine the probability weightings assignment for the different scenarios. These probability weights in turn drove the forward-looking PD and LGD. To have further professional review and reasonableness checking, the Groupʼs economist provided his overall view on whether the collective forecasted outcome is generally in line with his expectation. As a stringent measure, the summarized outcomes will be submitted to the CMC for final approval. These forward-looking PD and LGD are then used as input parameters in the expected credit loss model.

---

# 3. 財務風險管理（續） / 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險（續） / 3.2 Credit risk (Continued)

### 3.2.2 預期信貸虧損計量（續） / 3.2.2 Expected credit loss measurement (Continued)

#### 3.2.2.4 納入預期信貸虧損模型之前瞻性資料（續） / 3.2.2.4 Forward-looking information incorporated in the ECL models (Continued)

**經濟變數之假定（續） / Economic variable assumptions (Continued)**

用於估計預期信貸虧損之重大期末假定列示如下。
Significant period-end assumptions used for the ECL estimate are set out as below.

**於2025年12月31日 / As at 31 December 2025**

| | | 5年期前瞻平均數 Average of 5-Year Forward-Looking | 1年期前瞻 One-Year Forward-Looking |
| :--- | :--- | :---: | :---: |
| 香港實質本地生產總值增長率 (百分比) <br> Hong Kong Real GDP Growth Rate (%) | 基礎 Base | 2.1% | 2.4% |
| | 良好 Good | 6.8% | 7.1% |
| | 不良 Bad | (2.6%) | (2.3%) |
| 香港住宅物業價格指數變動 (百分比) <br> Hong Kong Residential Property Price Index Change (%) | 基礎 Base | 4.1% | 3.2% |
| | 良好 Good | 23.5% | 22.5% |
| | 不良 Bad | (15.2%) | (16.1%) |
| 香港失業率 (百分比) <br> Hong Kong Unemployment Rate (%) | 基礎 Base | 2.9% | 3.3% |
| | 良好 Good | 2.3% | 2.3% |
| | 不良 Bad | 4.9% | 5.2% |

<br>

**於2024年12月31日 / As at 31 December 2024**

| | | 5年期前瞻平均數 Average of 5-Year Forward-Looking | 1年期前瞻 One-Year Forward-Looking |
| :--- | :--- | :---: | :---: |
| 香港實質本地生產總值增長率 (百分比) <br> Hong Kong Real GDP Growth Rate (%) | 基礎 Base | 2.4% | 2.8% |
| | 良好 Good | 7.1% | 7.5% |
| | 不良 Bad | (2.3%) | (1.9%) |
| 香港住宅物業價格指數變動 (百分比) <br> Hong Kong Residential Property Price Index Change (%) | 基礎 Base | 2.9% | (3.4%) |
| | 良好 Good | 22.2% | 15.9% |
| | 不良 Bad | (16.5%) | (22.7%) |
| 香港失業率 (百分比) <br> Hong Kong Unemployment Rate (%) | 基礎 Base | 2.8% | 2.8%* |
| | 良好 Good | 2.3% | 2.3%* |
| | 不良 Bad | 4.7% | 4.7%* |

\* 該等1年期前瞻率代表1年期之預測平均率。
\* These one-year forward-looking rates represent forecast average rates for one year.

上述假定是在進行預期信貸虧損計算時所使用的最新預測。如果在期末日期之後觀察到與預測不一致的經濟條件進一步變化，則可能會相應地調整概率加權分配，以反映最新情況。目前尚未進行此類調整。

The above assumptions were the latest forecasts available at the time the ECL calculation was performed. If after the period-end date further changes in the economic condition that are not consistent with the forecasts are observed, adjustments may be made in the assignment of probability weightings accordingly to reflect the latest situation. No such adjustment was made so far.

---

# 3. 財務風險管理 (續) 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續) 3.2 Credit risk (Continued)

### 3.2.2 預期信貸虧損計量 (續) 3.2.2 Expected credit loss measurement (Continued)

#### 3.2.2.4 納入預期信貸虧損模型之前瞻性資料 (續) 3.2.2.4 Forward-looking information incorporated in the ECL models (Continued)

**經濟變數之假定 (續)**
**Economic variable assumptions (Continued)**

分配予各「基礎」、「良好」及「不良」經濟情境的平均權重如下：
The average weightings assigned to each economic scenario, "base", "good" and "bad" are as follows:

| | 2025年 12月31日 31 Dec 2025 | 2024年 12月31日 31 Dec 2024 |
| :--- | :---: | :---: |
| 基礎 Base | **71%** | 70% |
| 良好 Good | **9%** | 10% |
| 不良 Bad | **20%** | 20% |

已顧及未以其他方式納入上述情境之其他前瞻性考慮因素（例如任何監管，立法或政治變動之影響）但未視為有重大影響，故並無就該等因素對預期信貸虧損作出調整及按季度基準審視及監控其合適度。

Other forward-looking considerations not otherwise incorporated within the above scenarios, such as the impact of any regulatory, legislative or political changes, have also been considered, but are not deemed to have a material impact and therefore no adjustment has been made to the ECL for such factors. This is reviewed and monitored for appropriateness on a quarterly basis.

**敏感度分析**
**Sensitivity analysis**

影響預期信貸虧損準備的最主要假設如下：
The most significant assumptions affecting the ECL allowance are as follows:

(i) 失業率，鑑於其對有抵押及無抵押借款人履行合約還款能力的影響；
(i) Unemployment rates, given its impact on secured and unsecured borrowers' ability to meet their contractual repayments;

(ii) 生產總值增長率，鑑於其對公司業績及抵押品估值的重大影響；及
(ii) GDP growth rates, given the significant impact on companies' performance and collateral valuations; and

(iii) 物業價格指數，鑑於其對按揭貸款抵押品估值的重大影響。
(iii) Property price indexes, given the significant impact it has on mortgage collateral valuations.

---

### 3. 財務風險管理 （續）
### 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.2 信貸風險（續）
### 3.2 Credit risk (Continued)

### 3.2.2 預期信貸虧損計量（續）
### 3.2.2 Expected credit loss measurement (Continued)

### 3.2.2.4 納入預期信貸虧損模型之前瞻性資料（續）
### 3.2.2.4 Forward-looking information incorporated in the ECL models (Continued)

**敏感度分析（續）**
**Sensitivity analysis (Continued)**

以下為因應用在本集團的經濟變數假設中的實際假設而產生這些參數的合理可能變化導致預期信貸虧損準備之影響：

Set out below are the changes to the ECL that would result from reasonably possible changes in these parameters from the actual assumptions used in the Groupʼs economic variable assumptions:

**零售**
**Retail**

| | | | 預期信貸虧損的影響 | |
| :--- | :--- | :---: | :---: | :---: |
| | | | **ECL Impact** | |
| **以港幣千元位列示** | **HK$'000** | | **2025** | 2024 |
| 失業率 | Unemployment rates | +1% | **13,699** | 19,205 |
| | | –1% | **(7,713)** | (10,876) |
| 生產總值增長率 | GDP growth rates | +0.5% | **(4,749)** | (4,244) |
| | | –0.5% | **4,832** | 4,317 |
| 物業價格指數 | Property price indices | +5% | **(11,602)** | (12,538) |
| | | –5% | **13,653** | 15,567 |

<br>

**企業**
**Corporate**

| | | | 預期信貸虧損的影響 | |
| :--- | :--- | :---: | :---: | :---: |
| | | | **ECL Impact** | |
| **以港幣千元位列示** | **HK$'000** | | **2025** | 2024 |
| 失業率 | Unemployment rates | +1% | **52,867** | 30,408 |
| | | –1% | **(49,307)** | (27,294) |
| 生產總值增長率 | GDP growth rates | +0.5% | **(6,919)** | (5,023) |
| | | –0.5% | **7,172** | 5,164 |
| 物業價格指數 | Property price indices | +5% | **(30,966)** | (19,269) |
| | | –5% | **31,872** | 23,861 |

---

### 3. 財務風險管理（續）
#### 3.2 信貸風險（續）
##### 3.2.3 減輕風險及控制額度之政策

本集團已就個別借款人或交易對手集團、行業或國家設定框架管理及控制過度集中之風險。根據借款人或交易對手集團、行業或國家之既定風險額度，監察其風險狀況和向信貸委員會定期匯報。

借款人或交易對手集團之最高風險額度是以資本額釐定，而行業之額度則受固定上限規限或與整體信貸組合規模相對應並受監管限額的約束。國家之額度乃參考國際評級機構對主權國之信貸評級而設定。所有設定的額度旨在達至更為平衡的組合。

本集團於適當時，為減低信貸風險，會收取抵押品作為信貸額的擔保。為控制因衍生工具淨盤而產生之交易對手信貸風險，本集團限制其衍生工具交易對手為核准之金融機構，應用已建立之市場慣例於信貸支援及抵押品之結算，減低衍生工具對手之信貸風險。本集團信貸委員會參考個別對手之財務能力及信貸評級，審批個別金融機構之包括其於衍生工具之市值額度信貸總額。認可之抵押品類別及其特性，及各類信貸與資產比率皆設定於信貸政策內。訂立可強制性的法律條款可讓本集團對抵押品、擔保物或其他為增強信貸所提供的保障進行直接、不可撤銷及無條件的索償。

就可無條件取消而不須預先通知之借貸承諾，當借款人的信貸素質轉差，本集團將會評估撤銷信貸額的需要性。據此，此等承諾並不對本集團構成重大信貸風險。

所有信貸決定，無論有否收取抵押品，皆取決於客戶或交易對手的信貸資料、現金流量情況及其還款能力。

### 3. FINANCIAL RISK MANAGEMENT (Continued)
#### 3.2 Credit risk (Continued)
##### 3.2.3 Risk limit control and mitigation policies

The Group has an established framework to manage and control concentration risk with respect to individual borrower or counterparty group, industry or country. Exposure limits by borrower or counterparty group, industry or country are in place and their exposures are monitored and reported to credit committees regularly.

The large exposure limits to borrower or counterparty groups are capital based while the limits for industry are subject to fixed caps or relative to the size of the overall credit portfolio and bounded by regulatory limit. Country limits are also set up with reference to the sovereign credit rating from international credit rating agencies. All these limits aim to achieve a more balanced portfolio.

To mitigate credit risk and where appropriate, the Group will obtain collateral to support the credit facility granted. To control credit risk exposure to counterparty arising from derivative positions, the Group limits its derivative dealings with approved financial institutions, and uses established market practices on credit support and collateral settlement to reduce credit risk exposure to derivative counterparties. Overall credit risk limit for individual financial institution counterparty, including valuation limit for derivatives, is approved by the GCC with reference to the financial strength and credit rating of individual counterparty. The acceptable types of collateral and their characteristics are established within the credit policies, as are the respective margins of finance. Enforceable legal documentation establishes the Groupʼs direct, irrevocable and unconditional recourse to any collateral, security or other credit enhancements provided.

In relation to lending commitments that are unconditionally cancellable without prior notice, the Group would assess the necessity to withdraw the credit line in cases where the credit quality of a borrower deteriorates. Accordingly, these commitments do not expose the Group to significant credit risk.

Irrespective of whether collateral is taken, all credit decisions are based upon the customerʼs or counterpartyʼs credit profile, cashflow position and ability to repay.

---

# 3. 財務風險管理（續） 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險（續） 3.2 Credit risk (Continued)

### 3.2.3 減輕風險及控制額度之政策（續） 3.2.3 Risk limit control and mitigation policies (Continued)

| (甲) 貸款及墊款 | (a) Loans and advances |
| :--- | :--- |
| **本集團對特定類別抵押品能否用作擔保貸款及墊款的可受性提供指引。主要抵押品類別為：** | **The Group has guidelines on the acceptability of specific classes of collateral for securing loans and advances. The principal collateral types are:** |
| • 抵押物業； | - Mortgages over properties; |
| • 政府擔保、銀行擔保及備用信用證； | - Government guarantees, bank guarantees and standby letters of credit; |
| • 抵押金融工具如債務證券和權益； | - Charges over financial instruments such as debt securities and equities; |
| • 抵押存款；及 | - Charges over deposits; and |
| • 保單轉讓。 | - Assignment of insurance policies. |
| 此外，當本集團察覺到與借款人有關之個別貸款及墊款出現減值跡象時，會適當地要求其提供額外抵押品以降低信貸損失。 | In addition, in order to minimise credit loss, the Group will, where possible, seek additional collateral from the borrower as soon as impairment indicators are noticed on relevant individual loans and advances. |
| **(乙) 債務證券** | **(b) Debt securities** |
| 除受金融工具組合或相關資產擔保之資產抵押證券及同類工具外，債務證券及國庫票據普遍為無抵押。 | Debt securities and treasury bills are generally unsecured, with the exception of asset-backed securities and similar instruments, which are secured by portfolios of financial instruments or underlying assets. |

---

# 3. 財務風險管理（續） / 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險（續） / 3.2 Credit risk (Continued)

### 3.2.3 減輕風險及控制額度之政策（續） / 3.2.3 Risk limit control and mitigation policies (Continued)

| Traditional Chinese | English |
| :--- | :--- |
| **（丙）衍生工具** | **(c) Derivatives** |
| 管理衍生工具交易的所有交易對手之信貸風險為管理交易對手之信貸風險控制及監控程序之一部份，包括信貸控制如設定價值風險之獨立限額、每日結算限額及進行定期信貸評估。此外，本集團為了遵循於違約事件或提前終止合約及按照監管規定之標準市場常規淨額平倉安排，要求衍生合約之交易對手簽訂國際掉期及衍生合約協會之協議或類似之主協議。 | All counterparty credit risk for derivatives trading are managed as part of the credit risk control and monitoring process in respect of the counterparty including credit controls such as setting individual limit for valuation risk, daily settlement limits and performing periodic credit assessment. Moreover, the Group requires derivative contract counterparties to enter into International Swaps and Derivatives Association Agreement or analogous master agreement in order to follow the standardised market practice of close-out netting arrangement in the event of default or early termination and in accordance with the regulatory requirements. |
| 本集團亦有與大部份交易對手訂立抵押安排，藉以減低對該等交易對手無抵押衍生產品的風險。 | Collateral arrangements with selected counterparties are also in place to limit our unsecured derivative exposures to these counterparties. |

### 3.2.4 撇銷政策 / 3.2.4 Write off policy

| Traditional Chinese | English |
| :--- | :--- |
| 當本集團已經盡一切實際收回的努力及已得出沒有合理期望可收回的結論後將撇銷全數或部分金融資產。沒有合理期望可收回的指標包括(i)停止執行活動及(ii)如本集團的收回方法為取消抵押品的贖回權而抵押品的價值並沒有合理期望可全面收回。 | The Group writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include (i) ceasing enforcement activity and (ii) where the Group’s recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full. |
| 本集團可撇銷仍在執行的金融資產。截至2025年12月31日止年度，已撇銷的金融資產之未償還合約金額為876,000,000港元（2024年：1,036,000,000港元）。 | The Group may write-off financial assets that are still subject to enforcement activity. The outstanding contractual amounts of such assets written off during the year ended 31 December 2025 was HK$876 million (2024: HK$1,036 million). |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.2 Credit risk (Continued)
## 3.2 信貸風險（續）

### 3.2.5 Maximum exposure to credit risk before collateral held or other credit enhancements
### 3.2.5 未計入持有之抵押品或其他信貸提昇前之最高信貸風險值

The following tables contain analysis of the credit risk exposure of financial instruments. The gross carrying/notional amount of financial assets below also represents the Group’s maximum exposure to credit risk on these assets.

下表包含金融工具的信貸風險之分析。下列金融資產的賬面值／名義金額總額亦列示本集團該等金融資產之最高信貸風險值。

### (1) Financial assets subject to impairment
### (1) 須作減值評估的金融資產

**At 31 December 2025**
**2025年12月31日**

| 以港幣千元位列示 HK$'000 | 賬面值／名義金額 Gross carrying/notional amount - 正常 Pass | 賬面值／名義金額 Gross carrying/notional amount - 特別關注 Special mention | 賬面值／名義金額 Gross carrying/notional amount - 次級或以下 Sub-standard or below | 賬面值／名義金額 Gross carrying/notional amount - 合計 Total | 預期信貸虧損準備 ECL allowance | 淨額 Net |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| 銀行的結餘及存款 Balance and placements with banks | **22,780,314** | **-** | **-** | **22,780,314** | **12,689** | **22,767,625** |
| －階段1 - Stage1 | 22,780,314 | - | - | 22,780,314 | 12,689 | 22,767,625 |
| －階段2 - Stage2 | - | - | - | - | - | - |
| －階段3 - Stage3 | - | - | - | - | - | - |
| 以公平值計量且其變動計入其他全面收益的債務工具 Debt instruments at fair value through other comprehensive income | **43,490,872** | **-** | **-** | **43,490,872** | **54,005** | **43,436,867** |
| －階段1 - Stage1 | 42,946,395 | - | - | 42,946,395 | 51,616 | 42,894,779 |
| －階段2 - Stage2 | 544,477 | - | - | 544,477 | 2,389 | 542,088 |
| －階段3 - Stage3 | - | - | - | - | - | - |
| 以攤餘成本列賬的債務工具 Debt instruments at amortised cost | **34,056,483** | **-** | **-** | **34,056,483** | **47,530** | **34,008,953** |
| －階段1 - Stage1 | 33,189,880 | - | - | 33,189,880 | 41,944 | 33,147,936 |
| －階段2 - Stage2 | 866,603 | - | - | 866,603 | 5,586 | 861,017 |
| －階段3 - Stage3 | - | - | - | - | - | - |
| 客戶貸款及墊款 Loans and advances to customers | **129,291,291** | **6,487,259** | **4,379,684** | **140,158,234** | **2,227,838** | **137,930,396** |
| －階段1 - Stage1 | 116,854,228 | - | - | 116,854,228 | 386,587 | 116,467,641 |
| －階段2 - Stage2 | 12,437,063 | 6,487,259 | - | 18,924,322 | 968,896 | 17,955,426 |
| －階段3 - Stage3 | - | - | 4,379,684 | 4,379,684 | 872,355 | 3,507,329 |
| 貿易票據 Trade bills | **2,350,827** | **-** | **-** | **2,350,827** | **2,431** | **2,348,396** |
| －階段1 - Stage1 | 2,350,540 | - | - | 2,350,540 | 2,430 | 2,348,110 |
| －階段2 - Stage2 | 287 | - | - | 287 | 1 | 286 |
| －階段3 - Stage3 | - | - | - | - | - | - |
| 應計利息及其他賬目 Accrued interest and other accounts | **3,730,547** | **18,148** | **13,139** | **3,761,834** | **19,267** | **3,742,567** |
| －階段1 - Stage1 | 3,684,058 | - | - | 3,684,058 | 10,814 | 3,673,244 |
| －階段2 - Stage2 | 46,489 | 18,148 | - | 64,637 | 2,560 | 62,077 |
| －階段3 - Stage3 | - | - | 13,139 | 13,139 | 5,893 | 7,246 |
| 貸款及其他承擔，及財務擔保 Loan and other commitments, and financial guarantees | **63,531,401** | **12,812** | **96** | **63,544,309** | **65,069** | **63,479,240** |
| －階段1 - Stage1 | 62,681,875 | - | - | 62,681,875 | 62,213 | 62,619,662 |
| －階段2 - Stage2 | 849,526 | 12,812 | - | 862,338 | 2,856 | 859,482 |
| －階段3 - Stage3 | - | - | 96 | 96 | - | 96 |
| **合計 Total** | **299,231,735** | **6,518,219** | **4,392,919** | **310,142,873** | **2,428,829** | **307,714,044** |

For the purpose of this disclosure, notional amount of debt instruments at FVOCI and the associated ECL allowance maintained in investment revaluation reserve are presented.

在披露此財務資料時，已列示以公平值計量且其變動計入其他全面收益的債務工具之名義金額及於投資重估儲備中所包含相關的預期信貸虧損。

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.2 Credit risk (Continued)
## 3.2 信貸風險（續）

### 3.2.5 Maximum exposure to credit risk before collateral held or other credit enhancements (Continued)
### 3.2.5 未計入持有之抵押品或其他信貸提昇前之最高信貸風險值（續）

### (1) Financial assets subject to impairment (Continued)
### (1) 須作減值評估的金融資產（續）

At 31 December 2024
2024年12月31日

以港幣千元位列示 HK$'000

| | | 賬面值／名義金額 Gross carrying/notional amount | 賬面值／名義金額 Gross carrying/notional amount | 賬面值／名義金額 Gross carrying/notional amount | 賬面值／名義金額 Gross carrying/notional amount | 預期信貸虧損準備 ECL allowance | 淨額 Net |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| | | **正常 Pass** | **特別關注 Special mention** | **次級或以下 Sub-standard or below** | **合計 Total** | | |
| **銀行的結餘及存款** | **Balance and placements with banks** | **19,547,209** | **–** | **–** | **19,547,209** | **5,929** | **19,541,280** |
| －階段 1 | – Stage1 | 19,547,209 | – | – | 19,547,209 | 5,929 | 19,541,280 |
| －階段 2 | – Stage2 | – | – | – | – | – | – |
| －階段 3 | – Stage3 | – | – | – | – | – | – |
| **以公平值計量且其變動計入其他全面收益的債務工具** | **Debt instruments at fair value through other comprehensive income** | **44,301,386** | **–** | **77,647** | **44,379,033** | **108,787** | **44,270,246** |
| －階段 1 | – Stage1 | 43,835,507 | – | – | 43,835,507 | 37,825 | 43,797,682 |
| －階段 2 | – Stage2 | 465,879 | – | – | 465,879 | 481 | 465,398 |
| －階段 3 | – Stage3 | – | – | 77,647 | 77,647 | 70,481 | 7,166 |
| **以攤餘成本列賬的債務工具** | **Debt instruments at amortised cost** | **35,554,370** | **–** | **–** | **35,554,370** | **32,002** | **35,522,368** |
| －階段 1 | – Stage1 | 34,941,838 | – | – | 34,941,838 | 31,093 | 34,910,745 |
| －階段 2 | – Stage2 | 612,532 | – | – | 612,532 | 909 | 611,623 |
| －階段 3 | – Stage3 | – | – | – | – | – | – |
| **客戶貸款及墊款** | **Loans and advances to customers** | **131,979,447** | **1,957,155** | **4,437,683** | **138,374,285** | **1,532,345** | **136,841,940** |
| －階段 1 | – Stage1 | 115,077,826 | – | – | 115,077,826 | 385,262 | 114,692,564 |
| －階段 2 | – Stage2 | 16,901,621 | 1,957,155 | – | 18,858,776 | 274,094 | 18,584,682 |
| －階段 3 | – Stage3 | – | – | 4,437,683 | 4,437,683 | 872,989 | 3,564,694 |
| **貿易票據** | **Trade bills** | **1,476,539** | **–** | **–** | **1,476,539** | **1,127** | **1,475,412** |
| －階段 1 | – Stage1 | 1,475,878 | – | – | 1,475,878 | 1,126 | 1,474,752 |
| －階段 2 | – Stage2 | 661 | – | – | 661 | 1 | 660 |
| －階段 3 | – Stage3 | – | – | – | – | – | – |
| **應計利息及其他賬目** | **Accrued interest and other accounts** | **4,641,604** | **24,864** | **86,033** | **4,752,501** | **21,178** | **4,731,323** |
| －階段 1 | – Stage1 | 4,580,755 | – | – | 4,580,755 | 7,719 | 4,573,036 |
| －階段 2 | – Stage2 | 60,849 | 24,864 | – | 85,713 | 906 | 84,807 |
| －階段 3 | – Stage3 | – | – | 86,033 | 86,033 | 12,553 | 73,480 |
| **貸款及其他承擔，及財務擔保** | **Loan and other commitments, and financial guarantees** | **64,180,544** | **10,777** | **1,643** | **64,192,964** | **66,265** | **64,126,699** |
| －階段 1 | – Stage1 | 62,542,143 | – | – | 62,542,143 | 62,287 | 62,479,856 |
| －階段 2 | – Stage2 | 1,638,401 | 10,777 | – | 1,649,178 | 3,978 | 1,645,200 |
| －階段 3 | – Stage3 | – | – | 1,643 | 1,643 | – | 1,643 |
| | | | | | | | |
| **合計** | **Total** | **301,681,099** | **1,992,796** | **4,603,006** | **308,276,901** | **1,767,633** | **306,509,268** |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued) / 3. 財務風險管理（續）

## 3.2 Credit risk (Continued) / 3.2 信貸風險（續）

### 3.2.5 Maximum exposure to credit risk before collateral held or other credit enhancements (Continued) / 3.2.5 未計入持有之抵押品或其他信貸提昇前之最高信貸風險值（續）

#### (1) Financial assets subject to impairment (Continued) / (1) 須作減值評估的金融資產（續）

The credit ratings are broadly categorised as follows:
信貸評級大致分類如下：

**Retail / 零售**

*   **Class 1 “pass”**, which covers loans that are current or within 30 DPD.
    **第1組別「正常」**包含貸款為未逾期或逾期日數在30天內。

*   **Class 2 “special mention”**, which generally covers loans with 31-90 DPD.
    **第2組別「特別關注」**一般包含貸款逾期日數在31至90天。

*   **Class 3 “sub-standard or below”**, which generally covers loans that are more than 90 DPD.
    **第3組別「次級或以下」**一般包含貸款逾期日數超過90天。

**Corporate / 企業**

During the year, the Group’s internal loan grading system was revised from a 13-grade scale to a 19-grade scale.
年內，本集團的內部貸款評級系統已由13級制修訂為19級制。

*   **Class 1 “pass”**, which covers Grade 1 to 16 of the Group’s internal loan grading system, represents loans for which borrowers are current in meeting commitments and for which the full repayment of interest and principal is not in doubt.
    **第1組別「正常」**包含本集團內部貸款評級系統中之第1至第16級，代表借款人現時如期償付及對其可全數付還利息和貸款本金之能力並不置疑。

*   **Class 2 “special mention”**, which covers Grade 17 to 18 of the Group’s internal loan grading system, represents loans with which borrowers are experiencing difficulties and which may lead to credit losses to the Group if the deterioration in loan quality cannot be contained.
    **第2組別「特別關注」**包含本集團內部貸款評級系統中之第17至18級，代表借款人正陷於困境，及倘不能遏制其貸款素質惡化，則可能令本集團招致信貸損失。

*   **Class 3 “sub-standard or below”**, which covers Grade 19A to 19C of the Group’s internal loan grading system, represents loans in which borrowers are displaying a definable weakness that is likely to jeopardise repayment; or collection in full is improbable and the Group expects to sustain a loss of principal and/or interest; or loans that are considered uncollectible after all collection options have been exhausted.
    **第3組別「次級或以下」**包含本集團內部貸款評級系統中之第19A至第19C級，代表借款人正展露明顯能危及付還之困難，或不可能全數收回且本集團預期須承受本金及／或利息損失之貸款，又或許該貸款經耗盡所有追收方案後被確認為無法收回。

---

# 3. 財務風險管理 (續) FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續) Credit risk (Continued)

### 3.2.5 未計入持有之抵押品或其他信貸提昇前之最高信貸風險值 (續) Maximum exposure to credit risk before collateral held or other credit enhancements (Continued)

#### (1) 須作減值評估的金融資產 (續) Financial assets subject to impairment (Continued)

**財資 Treasury**

第1組別「正常」包含內部信貸評級為BB-或以上之交易對手的風險。
Class 1 “pass”, which covers exposures to counterparties with internal credit rating of BB- or above.

第2組別「特別關注」包含內部信貸評級為B+至B-之交易對手的風險。
Class 2 “special mention”, which covers exposures to counterparties with internal credit rating of B+ to B-.

第3組別「次級或以下」包含內部信貸評級為CCC+或以下之交易對手的風險。
Class 3 “sub-standard or below”, which covers exposures to counterparties with internal credit rating of CCC+ or below.

#### (2) 毋須作減值的金融資產 Financial assets not subject to impairment

| 以港幣千元位列示 HK$'000 | 賬面值 Gross carrying amount 2025 | 賬面值 Gross carrying amount 2024 |
| :--- | :---: | :---: |
| **持作交易用途的資產 Trading assets** | | |
| －債務證券 – Debt securities | **2,093,825** | 2,006,353 |
| －衍生工具 – Derivatives | **1,266,832** | 1,800,047 |
| **對沖衍生工具 Hedging derivatives** | **1,256,789** | 2,283,684 |
| **以公平值計量且其變動計入損益的金融資產 Financial assets at fair value through profit or loss** | | |
| －債務證券 – Debt securities | **42,104** | – |
| －投資基金 – Investment funds | **4,585** | 4,272 |
| －權益性證券 – Equities securities | **60** | – |

---

# 3. 財務風險管理 (續) 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續) 3.2 Credit risk (Continued)

### 3.2.5 未計入持有之抵押品或其他信貸提昇前之最高信貸風險值 (續) 3.2.5 Maximum exposure to credit risk before collateral held or other credit enhancements (Continued)

本集團之信貸表現可參考下列所述作進一步評估：
The results of credit performance of the Group can be further assessed with reference to the following:

- 組合中之最大分類之按揭貸款乃有抵押品之借貸；
  Mortgage loans, which represent the biggest group in the portfolio, are backed by collateral;

- 信貸減值之客戶貸款及墊款佔客戶貸款及墊款總額的 3.12% (2024 年：3.21%)；及
  Loans and advances to customers that are credit-impaired constituted 3.12% (2024: 3.21%) of the total loans and advances to customers; and

- 債務證券及其他庫券投資中 84% (2024 年：80%) 最少達 A- 信貸級別。
  84% (2024: 80%) of the investments in debt securities and other bills have at least an A- credit rating.

### 3.2.6 貸款及墊款 3.2.6 Loans and advances

客戶貸款及墊款概述如下：
Loans and advances to customers are summarised as follows:

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 貸款及墊款總額 | Gross loans and advances | **140,158,234** | 138,374,285 |
| 扣除：減值準備總額 | Less: total impairment allowances | **(2,227,838)** | (1,532,345) |
| 淨額 | Net | **137,930,396** | 136,841,940 |
| | | | |
| 信貸減值之貸款及墊款 | Credit-impaired loans and advances | **4,379,684** | 4,437,683 |
| 扣除：階段 3 減值準備 | Less: Stage 3 impairment allowances | **(872,355)** | (872,989) |
| 淨額 | Net | **3,507,329** | 3,564,694 |
| | | | |
| 持有抵押品公平值* | Fair value of collateral held* | **3,322,617** | 3,620,776 |
| | | | |
| 信貸減值貸款及墊款佔客戶貸款及墊款總額百分比 | Credit-impaired loans and advances as a% of total loans and advances to customers | **3.12%** | 3.21% |

\* 抵押品公平值乃根據抵押品市值及貸款未償還結餘，兩者中較低值釐定。
\* Fair value of collateral is determined at the lower of the market value of collateral and outstanding loan balance.

---

# 3. 財務風險管理 (續) FINANCIAL RISK MANAGEMENT (Continued)
## 3.2 信貸風險 (續) Credit risk (Continued)
### 3.2.6 貸款及墊款 (續) Loans and advances (Continued)

下表列示3種主要內部評級組別之減值準備分別佔貸款及墊款之百分比。
The table below shows the percentage of impairment allowance as a percentage of loans and advances for each of the three broad internal rating classes.

| | 2025 | 2025 | 2024 | 2024 |
| :--- | :---: | :---: | :---: | :---: |
| | | **減值準備佔貸款餘額百分比** | | **減值準備佔貸款餘額百分比** |
| | **貸款及墊款百分比** | **Impairment allowance as a% of loan balance** | **貸款及墊款百分比** | **Impairment allowance as a% of loan balance** |
| **組別 Class** | **Loans and advances %** | **%** | **Loans and advances %** | **%** |
| 1－正常 1-pass | 92.3 | 0.4 | 95.4 | 0.4 |
| 2－特別關注 2-special mention | 4.6 | 12.7 | 1.4 | 6.8 |
| 3－次級或以下 3-sub-standard or below | 3.1 | 19.9 | 3.2 | 19.7 |
| | **100.0** | **1.6** | **100.0** | **1.1** |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.2 Credit risk (Continued)
## 3.2 信貸風險（續）

### 3.2.6 Loans and advances (Continued)
### 3.2.6 貸款及墊款（續）

#### (a) Loans and advances to customers that are credit-impaired under HKFRS 9
#### (a) （甲）按香港財務報告準則第9號作信貸減值之客戶貸款及墊款

The analysis of the gross amount of credit-impaired loans and advances by class, along with the fair value of the related collateral held by the Group as security, is as follows:
信貸減值貸款及墊款之總額及本集團所持作擔保之相關抵押品公平值按類別分析如下：

| 2025年12月31日<br>以港幣千元位列示 / At 31 December 2025 HK$'000 | 風險總額<br>Gross exposure | 減值準備<br>Impairment allowance | 淨賬面值<br>Net carrying amount | 持有抵押品公平值<br>Fair value of collateral held |
| :--- | :---: | :---: | :---: | :---: |
| 信貸減值之貸款 / Credit-impaired loans | | | | |
| 個人貸款： / Loans to individual: | | | | |
| －信用卡 / – Credit cards | **19,461** | **16,880** | **2,581** | **–** |
| －按揭貸款 / – Mortgages | **416,444** | **89,899** | **326,545** | **373,567** |
| －其他 / – Others | **455,876** | **162,224** | **293,652** | **40,172** |
| 企業貸款： / Loans to corporate entities: | | | | |
| －有期貸款 / – Term loans | **3,029,640** | **502,558** | **2,527,082** | **2,536,988** |
| －按揭貸款 / – Mortgages | **145,802** | **6,537** | **139,265** | **141,106** |
| －貿易融資 / – Trade finance | **113,459** | **26,795** | **86,664** | **82,018** |
| －其他 / – Others | **199,002** | **67,462** | **131,540** | **148,766** |
| 信貸減值之貸款總額 / Total credit-impaired loans | **4,379,684** | **872,355** | **3,507,329** | **3,322,617** |

| 2024年12月31日<br>以港幣千元位列示 / At 31 December 2024 HK$'000 | 風險總額<br>Gross exposure | 減值準備<br>Impairment allowance | 淨賬面值<br>Net carrying amount | 持有抵押品公平值<br>Fair value of collateral held |
| :--- | :---: | :---: | :---: | :---: |
| 信貸減值之貸款 / Credit-impaired loans | | | | |
| 個人貸款： / Loans to individual: | | | | |
| －信用卡 / – Credit cards | 15,277 | 13,196 | 2,081 | – |
| －按揭貸款 / – Mortgages | 450,745 | 130,758 | 319,987 | 395,854 |
| －其他 / – Others | 427,012 | 150,908 | 276,104 | 40,771 |
| 企業貸款： / Loans to corporate entities: | | | | |
| －有期貸款 / – Term loans | 3,081,262 | 463,470 | 2,617,792 | 2,788,685 |
| －按揭貸款 / – Mortgages | 177,945 | 10,184 | 167,761 | 175,788 |
| －貿易融資 / – Trade finance | 157,439 | 33,944 | 123,495 | 117,308 |
| －其他 / – Others | 128,003 | 70,529 | 57,474 | 102,370 |
| 信貸減值之貸款總額 / Total credit-impaired loans | 4,437,683 | 872,989 | 3,564,694 | 3,620,776 |

---

# 3. 財務風險管理 (續) FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續) Credit risk (Continued)

### 3.2.6 貸款及墊款 (續) Loans and advances (Continued)

#### (乙) 逾期3個月以上之貸款及墊款 (b) Loans and advances overdue for more than 3 months

##### (i) 逾期未償還貸款總額 (i) Gross amount of overdue loans

| 以港幣千元位列示 HK$'000 | | 2025 逾期未償還 貸款總額 Gross amount of overdue loans | 2025 佔總額 百分比 % of total | 2024 逾期未償還 貸款總額 Gross amount of overdue loans | 2024 佔總額 百分比 % of total |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 未償還客戶貸款及 墊款總額，逾期： | Gross loans and advances to customers which have been overdue for: | | | | |
| －3個月以上至6個月 | – six months or less but over three months | **305,434** | **0.22** | 2,104,322 | 1.52 |
| －6個月以上至1年 | – one year or less but over six months | **352,945** | **0.25** | 778,884 | 0.56 |
| －1年以上 | – over one year | **2,760,114** | **1.97** | 926,024 | 0.67 |
| | | **3,418,493** | **2.44** | 3,809,230 | 2.75 |

---

# 3. 財務風險管理（續） / 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險（續） / 3.2 Credit risk (Continued)

### 3.2.6 貸款及墊款（續） / 3.2.6 Loans and advances (Continued)

#### （乙）逾期3個月以上之貸款及墊款（續） / (b) Loans and advances overdue for more than 3 months (Continued)

##### (ii) 逾期未償還貸款及墊款之減值準備及所持抵押品值 / (ii) Value of collateral held and impairment allowances against overdue loans and advances

| 2025年12月31日 以港幣千元位列示 At 31 December 2025 HK$'000 | 貸款及墊款未償還數額 Outstanding amount of loans and advances | 抵押品現市值 Current market value of collateral | 抵押品所承擔部份 Portion covered by collateral | 抵押品未能承擔部份 Portion not covered by collateral | 階段3減值準備 Stage 3 impairment allowances |
| :--- | :---: | :---: | :---: | :---: | :---: |
| 逾期未償還客戶貸款及墊款 Overdue loans and advances to customers | 3,418,493 | 3,887,684 | 3,015,122 | 403,371 | 637,862 |

| 2024年12月31日 以港幣千元位列示 At 31 December 2024 HK$'000 | 貸款及墊款未償還數額 Outstanding amount of loans and advances | 抵押品現市值 Current market value of collateral | 抵押品所承擔部份 Portion covered by collateral | 抵押品未能承擔部份 Portion not covered by collateral | 階段3減值準備 Stage 3 impairment allowances |
| :--- | :---: | :---: | :---: | :---: | :---: |
| 逾期未償還客戶貸款及墊款 Overdue loans and advances to customers | 3,809,230 | 4,773,407 | 3,253,094 | 556,136 | 694,499 |

持有之抵押品主要為抵押存款、按揭物業及抵押其他固定資產如設備。
Collateral held mainly represented pledged deposits, mortgages over properties and charges over other fixed assets such as equipment.

---

# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續)
## 3.2 Credit risk (Continued)

### 3.2.6 貸款及墊款 (續)
### 3.2.6 Loans and advances (Continued)

#### （丙）經重組貸款 (已扣除包括在上述之逾期貸款)
#### (c) Rescheduled advances net of amounts included in overdue loans and advances shown above

| 以港幣千元位列示 | HK$'000 | 2025 | 佔總額百分比 % of total | 2024 | 佔總額百分比 % of total |
| :--- | :--- | :---: | :---: | :---: | :---: |
| 客戶貸款及墊款 | Loans and advances to customers | 440,101 | 0.31 | 360,912 | 0.26 |
| 階段3減值準備 | Stage 3 impairment allowances | 152,456 | | 116,075 | |

### 3.2.7 貿易票據
### 3.2.7 Trade bills

於2025年及2024年12月31日，並無逾期超過3個月的貿易票據結餘。
As at 31 December 2025 and 2024, there were no balance of trade bills that were overdue for more than 3 months.

### 3.2.8 收回抵押品
### 3.2.8 Repossessed collateral

於年末持有之收回抵押品如下：
Repossessed collateral held at the year-end is as follows:

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :---: | :---: |
| **資產性質** | **Nature of assets** | | |
| 收回物業 | Repossessed properties | 626,518 | 426,280 |
| 其他 | Others | 2,235 | 1,440 |
| | | **628,753** | **427,720** |

收回抵押品按可行情況盡快出售，實收款項用以減低有關之借款人未償還債務。
Repossessed collaterals are sold as soon as practicable with the proceeds used to reduce the outstanding indebtedness of the borrowers concerned.

---

# 3. 財務風險管理 (續) 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續) 3.2 Credit risk (Continued)

### 3.2.9 虧損準備 3.2.9 Loss allowance

下表提供按香港財務報告準則第9號本集團按階段之客戶貸款及墊款、貸款承擔及財務擔保之預期信貸虧損準備的對賬。

The tables below provide a reconciliation of the Group’s ECL allowances for loans and advances to customers, loan commitments and financial guarantees by stage under HKFRS 9.

### 零售 Retail

| 以港幣千元位列示 HK$'000 | 階段1 預期信貸虧損準備 Stage 1 ECL allowance | 階段2 預期信貸虧損準備 Stage 2 ECL allowance | 階段3 預期信貸虧損準備 Stage 3 ECL allowance | 合計 預期信貸虧損準備 Total ECL allowance |
| :--- | :---: | :---: | :---: | :---: |
| **2025年1月1日 At 1 January 2025** | **302,090** | **84,732** | **294,862** | **681,684** |
| 轉移： Transfers: | | | | |
| 轉移至階段1 Transfer to Stage 1 | 17,543 | (12,454) | (5,089) | – |
| 轉移至階段2 Transfer to Stage 2 | (5,409) | 22,848 | (17,439) | – |
| 轉移至階段3 Transfer to Stage 3 | (32,208) | (33,706) | 65,914 | – |
| 由階段轉移及準備變動所產生之影響 Effect of stage transfers and changes in allowance | (10,557) | 8,045 | 479,886 | 477,374 |
| 期內新源生、購入或撤銷確認之金融資產 New financial assets originated, purchased or derecognised during the period | 72,220 | 28,271 | (37,244) | 63,247 |
| 違約或然率／違約損失率／違約風險承擔／前瞻性的假設之變動 Changes in PDs/LGDs/EADs/forward-looking assumptions | (10,383) | 681 | 50,477 | 40,775 |
| 解除貼現 Unwind of discount | 146 | 224 | 91 | 461 |
| 撇銷 Write-offs | – | – | (562,578) | (562,578) |
| 外匯及其他變動 Foreign exchange and other movements | 157 | 106 | 125 | 388 |
| **2025年12月31日 At 31 December 2025** | **333,599** | **98,747** | **269,005** | **701,351** |
| | | | | |
| 2024年1月1日 At 1 January 2024 | 278,598 | 76,739 | 190,461 | 545,798 |
| 轉移： Transfers: | | | | |
| 轉移至階段1 Transfer to Stage 1 | 18,118 | (11,048) | (7,070) | – |
| 轉移至階段2 Transfer to Stage 2 | (5,247) | 15,286 | (10,039) | – |
| 轉移至階段3 Transfer to Stage 3 | (30,137) | (30,402) | 60,539 | – |
| 由階段轉移及準備變動所產生之影響 Effect of stage transfers and changes in allowance | (10,817) | 10,783 | 482,928 | 482,894 |
| 期內新源生、購入或撤銷確認之金融資產 New financial assets originated, purchased or derecognised during the period | 71,642 | 16,279 | (20,650) | 67,271 |
| 違約或然率／違約損失率／違約風險承擔／前瞻性的假設之變動 Changes in PDs/LGDs/EADs/forward-looking assumptions | (20,843) | 6,508 | 102,853 | 88,518 |
| 解除貼現 Unwind of discount | 833 | 643 | 169 | 1,645 |
| 撇銷 Write-offs | – | – | (504,302) | (504,302) |
| 外匯及其他變動 Foreign exchange and other movements | (57) | (56) | (27) | (140) |
| 2024年12月31日 At 31 December 2024 | 302,090 | 84,732 | 294,862 | 681,684 |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 Credit risk (Continued)

### 3.2.9 Loss allowance (Continued)

### Corporate

| 以港幣千元位列示 HK$'000 | 階段1 預期信貸 虧損準備 Stage 1 ECL allowance | 階段2 預期信貸 虧損準備 Stage 2 ECL allowance | 階段3 預期信貸 虧損準備 Stage 3 ECL allowance | 源生信貸 減值預期信貸 虧損準備 Originated Credit Impaired ECL allowance | 合計 預期信貸 虧損準備 Total ECL allowance |
| :--- | :---: | :---: | :---: | :---: | :---: |
| **2025年1月1日 At 1 January 2025** | **145,459** | **193,340** | **578,127** | **–** | **916,926** |
| | | | | | |
| 轉移： Transfers: | | | | | |
| 轉移至階段1 Transfer to Stage 1 | **16,023** | **(14,383)** | **(1,640)** | **–** | **–** |
| 轉移至階段2 Transfer to Stage 2 | **(22,699)** | **22,699** | **–** | **–** | **–** |
| 轉移至階段3 Transfer to Stage 3 | **(3,496)** | **(32,532)** | **36,028** | **–** | **–** |
| 由階段轉移及準備變動所產生之影響 Effect of stage transfers and changes in allowance | **(6,666)** | **28,980** | **216,536** | **–** | **238,850** |
| 期內新源生、購入或撤銷確認之金融資產 New financial assets originated, purchased or derecognised during the period | **17,917** | **213,878** | **(56,269)** | **3,358** | **178,884** |
| 違約或然率／違約損失率／違約風險承擔／前瞻性的假設之變動 Changes in PDs/LGDs/EADs/forward-looking assumptions | **(32,973)** | **457,953** | **444,647** | **–** | **869,627** |
| 解除貼現 Unwind of discount | **351** | **2,875** | **532** | **–** | **3,758** |
| 撇銷 Write-offs | **–** | **–** | **(618,036)** | **–** | **(618,036)** |
| 外匯及其他變動 Foreign exchange and other movements | **565** | **195** | **67** | **–** | **827** |
| | | | | | |
| **2025年12月31日 At 31 December 2025** | **114,481** | **873,005** | **599,992** | **3,358** | **1,590,836** |
| | | | | | |
| 2024年1月1日 At 1 January 2024 | 151,608 | 189,374 | 294,794 | – | 635,776 |
| | | | | | |
| 轉移： Transfers: | | | | | |
| 轉移至階段1 Transfer to Stage 1 | 12,214 | (5,229) | (6,985) | – | – |
| 轉移至階段2 Transfer to Stage 2 | (17,824) | 17,824 | – | – | – |
| 轉移至階段3 Transfer to Stage 3 | (3,872) | (104,413) | 108,285 | – | – |
| 由階段轉移及準備變動所產生之影響 Effect of stage transfers and changes in allowance | (2,827) | 24,688 | 364,745 | – | 386,606 |
| 期內新源生、購入或撤銷確認之金融資產 New financial assets originated, purchased or derecognised during the period | 7,368 | 5,231 | (24,144) | – | (11,545) |
| 違約或然率／違約損失率／違約風險承擔／前瞻性的假設之變動 Changes in PDs/LGDs/EADs/forward-looking assumptions | (894) | 64,935 | 768,345 | – | 832,386 |
| 解除貼現 Unwind of discount | 128 | 1,420 | 1,430 | – | 2,978 |
| 撇銷 Write-offs | – | – | (928,217) | – | (928,217) |
| 外匯及其他變動 Foreign exchange and other movements | (442) | (490) | (126) | – | (1,058) |
| | | | | | |
| 2024年12月31日 At 31 December 2024 | 145,459 | 193,340 | 578,127 | – | 916,926 |

---

# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續)
## 3.2 Credit risk (Continued)

### 3.2.9 虧損準備 (續)
### 3.2.9 Loss allowance (Continued)

下表提供按香港財務報告準則第9號本集團按階段之風險總額 (就客戶貸款或墊款之賬面值總額及貸款承擔及財務擔保的名義金額) 的對賬。

The tables below provide a reconciliation of the Group's gross exposure (in terms of the aggregate of carrying amount of loans and advances to customers and notional amount of loan commitments and financial guarantees) by stage under HKFRS 9.

### 零售
### Retail

以港幣千元位列示 HK$'000 | 階段1 風險總額 Stage 1 Gross exposure | 階段2 風險總額 Stage 2 Gross exposure | 階段3 風險總額 Stage 3 Gross exposure | 合計 風險總額 Total Gross exposure
---|---|---|---|---
**2025年1月1日 At 1 January 2025** | **105,035,311** | **904,024** | **893,135** | **106,832,470**
轉移： Transfers: | | | | 
轉移至階段1 Transfer to Stage 1 | **219,779** | **(200,704)** | **(19,075)** | **–**
轉移至階段2 Transfer to Stage 2 | **(414,841)** | **455,497** | **(40,656)** | **–**
轉移至階段3 Transfer to Stage 3 | **(648,020)** | **(190,973)** | **838,993** | **–**
初始確認、終止確認、進一步貸款及還款 Origination, derecognition, further lending and repayment | **5,089,418** | **(80,989)** | **(214,084)** | **4,794,345**
撇銷 Write-offs | **–** | **–** | **(562,578)** | **(562,578)**
外匯及其他變動 Foreign exchange and other movements | **80,997** | **785** | **269** | **82,051**
**2025年12月31日 At 31 December 2025** | **109,362,644** | **887,640** | **896,004** | **111,146,288**
| | | | 
2024年1月1日 At 1 January 2024 | 107,967,360 | 832,049 | 645,134 | 109,444,543
轉移： Transfers: | | | | 
轉移至階段1 Transfer to Stage 1 | 203,553 | (181,955) | (21,598) | –
轉移至階段2 Transfer to Stage 2 | (528,991) | 550,985 | (21,994) | –
轉移至階段3 Transfer to Stage 3 | (740,341) | (186,450) | 926,791 | –
初始確認、終止確認、進一步貸款及還款 Origination, derecognition, further lending and repayment | (1,819,358) | (109,880) | (130,746) | (2,059,984)
撇銷 Write-offs | – | – | (504,302) | (504,302)
外匯及其他變動 Foreign exchange and other movements | (46,912) | (725) | (150) | (47,787)
2024年12月31日 At 31 December 2024 | 105,035,311 | 904,024 | 893,135 | 106,832,470

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.2 Credit risk (Continued)
## 3.2 信貸風險（續）

### 3.2.9 Loss allowance (Continued)
### 3.2.9 虧損準備（續）

### Corporate
### 企業

| 以港幣千元位列示 HK$'000 | 階段1 風險總額 Stage 1 Gross exposure | 階段2 風險總額 Stage 2 Gross exposure | 階段3 風險總額 Stage 3 Gross exposure | 源生信貸 減值風險總額 Originated Credit Impaired Gross exposure | 合計 風險總額 Total Gross exposure |
| :--- | :---: | :---: | :---: | :---: | :---: |
| **2025年1月1日 At 1 January 2025** | **72,584,658** | **19,603,930** | **3,546,191** | **–** | **95,734,779** |
| 轉移： Transfers: | | | | | |
| 轉移至階段1 Transfer to Stage 1 | 3,183,750 | (3,177,519) | (6,231) | – | – |
| 轉移至階段2 Transfer to Stage 2 | (7,157,922) | 7,157,922 | – | – | – |
| 轉移至階段3 Transfer to Stage 3 | (382,470) | (654,684) | 1,037,154 | – | – |
| 初始確認、終止確認、進一步貸款及還款 Origination, derecognition, further lending and repayment | 1,672,699 | (4,037,326) | (504,677) | 29,216 | (2,840,088) |
| 撇銷 Write-offs | – | – | (618,036) | – | (618,036) |
| 外匯及其他變動 Foreign exchange and other movements | 72,744 | 6,697 | 159 | – | 79,600 |
| **2025年12月31日 At 31 December 2025** | **69,973,459** | **18,899,020** | **3,454,560** | **29,216** | **92,356,255** |
| | | | | | |
| 2024年1月1日 At 1 January 2024 | 87,630,967 | 12,612,026 | 2,134,427 | – | 102,377,420 |
| 轉移： Transfers: | | | | | |
| 轉移至階段1 Transfer to Stage 1 | 1,215,765 | (1,189,909) | (25,856) | – | – |
| 轉移至階段2 Transfer to Stage 2 | (9,691,634) | 9,691,634 | – | – | – |
| 轉移至階段3 Transfer to Stage 3 | (2,170,998) | (748,927) | 2,919,925 | – | – |
| 初始確認、終止確認、進一步貸款及還款 Origination, derecognition, further lending and repayment | (4,333,925) | (752,931) | (553,951) | – | (5,640,807) |
| 撇銷 Write-offs | – | – | (928,217) | – | (928,217) |
| 外匯及其他變動 Foreign exchange and other movements | (65,517) | (7,963) | (137) | – | (73,617) |
| 2024年12月31日 At 31 December 2024 | 72,584,658 | 19,603,930 | 3,546,191 | – | 95,734,779 |

財資組合包括現金及在銀行的結餘及以攤餘成本列賬或以公平值計量且其變動計入其他全面收益的債務工具，其中以以攤餘成本列賬的債務工具總值229,654,000港元由階段1轉移至階段2，預計信貸虧損因階段轉移相應由於2024年12月31日的208,000港元增加至於2025年12月31日的2,094,000港元（2024：賬面值612,532,000港元由階段1轉移至階段2，預計信貸虧損因階段轉移相應由353,000港元增加至909,000港元）；以公平值計量且其變動計入其他全面收益的債務工具總值77,449,000港元由階段1轉移至階段2，預計信貸虧損因階段轉移相應由於2024年12月31日的74,000港元增加至於2025年12月31日的706,000港元（2024年：總值465,879,000港元由階段1轉移至階段2，預計信貸虧損因階段轉移相應由253,000港元增加至481,000港元）。

Treasury portfolio consists of cash and balances with banks and debt instruments at amortised cost or fair value through other comprehensive income. Of which, debt instruments at amortised cost with carrying amount of HK$229,654,000 was transferred from Stage 1 to Stage 2 with an increase in ECL allowance from HK$208,000 as at 31 December 2024 to HK$2,094,000 as at 31 December 2025 (2024: carrying amount of HK$612,532,000 was transferred from Stage 1 to Stage 2 with an increase in ECL allowance from HK$353,000 to HK$909,000); debt instruments at fair value through other comprehensive income with notional amount of HK$77,449,000 was transferred from Stage 1 to Stage 2 with an increase in ECL allowance from HK$74,000 as at 31 December 2024 to HK$706,000 as at 31 December 2025 (2024: notional amount of HK$465,879,000 was transferred from Stage 1 to Stage 2 with an increase in ECL allowance from HK$253,000 to HK$481,000) due to stage transition.

---

# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.2 信貸風險 (續)
## 3.2 Credit risk (Continued)

### 3.2.10 債務證券
### 3.2.10 Debt securities

下表列示於2025年及2024年12月31日按評級機構指定之評級分析之債務證券。

The table below presents an analysis of debt securities by rating agency designation at 31 December 2025 and 2024.

| 2025年12月31日 以港幣千元位列示 | At 31 December 2025 HK$'000 | 持作交易用途資產及以公平值計量且其變動計入損益的金融資產 Trading assets and financial assets at fair value through profit or loss | 以公平值計量且其變動計入其他全面收益的金融資產 Financial assets at fair value through other comprehensive income | 以攤餘成本列賬的金融資產 Financial assets at amortised cost | 合計 Total |
| :--- | :--- | :---: | :---: | :---: | :---: |
| AAA | AAA | - | **3,640,358** | - | **3,640,358** |
| AA-至AA+ | AA- to AA+ | **2,093,825** | **18,063,676** | **9,433,453** | **29,590,954** |
| A-至A+ | A- to A+ | - | **17,368,624** | **16,038,422** | **33,407,046** |
| 有評級但低於A- | Rated but lower than A- | - | **3,354,700** | **3,630,585** | **6,985,285** |
| 未有評級 | Unrated | **42,104** | **906,770** | **4,954,023** | **5,902,897** |
| 合計 | Total | **2,135,929** | **43,334,128** | **34,056,483** | **79,526,540** |

<br>

| 2024年12月31日 以港幣千元位列示 | At 31 December 2024 HK$'000 | 持作交易用途資產 Trading assets | 以公平值計量且其變動計入其他全面收益的金融資產 Financial assets at fair value through other comprehensive income | 以攤餘成本列賬的金融資產 Financial assets at amortised cost | 合計 Total |
| :--- | :--- | :---: | :---: | :---: | :---: |
| AAA | AAA | - | 2,082,760 | 237,774 | 2,320,534 |
| AA-至AA+ | AA- to AA+ | 2,006,353 | 17,923,964 | 8,605,427 | 28,535,744 |
| A-至A+ | A- to A+ | - | 17,886,015 | 15,798,254 | 33,684,269 |
| 有評級但低於A- | Rated but lower than A- | - | 4,254,381 | 4,253,190 | 8,507,571 |
| 未有評級 | Unrated | - | 1,056,984 | 6,659,725 | 7,716,709 |
| 合計 | Total | 2,006,353 | 43,204,104 | 35,554,370 | 80,764,827 |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理 (續)

## 3.2 Credit risk (Continued)
## 3.2 信貸風險 (續)

### 3.2.11 Concentration of risks of financial assets with credit risk exposure
### 3.2.11 附帶有信貸風險之金融資產之風險集中程度

#### (a) Geographical sectors
#### (甲) 區域

Loans and advances to customers by geographical area are classified according to the location of the borrowers after taking into account the transfer of risk. In general, risk transfer applies when an advance is guaranteed by a party located in an area which is different from that of the borrower.

客戶貸款及墊款之區域分析乃根據已考慮風險轉移後之借款人所在地分類。一般而言，當貸款的擔保方處於與借款人不同之區域時，風險將被轉移。

The following table analyses gross loans and advances to customers by geographical area.

下表為客戶貸款及墊款總額按區域分析。

| 以港幣千元位列示 | HK$'000 | **2025年**<br>**12月31日**<br>**At**<br>**31 Dec 2025** | 2024年<br>12月31日<br>At<br>31 Dec 2024 |
| :--- | :--- | :---: | :---: |
| 客戶貸款及墊款總額 | Gross loans and advances to customers | | |
| －香港 | － Hong Kong | **108,438,283** | 108,718,160 |
| －中國內地 | － Chinese Mainland | **16,983,157** | 13,729,341 |
| －澳門 | － Macau | **12,012,614** | 13,527,103 |
| －其他 | － Others | **2,724,180** | 2,399,681 |
| | | **140,158,234** | 138,374,285 |

---

### 3. 財務風險管理（續） 
### 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.2 信貸風險（續） 
### 3.2 Credit risk (Continued)

### 3.2.11 附帶有信貸風險之金融資產之風險集中程度（續） 
### 3.2.11 Concentration of risks of financial assets with credit risk exposure (Continued)

### （乙） 行業 
### (b) Industry sectors

客戶貸款及墊款總額－按行業及貸款用途分類  
Gross loans and advances to customers by industry sector classified according to the usage of loans

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :---: | :---: |
| **在香港使用的貸款** | **Loans for use in Hong Kong** | | |
| 工商金融 | Industrial, commercial and financial | | |
| －物業發展 | – Property development | **5,741,066** | 6,425,975 |
| －物業投資 | – Property investment | **21,258,210** | 23,066,021 |
| －金融企業 | – Financial concerns | **6,617,174** | 5,154,554 |
| －股票經紀 | – Stockbrokers | **713,378** | 1,441,956 |
| －批發與零售業 | – Wholesale and retail trade | **3,556,059** | 4,298,542 |
| －製造業 | – Manufacturing | **1,380,031** | 1,400,285 |
| －運輸及運輸設備 | – Transport and transport equipment | **2,344,458** | 2,883,028 |
| －康樂活動 | – Recreational activities | **10,837** | 48,882 |
| －資訊科技 | – Information technology | **648,907** | 48,392 |
| －其他 | – Others | **5,898,147** | 5,665,507 |
| | | **48,168,267** | 50,433,142 |
| | | | |
| 個人 | Individuals | | |
| －購買「居者有其屋計劃」、<br>「私人參建居屋計劃」及<br>「租者置其屋計劃」樓宇貸款 | – Loans for the purchase of flats in Home Ownership<br>Scheme, Private Sector Participation Scheme and<br>Tenants Purchase Scheme | **288,885** | 414,186 |
| －購買其他住宅物業貸款 | – Loans for the purchase of other residential properties | **32,583,511** | 33,561,360 |
| －信用卡貸款 | – Credit card advances | **3,683,218** | 3,645,014 |
| －其他 | – Others | **18,161,622** | 13,998,682 |
| | | **54,717,236** | 51,619,242 |
| | | | |
| 在香港使用的貸款 | Loans for use in Hong Kong | **102,885,503** | 102,052,384 |
| 貿易融資（註(1)） | Trade finance (Note (1)) | **4,662,539** | 4,902,455 |
| 在香港以外使用的貸款（註(2)） | Loans for use outside Hong Kong (Note (2)) | **32,610,192** | 31,419,446 |
| | | **140,158,234** | 138,374,285 |

**註：**  
(1) 上述列示之貿易融資為參考香港金管局發出之相關指引而分類為香港進口、出口和轉口的融資，以及商品貿易融資等之貸款。  
(2) 「在香港以外使用的貸款」包括授予香港客戶但在香港以外使用之貸款。

**Note:**  
(1) Trade finance shown above represents loans covering finance of imports to Hong Kong, exports and re-exports from Hong Kong and merchandising trade classified with reference to the relevant guidelines issued by the HKMA.  
(2) Loans for use outside Hong Kong include loans extended to customers located in Hong Kong with the finance used outside Hong Kong.

---

# 3. 財務風險管理 (續)

## 3.3 市場風險

市場風險乃指由市場上利率及價格不利變化而引致對資產、負債及資產負債表外持倉之虧損風險。

各類交易之市場風險均由董事會、風險管理及合規委員會及財資及投資風險委員會按董事會授予之權力所核准之各項風險限額及指引內處理。風險限額按組合層面以及各產品及不同風險類別設定。該等限額綜合包含了名義金額、止蝕限額、敏感度及運用風險值（「風險值」）之監控。所有涉及市場風險的交易持倉需要每日按市值入賬。集團風險部之風險管理及監控部（「風險管理及監控部」）乃一個獨立之風險管理及控制部門，負責比較風險和已審批限額，以識別、計量、監控及管理該等風險及提議具體行動去確保持倉被限制在可接受水平內。任何不符合限額情況均須依據有關政策及程序經合適管理層－財資及投資風險委員會，風險管理及合規委員會或董事會審查及批准。

大新銀行有限公司（「大新銀行」）之附屬公司澳門商業銀行股份有限公司（「澳門商業銀行」）及大新銀行（中國）有限公司（「大新銀行（中國）」）根據其一套自定限額和政策及在大新銀行設定之市場風險管理框架內執行其本行之財資活動。大新銀行之風險管理及監控部監察源自澳門商業銀行及大新銀行（中國）財資營運之市場風險，確保已實施的風險控制與相關的業務同步並與集團的標準一致。

本集團源自其交易賬及銀行賬之市場風險應用不同之風險管理政策及程序。

# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.3 Market risk

Market risk is the risk of losses in assets, liabilities and off-balance sheet positions arising from adverse movements in market rates and prices.

Market risk exposure for different types of transactions is managed within various risk limits and guidelines approved by the Board, the RMCC and the TIRC under the authority delegated from the Board. Risk limits are set at the portfolio level as well as by products and by different types of risks. The risk limits comprise a combination of notional, stop-loss, sensitivity and value-at-risk (“VaR”) controls. All trading positions are subject to daily mark-to-market valuation. The Risk Management and Control Department (“RMCD”) within the GRD, as an independent risk management and control unit, identifies, measures, monitors and controls the risk exposures against approved limits and initiates specific actions to ensure positions are managed within an acceptable level. Any exceptions have to be reviewed and sanctioned by the appropriate level of management of TIRC, RMCC or the Board as stipulated in the relevant policies and procedures.

Banco Comercial de Macau, S.A. (“BCM”) and Dah Sing Bank (China) Limited (“DSB China”), which are subsidiaries of Dah Sing Bank, Limited (“DSB”), run their treasury functions locally under their own set of limits and policies and within the market risk management framework set by DSB. The RMCD of DSB oversees the market risk arising from the treasury operations of BCM and DSB China to ensure that the risk controls put in place are commensurate with their businesses and consistent with the Group standards.

The Group applies different risk management policies and procedures in respect of the market risk arising from its trading and banking books.

---

### 3. FINANCIAL RISK MANAGEMENT (Continued)
### 3. 財務風險管理 (續)

#### 3.3 Market risk (Continued)
#### 3.3 市場風險 (續)

##### 3.3.1 Market risk arising from the trading book
##### 3.3.1 源自交易賬之市場風險

In the Group’s trading book, market risk is associated with trading positions in foreign exchange, debt securities, equity securities and derivatives.

本集團之交易賬內，在外匯、債務證券、權益性證券及衍生工具之交易持倉中存在市場風險。

#### (a) Market risk measurement technique
#### （甲）市場風險計量方法

In the management of market risk, the Group measures market risks using various techniques commonly used by the industry and control market risk exposures within established risk limits. The major measurement techniques used to measure and control market risk are outlined below.

作為市場風險管理，本集團使用各種業界普遍採用之方法計量市場風險及控制市場風險於設定之風險額度範圍內。主要用於計量及監控市場風險之計量方法概述如下。

**(i) Value-at-risk**
**(i) 風險值**

The Group applies a VaR methodology, which is a statistically based estimate, to measure the potential loss of its trading portfolio from adverse market movements. It expresses as the maximum amount the Group might lose given a certain level of confidence, which for the Group is 99% for a one day holding period. There is therefore a specified statistical probability that actual loss could be greater than the VaR estimate. Hence, the use of VaR does not prevent losses outside the VaR limits in the event of extreme market movements.

本集團應用市場風險數值法，其乃一種以統計為基準就持作交易用途組合因市場不利變化預計潛在損失。其表明本集團於某個置信水平可能損失之最大數額，就一日持倉期之基準作推算，本集團之置信水平為99%。因此存在明確的統計概率，實際損失可能比市場風險數值之估計數為大。因此採納該方法並不能避免當市場狀況發生重大變化時超逾此等額度之損失。

The VaR model assumes a certain “holding period” (one day in the case of the Group) until positions can be closed. It is calculated based on the current mark-to-market value of the positions, the historical correlation and volatilities of the market risk factors over an observation period of one calendar year using a method known as historical simulation approach.

市場風險數值模型假設某個持倉期（就本集團而言為一天）直至結束持倉。市場風險數值亦依據持倉之現時市值、市場風險因素過往在一個曆年週期之相互關係及波幅，使用一種歷史模擬方法計算。

The VaR model is continuously validated by back-testing the VaR results for trading positions. All back-testing exceptions are investigated and back-testing results are reported to senior management.

本集團藉著回顧測試交易賬之市場風險數值結果，持續確認市場風險數值模型之有效性。所有回顧測試的偏差予以調查及向高層管理人員匯報。

---

# 3. 財務風險管理（續） 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.3 市場風險（續） 3.3 Market risk (Continued)

### 3.3.1 源自交易賬之市場風險（續） 3.3.1 Market risk arising from the trading book (Continued)

#### （甲）市場風險計量方法（續） (a) Market risk measurement technique (Continued)

**(i) 風險值（續）**

因市場風險數值為本集團之市場風險管理範疇內一重要環節，董事會及其授權之委員會就所有交易持倉設定不同市場風險數值額度及分配至各業務部門，並至少每年審閱。風險管理及監控部每天審視包括市場風險數值之實際風險與額度對比進行監控。本集團就年內全部交易活動之市場風險數值日均值為 2,544,000 港元（2024年：1,862,000 元）。

**(i) Value-at-risk (Continued)**

As VaR constitutes an integral part of the Group’s market risk control regime, VaR limits are established and reviewed by the Board and its delegated committees at least annually for all trading positions and allocated to business units. Actual exposures, including VaR, are monitored against limits on a daily basis by RMCD. Average daily VaR for the Group for all trading activities during the year was HK$2,544,000 (2024: HK$1,862,000).

**(ii) 壓力測試**

壓力測試提供極端情況下可能出現之潛在損失之約額。風險管理及監控部進行的壓力測試包括：風險因素壓力測試，方法為在各風險類別中施行不同壓力程度；及個案壓力測試，方法為利用各種可能壓力事項對特定持倉或組合進行測算。此外，亦計量持作交易用途組合之預計虧缺以評估當超出指定置信水平及處於較長持倉期時出現極度交易虧損的預計規模。此外，也進行逆壓力測試作為一項有效工具以評估本集團於觸及規定之可容忍水平前所能承受的市場壓力最大約額。

壓力測試之結果由董事會及其授權之委員會定期審閱。

**(ii) Stress tests**

Stress tests provide an indication of the potential size of losses that could arise in extreme conditions. The stress tests carried out by RMCD include: risk factor stress testing, where stress movements are applied to each risk category; and scenario stress testing, which includes applying possible stress events to specific positions or portfolios. Besides, the expected shortfall of the trading portfolio is measured to evaluate the expected size of extreme trading loss beyond a specified confidence level and over a longer holding period. In addition, reverse-stress tests are performed as a useful tool to evaluate the maximum size of market stress that the Group can endure before hitting the prescribed tolerable levels.

The results of the stress tests are reviewed by the Board and its delegated committees regularly.

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理 (續)

## 3.3 Market risk (Continued)
## 3.3 市場風險 (續)

### 3.3.1 Market risk arising from the trading book (Continued)
### 3.3.1 源自交易賬之市場風險 (續)

#### (b) VaR summary of trading portfolio
#### (乙) 市場風險值概要

| 以港幣千元位列示 | HK$'000 | 截至2025年12月31日止12個月 | 12 months to 31 December 2025 | | 截至2024年12月31日止12個月 | 12 months to 31 December 2024 | |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| | | **平均 Average** | **最高 High** | **最低 Low** | **平均 Average** | **最高 High** | **最低 Low** |
| 外匯風險 | Foreign exchange risk | 1,643 | 5,423 | 536 | 1,370 | 3,367 | 427 |
| 利率風險 | Interest rate risk | 1,444 | 2,756 | 333 | 1,126 | 2,834 | 404 |
| 權益性風險 | Equity risk | 392 | 828 | 196 | – | – | – |
| 全部風險 | All risks | 2,544 | 7,187 | 652 | 1,862 | 4,691 | 653 |

### 3.3.2 Market risk arising from the banking book
### 3.3.2 源自銀行賬之市場風險

本集團之銀行賬中，市場風險主要來自於債務及權益性證券之持倉。

In the Group’s banking book, market risk is predominantly associated with positions in debt and equity securities.

#### (a) Market risk measurement technique
#### (甲) 市場風險計量方法

Within the risk management framework and policies established by the Board and its delegated committees, various limits, guidelines and management action triggers are established to control the exposures of the Group’s banking book activities to foreign exchange risk, interest rate risk, and price risk. In particular, position and sensitivity limits and price triggers are in place to control the price risk of the investment securities. In addition, sensitivity analysis and stress testing (including reverse-stress testing) covering shocks and shifts in interest rates on the Group’s on - and off- balance sheet positions and credit spreads on the Group’s investment securities are regularly performed to gauge the market risk inherent in the Group’s banking book portfolios and manage it against the established control measures.

在董事會及其授權之委員會設立之風險管理框架及政策中，設定了不同的額度、指引及管理層行動觸發額，藉此控制本集團銀行賬中有關外匯風險、利率風險及定價風險等風險。尤其設有持倉及敏感度額度及定價觸發額以控制證券投資的定價風險。此外，本集團定期進行對資產負債表內及外持倉中之利率變化及證券投資之信貸息差作敏感度分析及壓力測試（包括逆壓力測試），比對設定之監控措施以估量及管理存在於本集團銀行賬中之市場風險。

VaR methodology is not used to measure and control the market risk of the banking book.

銀行賬中之市場風險並無採用風險數值法以計量及監控。

---

### 3. 財務風險管理（續）
### 3.3 市場風險（續）
### 3.3.2 源自銀行賬之市場風險（續）
### （乙）非持作交易用途組合之敏感度分析
#### (i) 外匯風險

除美元、澳門幣及人民幣外，本集團承擔的淨外匯風險十分有限，因為由客戶交易引致的外匯持倉及外匯結存，通常會與其他的客戶交易或市場交易配對抵銷。非持作交易用途組合之澳門幣及人民幣匯兌風險主要來自中國內地及澳門之附屬公司之營運。淨風險持倉（包括持作交易用途及非持作交易用途之組合），無論是個別貨幣或總體而言，每日皆由本集團財資及環球市場部控制在已制定的外匯限額內。

若用長期外幣資金融資港元資產，反之亦然，通常會透過與遠期外匯合約配對抵銷以減低外匯風險。

於2025年12月31日，倘所有其他變數保持不變而港元對人民幣貶值100個基點，本年度之除稅後溢利及權益將增加44,000,000港元（2024年：增加31,000,000港元），主要受惠於換算人民幣金融資產時之外匯收益大於換算人民幣金融負債時之外匯虧損。

相反地，倘所有其他變數保持不變而港元對人民幣升值100個基點，本年度之除稅後溢利及權益將減少44,000,000港元（2024年：減少31,000,000港元）。

***

### 3. FINANCIAL RISK MANAGEMENT (Continued)
### 3.3 Market risk (Continued)
### 3.3.2 Market risk arising from the banking book (Continued)
### (b) Sensitivity analysis of non-trading portfolio
#### (i) Foreign exchange risk

The Group has limited net foreign exchange exposure (except for USD, Macau Pataca (“MOP”) and Renminbi (“RMB”)) as foreign exchange positions and foreign currency balances arising from customer transactions are normally matched against other customer transactions or transactions with the market. Foreign exchange exposure of the non-trading portfolio in respect of MOP and RMB arise mainly from the operation of subsidiaries in Chinese Mainland and Macau. The net exposure positions including the trading and non-trading portfolios, both by individual currency and in aggregate, are managed by the Treasury and Global Markets Division of the Group on a daily basis within established foreign exchange limits.

Long-term foreign currency funding, to the extent that this is used to fund Hong Kong dollar assets, or vice versa, is normally matched using foreign exchange forward contracts to reduce exposure to foreign exchange risk.

At 31 December 2025, if HK$ had weakened by 100 basis points against RMB with all other variables held constant, the profit after tax for the year and equity would have been HK$44 million higher (2024: HK$31 million higher), mainly as a result that the foreign exchange gain on translation of RMB denominated financial assets outweighed the foreign exchange losses on translation of RMB denominated financial liabilities.

Conversely, if HK$ had strengthened by 100 basis points against RMB with all other variables held constant, the profit after tax for the year and equity would have been HK$44 million lower (2024: HK$31 million lower).

---

# 3. FINANCIAL RISK MANAGEMENT (Continued) / 3. 財務風險管理（續）

## 3.3 Market risk (Continued) / 3.3 市場風險（續）

### 3.3.2 Market risk arising from the banking book (Continued) / 3.3.2 源自銀行賬之市場風險（續）

#### (b) Sensitivity analysis of non-trading portfolio (Continued) / （乙）非持作交易用途組合之敏感度分析（續）

**(ii) 利率風險**

本集團採納用以計量源自銀行賬持倉的利率風險額之框架與載於香港金管局之《監管政策手冊》（「《監管政策手冊》」）內有關銀行賬內的利率風險（「銀行賬內的利率風險」）之指引一致。就盈利觀點而言，利率風險乃由於市場利率變化而導致金融工具源自未來現金流之淨收入波動之風險。就經濟價值觀點而言，利率風險則為由於市場利率變化而導致金融工具之經濟價值受到不利的影響。本集團就銀行賬承擔以上兩方面之利率風險。就此而論，息差或淨利息收入及資本之經濟價值可能由於此等變化或突如其來之變化而上升或下跌。董事會及資產及負債管理委員會（「資產及負債管理委員會」）就可能承擔之重訂利率錯配水平設定額度及透過情境分析及壓力測試定期監控利率變化之影響。

**(ii) Interest rate risk**

The framework adopted by the Group to measure interest rate risk exposures arising from its banking book positions is consistent with the guidelines set out by the HKMA in its Supervisory Policy Manual (“SPM”) on Interest Rate Risk in the Banking Book (“IRRBB”). From an earnings perspective, interest rate risk is the risk that the net income arising from future cash flows of a financial instrument will fluctuate because of changes in market interest rates. From an economic value perspective, interest rate risk is the risk that the economic value of a financial instrument will undergo adverse impact because of changes in market interest rates. The Group takes on interest rate risk from both perspectives in the banking book. As such, the interest margins or net interest income and the economic value of the capital may increase or decrease as a result of such changes or in the event that unexpected movements arise. The Board and the Asset and Liability Management Committee (“ALCO”) set limits on the level of mismatch of interest rate repricing that may be undertaken and monitor the interest rate impacts through scenario analysis and stress testing regularly.

---

### 3. 財務風險管理 (續)
### 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.3 市場風險 (續)
### 3.3 Market risk (Continued)

### 3.3.2 源自銀行賬之市場風險 (續)
### 3.3.2 Market risk arising from the banking book (Continued)

#### (乙) 非持作交易用途組合之敏感度分析 (續)
#### (b) Sensitivity analysis of non-trading portfolio (Continued)

##### (ii) 利率風險 (續)
##### (ii) Interest rate risk (Continued)

於2025年12月31日，倘所有其他變數保持不變而港元及美元之市場利率於香港金管局要求的標準平行向上的情景下平行震盪向上200個基點，對未來12個月之盈利及股權之經濟價值之影響將分別為增加146,000,000港元及減少983,000,000港元（2024年：分別為增加105,000,000港元及減少981,000,000港元）。

At 31 December 2025, if HK$ and US$ market interest rates had experienced a 200 basis points parallel up shock under the HKMA’s standard parallel up scenario, with other variables held constant, the impact on earnings over the next 12 months and the impact on economic value of equity would have been HK$146 million higher and HK$983 million lower respectively (2024: HK$105 million higher and HK$981 million lower respectively).

上述於2025年及2024年應用在外匯風險及利率風險之敏感度分析方法及假設基準皆大致相同。

The method and assumptions used in the above sensitivity analysis on foreign exchange risk and interest rate risk are broadly on the same basis for both 2025 and 2024.

除了外匯風險及利率風險，本集團之債務證券及權益性證券投資亦面對因其他因素所產生的風險。故此，因應不同的因素包括流動性風險、市場狀況及其他可能影響個別或組合投資風險敞口之事件，此等投資的價值可以出現重大的變化。

In addition to foreign exchange risk and interest rate risk, the Group’s investments in debt securities and equity securities are also exposed to risks arising from other factors. Consequently, the value of such investments could change significantly depending on a variety of factors including liquidity risk, market sentiment and other events that might affect individual or portfolios of exposures.

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理 （續）

## 3.3 Market risk (Continued)
## 3.3 市場風險 （續）

### 3.3.3 Currency risk
### 3.3.3 外匯風險

The table below summarises the Group's financial assets and liabilities as well as off-balance sheet net notional positions and credit commitments translated into equivalent HK$ amounts, categorised by currency.

下表概列本集團按貨幣劃分及以港幣等值列出之金融資產及負債，以及資產負債表外持倉名義淨額及信貸承擔之金額。

| At 31 December 2025 / 2025年12月31日<br>HK$'000 / 以港幣千元位列示 | 港元<br>HKD | 美元<br>USD | 澳門幣<br>MOP | 人民幣<br>RMB | 其他<br>Others | 合計<br>Total |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **Assets / 資產** | | | | | | |
| Cash and balances with banks / 現金及在銀行的結餘 | 4,571,551 | 4,448,332 | 443,180 | 3,227,938 | 2,630,689 | 15,321,690 |
| Placements with banks maturing between one and twelve months / 在銀行一至十二個月內到期的存款 | 6,126,150 | 233,514 | – | 612,610 | 473,661 | 7,445,935 |
| Trading securities / 持作交易用途的證券 | 2,093,825 | – | – | – | – | 2,093,825 |
| Financial assets at fair value through profit or loss / 以公平值計量且其變動計入損益的金融資產 | 60 | 42,104 | – | 4,585 | – | 46,749 |
| Derivative financial instruments / 衍生金融工具 | 63,359 | 2,177,016 | – | 128,548 | 154,698 | 2,523,621 |
| Advances and other accounts / 各項貸款及其他賬目 | 104,222,405 | 16,835,449 | 6,999,268 | 8,861,737 | 7,102,500 | 144,021,359 |
| Financial assets at fair value through other comprehensive income / 以公平值計量且其變動計入其他全面收益的金融資產 | 6,774,757 | 36,828,749 | 631 | 16,181 | 1,324,695 | 44,945,013 |
| Financial assets at amortised cost / 以攤餘成本列賬的金融資產 | 2,414,308 | 28,270,742 | 813,894 | 1,641,083 | 868,926 | 34,008,953 |
| **Total financial assets / 金融資產合計** | **126,266,415** | **88,835,906** | **8,256,973** | **14,492,682** | **12,555,169** | **250,407,145** |
| | | | | | | |
| **Liabilities / 負債** | | | | | | |
| Deposits from banks / 銀行存款 | 32,632 | 107,275 | – | 144,926 | – | 284,833 |
| Derivative financial instruments / 衍生金融工具 | 81,788 | 1,101,730 | – | 122,234 | 88,980 | 1,394,732 |
| Trading liabilities / 持作交易用途的負債 | 1,348,191 | – | – | – | – | 1,348,191 |
| Deposits from customers / 客戶存款 | 116,481,002 | 60,541,804 | 7,975,990 | 11,956,392 | 8,348,912 | 205,304,100 |
| Certificates of deposit issued / 已發行的存款證 | – | 887,875 | – | – | – | 887,875 |
| Subordinated notes / 後償債務 | – | 4,274,938 | – | – | – | 4,274,938 |
| Other accounts and accruals / 其他賬目及預提 | 4,415,571 | 3,044,011 | 183,151 | 408,021 | 35,628 | 8,086,382 |
| **Total financial liabilities / 金融負債合計** | **122,359,184** | **69,957,633** | **8,159,141** | **12,631,573** | **8,473,520** | **221,581,051** |
| | | | | | | |
| **Net on-balance sheet positions / 資產負債表內持倉淨額** | **3,907,231** | **18,878,273** | **97,832** | **1,861,109** | **4,081,649** | **28,826,094** |
| **Off-balance sheet net notional positions\* / 資產負債表外持倉名義淨額\*** | **22,993,976** | **(17,582,126)** | **–** | **(1,056,251)** | **(4,025,645)** | **329,954** |
| | | | | | | |
| **Credit commitments / 信貸承擔** | **51,963,801** | **8,002,422** | **1,570,845** | **1,979,475** | **27,766** | **63,544,309** |

\* Off-balance sheet net notional positions represent the net notional amounts of foreign currency derivative financial instruments which are principally used to reduce the Group's exposure to currency movements.
\* 資產負債表外持倉名義淨額指主要用於減輕本集團外匯變動風險之外幣金融衍生工具的名義淨額。

---

### 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.3 Market risk (Continued)

### 3.3.3 Currency risk (Continued)

| 2024年12月31日 以港幣千元位列示 | At 31 December 2024 HK$'000 | 港元 HKD | 美元 USD | 澳門幣 MOP | 人民幣 RMB | 其他 Others | 合計 Total |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **資產** | **Assets** | | | | | | |
| 現金及在銀行的結餘 | Cash and balances with banks | 5,759,593 | 871,577 | 489,602 | 4,377,140 | 2,633,813 | 14,131,725 |
| 在銀行一至十二個月內到期的存款 | Placements with banks maturing between one and twelve months | 3,815,024 | 312,033 | – | 1,176,306 | 106,192 | 5,409,555 |
| 持作交易用途的證券 | Trading securities | 2,006,353 | – | – | – | – | 2,006,353 |
| 以公平值計量且其變動計入損益的金融資產 | Financial assets at fair value through profit or loss | – | – | – | 4,272 | – | 4,272 |
| 衍生金融工具 | Derivative financial instruments | 74,893 | 3,721,675 | – | 25,413 | 261,750 | 4,083,731 |
| 各項貸款及其他賬目 | Advances and other accounts | 107,497,482 | 15,462,818 | 7,589,044 | 7,290,098 | 5,209,233 | 143,048,675 |
| 以公平值計量且其變動計入其他全面收益的金融資產 | Financial assets at fair value through other comprehensive income | 6,707,921 | 36,849,241 | 787,890 | 13,155 | 450,498 | 44,808,705 |
| 以攤餘成本列賬的金融資產 | Financial assets at amortised cost | 4,098,712 | 28,576,563 | 1,096,304 | 1,426,167 | 324,622 | 35,522,368 |
| **金融資產合計** | **Total financial assets** | 129,959,978 | 85,793,907 | 9,962,840 | 14,312,551 | 8,986,108 | 249,015,384 |
| | | | | | | | |
| **負債** | **Liabilities** | | | | | | |
| 銀行存款 | Deposits from banks | 126,952 | 400,490 | – | 434,441 | 974,353 | 1,936,236 |
| 衍生金融工具 | Derivative financial instruments | 41,472 | 1,548,170 | – | 27,820 | 222,453 | 1,839,915 |
| 持作交易用途的負債 | Trading liabilities | 498,069 | – | – | – | – | 498,069 |
| 客戶存款 | Deposits from customers | 125,410,861 | 47,053,126 | 8,122,296 | 12,483,704 | 8,498,064 | 201,568,051 |
| 已發行的存款證 | Certificates of deposit issued | – | 4,294,996 | – | – | – | 4,294,996 |
| 後償債務 | Subordinated notes | – | 4,146,914 | – | – | – | 4,146,914 |
| 其他賬目及預提 | Other accounts and accruals | 3,323,062 | 3,758,676 | 253,723 | 411,161 | 46,810 | 7,793,432 |
| **金融負債合計** | **Total financial liabilities** | 129,400,416 | 61,202,372 | 8,376,019 | 13,357,126 | 9,741,680 | 222,077,613 |
| | | | | | | | |
| **資產負債表內持倉淨額** | **Net on-balance sheet positions** | 559,562 | 24,591,535 | 1,586,821 | 955,425 | (755,572) | 26,937,771 |
| | | | | | | | |
| **資產負債表外持倉名義淨額*** | **Off-balance sheet net notional positions*** | (230,819) | (21,024,335) | – | (1,872,083) | (563,203) | (23,690,440) |
| | | | | | | | |
| **信貸承擔** | **Credit commitments** | 52,131,898 | 8,025,526 | 1,686,614 | 2,302,708 | 46,218 | 64,192,964 |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理 (續)

## 3.3 Market risk (Continued)
## 3.3 市場風險 (續)

### 3.3.4 Interest rate risk
### 3.3.4 利率風險

The table below summarises the Group’s exposure to interest rate risks. Included in the table are the Group’s financial assets and liabilities at carrying amounts, categorised by the earlier of contractual repricing or maturity dates.

下表概列本集團之利率風險。表內包括本集團按賬面金額計算之金融資產及負債，並按重定息率日或到期日（以較早者為準）分類。

**於2025年12月31日**
**At 31 December 2025**
以港幣千元位列示
HK$'000

| | | 3個月或以下 | 3個月以上至1年 | 1年以上至5年 | 5年以上 | 不計息 | 合計 |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| | | **3 months or less** | **Over 3 months to 1 year** | **Over 1 year to 5 years** | **Over 5 years** | **Non-interest Bearing** | **Total** |
| **資產** | **Assets** | | | | | | |
| 現金及在銀行的結餘 | Cash and balances with banks | 14,083,015 | – | – | – | 1,238,675 | 15,321,690 |
| 在銀行一至十二個月內到期的存款 | Placements with banks maturing between one and twelve months | 3,710,362 | 3,735,573 | – | – | – | 7,445,935 |
| 持作交易用途的證券 | Trading securities | 1,985,245 | 107,388 | 1,192 | – | – | 2,093,825 |
| 以公平值計量且其變動計入損益的金融資產 | Financial assets at fair value through profit or loss | – | 22,962 | 12,072 | 7,070 | 4,645 | 46,749 |
| 衍生金融工具 | Derivative financial instruments | – | – | – | – | 2,523,621 | 2,523,621 |
| 各項貸款及其他賬目 | Advances and other accounts | 123,866,844 | 6,834,981 | 5,737,347 | 193,948 | 7,388,239 | 144,021,359 |
| 以公平值計量且其變動計入其他全面收益的金融資產 | Financial assets at fair value through other comprehensive income | 9,457,576 | 7,225,276 | 24,957,438 | 1,693,838 | 1,610,885 | 44,945,013 |
| 以攤餘成本列賬的金融資產 | Financial assets at amortised cost | 7,232,747 | 6,313,041 | 18,460,136 | 2,001,044 | 1,985 | 34,008,953 |
| **金融資產合計** | **Total financial assets** | **160,335,789** | **24,239,221** | **49,168,185** | **3,895,900** | **12,768,050** | **250,407,145** |
| | | | | | | | |
| **負債** | **Liabilities** | | | | | | |
| 銀行存款 | Deposits from banks | 134,495 | 144,927 | – | – | 5,411 | 284,833 |
| 衍生金融工具 | Derivative financial instruments | – | – | – | – | 1,394,732 | 1,394,732 |
| 持作交易用途的負債 | Trading liabilities | 1,298,467 | 49,724 | – | – | – | 1,348,191 |
| 客戶存款 | Deposits from customers | 156,760,516 | 30,950,271 | 1,193,908 | – | 16,399,405 | 205,304,100 |
| 已發行的存款證 | Certificates of deposit issued | 529,499 | 358,376 | – | – | – | 887,875 |
| 後償債務 | Subordinated notes | – | 2,284,990 | 1,989,948 | – | – | 4,274,938 |
| 其他賬目及預提 | Other accounts and accruals | 649,048 | 137,016 | 571,859 | 923,833 | 5,804,626 | 8,086,382 |
| **金融負債合計** | **Total financial liabilities** | **159,372,025** | **33,925,304** | **3,755,715** | **923,833** | **23,604,174** | **221,581,051** |
| | | | | | | | |
| **利息敏感度差距合計（未經調整）*** | **Total interest sensitivity gap (unadjusted)*** | **963,764** | **(9,686,083)** | **45,412,470** | **2,972,067** | | |
| | | | | | | | |
| **利率衍生工具合約之影響** | **Effect of interest rate derivative contracts** | **25,454,402** | **(806,928)** | **(20,713,098)** | **(3,934,376)** | | |
| | | | | | | | |
| **利息敏感度差距合計（經調整）*** | **Total interest sensitivity gap (adjusted)*** | **26,418,166** | **(10,493,011)** | **24,699,372** | **(962,309)** | | |

\* 未經調整利息敏感度差距乃按資產負債表內資產和負債的持倉量釐定。經調整利息敏感度差距已計入就減低利率風險而進行的利率衍生工具合約的效果。

\* Unadjusted interest sensitivity gap is determined based on positions of on-balance sheet assets and liabilities. Adjusted interest sensitivity gap takes into account the effect of interest rate derivative contracts entered into to mitigate interest rate risk.

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.3 Market risk (Continued)
## 3.3 市場風險（續）

### 3.3.4 Interest rate risk (Continued)
### 3.3.4 利率風險（續）

2024年12月31日
At 31 December 2024

以港幣千元位列示
HK$'000

| 資產 Assets | 3個月或以下 3 months or less | 3個月以上至1年 3 months to 1 year | 1年以上至5年 1 year to 5 years | 5年以上 Over 5 years | 不計息 Non-interest Bearing | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| 現金及在銀行的結餘<br>Cash and balances with banks | 13,029,762 | - | - | - | 1,101,963 | 14,131,725 |
| 在銀行至12個月內到期的存款<br>Placements with banks maturing between one and twelve months | 3,872,694 | 1,536,861 | - | - | - | 5,409,555 |
| 持作交易用途的證券<br>Trading securities | 1,491,922 | 511,436 | 2,995 | - | - | 2,006,353 |
| 以公平值計量且其變動計入損益的金融資產<br>Financial assets at fair value through profit or loss | - | - | - | - | 4,272 | 4,272 |
| 衍生金融工具<br>Derivative financial instruments | - | - | - | - | 4,083,731 | 4,083,731 |
| 各項貸款及其他賬目<br>Advances and other accounts | 123,885,303 | 5,322,966 | 5,066,989 | 195,115 | 8,578,302 | 143,048,675 |
| 以公平值計量且其變動計入其他全面收益的金融資產<br>Financial assets at fair value through other comprehensive income | 6,830,218 | 7,291,535 | 26,820,217 | 2,262,136 | 1,604,599 | 44,808,705 |
| 以攤餘成本列賬的金融資產<br>Financial assets at amortised cost | 4,334,522 | 8,877,488 | 16,924,046 | 5,384,323 | 1,989 | 35,522,368 |
| **金融資產合計**<br>**Total financial assets** | **153,444,421** | **23,540,286** | **48,814,247** | **7,841,574** | **15,374,856** | **249,015,384** |
| | | | | | | |
| **負債 Liabilities** | | | | | | |
| 銀行存款<br>Deposits from banks | 1,910,209 | 21,200 | - | - | 4,827 | 1,936,236 |
| 衍生金融工具<br>Derivative financial instruments | - | - | - | - | 1,839,915 | 1,839,915 |
| 持作交易用途的負債<br>Trading liabilities | 498,069 | - | - | - | - | 498,069 |
| 客戶存款<br>Deposits from customers | 160,861,683 | 23,343,513 | 2,652,218 | - | 14,710,637 | 201,568,051 |
| 已發行的存款證<br>Certificates of deposit issued | 1,801,585 | 2,493,411 | - | - | - | 4,294,996 |
| 後償債務<br>Subordinated notes | - | - | 4,146,914 | - | - | 4,146,914 |
| 其他賬目及預提<br>Other accounts and accruals | 410,061 | 98,986 | 378,539 | 324,545 | 6,581,301 | 7,793,432 |
| **金融負債合計**<br>**Total financial liabilities** | **165,481,607** | **25,957,110** | **7,177,671** | **324,545** | **23,136,680** | **222,077,613** |
| | | | | | | |
| 利息敏感度差距合計 (未經調整)*<br>Total interest sensitivity gap (unadjusted)* | (12,037,186) | (2,416,824) | 41,636,576 | 7,517,029 | | |
| 利率衍生工具合約之影響<br>Effect of interest rate derivative contracts | 28,803,353 | (2,478,677) | (17,522,855) | (8,801,821) | | |
| 利息敏感度差距合計 (經調整)*<br>Total interest sensitivity gap (adjusted)* | 16,766,167 | (4,895,501) | 24,113,721 | (1,284,792) | | |

---

# 3. 財務風險管理 (續) / 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.4 流動性風險 / 3.4 Liquidity risk

流動性風險乃指本集團未能在不衍生不可接受之損失的情況下為新增的資產融資或就到期之金融負債履行付款責任。

Liquidity risk is the risk that the Group is unable to fund increases in assets or meet its payment obligations associated with its financial liabilities when they fall due without incurring unacceptable loss.

### 3.4.1 流動性風險管理程序 / 3.4.1 Liquidity risk management process

本集團按審慎原則管理資金流動性，旨在符合法定準則及確保有充足之流動性及融資能力，以應付日常的業務營運及能承受嚴重資金壓力。本集團已採納香港金管局指定之流動資產維持比率（「流動資產維持比率」）及核心資金比率（「核心資金比率」）為呈報本集團流動資金狀況之監管準則。本集團於期內保持流動資產維持比率及核心資金比率遠高於法定最低要求的分別為25%及75%。

The Group manages its liquidity on a prudent basis with the objective to comply with the statutory standards and to ensure that there is an adequate liquidity and funding capacity to meet normal business operations and to withstand severe liquidity stresses. The Group has adopted the Liquidity Maintenance Ratio (“LMR”) and the Core Funding Ratio (“CFR”) as the regulatory standards specified by the HKMA for reporting on the Group’s liquidity position. During the period, the Group had maintained sufficiently high LMR and CFR well above the statutory minimum of 25% and 75% respectively.

此外，本集團已根據香港金管局《監管政策手冊》LM-1「流動性風險監管制度」及《監管政策手冊》LM-2「穩健的流動性風險管理制度及管控措施」之規定維護健全的流動性風險管理框架。《監管政策手冊》LM-1旨在提供香港金管局採納用以監管及評估銀行流動性風險之方法，而《監管政策手冊》LM-2乃為實施巴塞爾銀行監管委員會（「巴塞爾委員會」）所確立之健全流動性原則而制定，旨在強化銀行的流動性風險管理標準。

Moreover, the Group has maintained a sound liquidity risk management framework in accordance with the HKMA’s requirements set forth in the SPM LM-1 on “Regulatory Framework for Supervision of Liquidity Risk” and the SPM LM-2 on “Sound Systems and Controls for Liquidity Risk Management”. The SPM LM-1 is to provide the approach adopted by the HKMA for supervising and assessing the liquidity risk of banks while the SPM LM-2 is developed to implement the liquidity sound principles formulated by the Basel Committee on Banking Supervision (“Basel Committee”) to strengthen the liquidity risk management standards of banks.

---

### 3. 財務風險管理（續）
#### 3.4 流動性風險（續）
##### 3.4.1 流動性風險管理程序（續）

流動性風險管理乃遵照經董事會批准之政策及框架管理，據此授權本集團的資產及負債管理委員會監控流動性風險管理。本集團的資產及負債管理委員會定期檢討本集團之貸款及存款的組合及變化、融資需求及預測，以及對一系列包括流動性維持比率、核心資金比率及到期錯配狀況之流動性風險度量作持續監控。此外，資產及負債管理委員會審閱流動性風險指標的重大變化以及任何相應的建議緩解措施。本集團對此等風險度量訂定適當的限額及觸發額，並持有充足的流動資產以確保能保持足夠水平的穩定資金以支持其資產增長。財資及環球市場部負責資金及流動性狀況之日常管理，而集團風險部負責每日及每月計量及監控流動性的風險敞口，亦進行流動性分析及壓力測試。財務監理處則處理有關流動性風險之監管報告，並組織編製貸款與存款以及流動性維持比率、核心資金比率的定期預測、預算和與流動性及資金管理有關之分析。

本集團高度重視建立多樣化及穩定的資金來源。除了客戶存款為本集團的資金之基本部份，本集團亦適時發行存款證及中期票據藉以延長資金的融資年期及優化資產及負債之年期。在有限制的基礎下，亦會吸納短期銀行同業存款以維持在市場上的佔有率為目標。本集團乃銀行同業市場的淨放款人。

### 3. FINANCIAL RISK MANAGEMENT (Continued)
#### 3.4 Liquidity risk (Continued)
##### 3.4.1 Liquidity risk management process (Continued)

Liquidity risk management is governed by the policy and framework approved by the Board, which delegates to the Group’s ALCO to oversee liquidity risk management. The ALCO regularly reviews the Group’s loan and deposit mix and changes, funding requirements and projections, and monitors a set of liquidity risk metrics, including the LMR, CFR and maturity mismatch on an ongoing basis. In addition, material changes in the liquidity risk metrics together with any corresponding proposed mitigation actions will be reviewed by ALCO. Appropriate limits or triggers on these risk metrics are set and sufficient liquid assets are held to ensure that the Group can maintain a sufficient level of stable funding to support its asset growth. The Treasury and Global Markets Division is responsible for the day-to-day management of funding and liquidity position while the GRD is responsible for the measurement and monitoring of liquidity risk exposures on a daily and monthly basis, and also conducting liquidity analysis and stress testing. The Financial Control Division handles regulatory reporting in relation to liquidity risk, and coordinates the regular forecast of loans and deposits, and LMR, CFR, budget and analysis relating to liquidity and funding management.

The Group places considerable importance to establish a diversified and stable funding. While customer deposits form the primary portion of the Group’s funding, certificates of deposit and medium term notes are issued at opportune times in order to lengthen the funding maturity and optimise asset and liability maturities. Short-term interbank deposits are taken on a limited basis with the aim of maintaining the presence in the market and the Group is a net lender to the interbank market.

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理 (續)

## 3.4 Liquidity risk (Continued)
## 3.4 流動性風險 (續)

### 3.4.1 Liquidity risk management process (Continued)
### 3.4.1 流動性風險管理程序 (續)

監控及呈報按不同時限之現金流計量及推測方式實行，時限按流動性管理之主要區間包括次日、一星期及一個月來區分。此等推測首先分析該等金融資產及負債之合約到期日，並且依據過往觀察預計該等金融資產及負債的預期到期日。預測現金流亦考慮資產負債表外項目，包括未提取借貸承擔及或然負債（例如備用信用證及擔保）之過往行為。本集團持續維持充足流動性緩衝，由具備充足市場深度的優質有價證券組成，即使在不利的市場環境下也能時刻應付其流動資金需求。於流動性緩衝內之合資格證券主要是低風險及結構簡單並可隨時出售或用作抵押的，以便於短時間內獲取資金。持有之債務證券按每日基準以市值入賬以確保其市場流動性。

The monitoring and reporting take the forms of cash flow measurements and projections for different time horizons, including the next day, week and month, which are key periods for liquidity management. The starting point for those projections is an analysis of the contractual maturity of the financial assets and liabilities as well as the expected maturity of these assets and liabilities based on historical observations. The cash flow projections also take into account the historical behaviour of off-balance sheet items, including undrawn lending commitments and contingent liabilities such as standby letters of credit and guarantees. The Group always maintains an adequate liquidity cushion, which is composed of high quality marketable securities with sufficient market depth to meet its liquidity needs at all times, even under adverse market conditions. Eligible securities in the cushion mainly have low risk and simple structure and can be readily sold or used as collateral to obtain funds within a short period of time. Debt securities held are marked to the market on daily basis to ensure their market liquidity.

百萬港元
In HK$ million

| 內部分類 Internal categorisation | 基本準則 Basic Criteria | 2025年 12月31日 As at 31 Dec 2025 | 2024年 12月31日 As at 31 Dec 2024 |
| :--- | :--- | :---: | :---: |
| 第1級<br>Tier 1 | 根據巴塞爾協定II標準法的政府、多邊發展銀行、相關國際組織及公營單位發行或擔保之風險權重為0%的有價證券<br>Marketable securities issued or guaranteed by government, multilateral development banks, relevant international organisations and public sector entities with a 0% risk weight under the Basel II Standardised Approach | 12,862 | 13,864 |
| 第2A級<br>Tier 2A | 根據巴塞爾協定II標準法的政府、多邊發展銀行、公營單位及非金融企業發行或擔保之風險權重為20%的有價證券<br>Marketable securities issued or guaranteed by government, multilateral development banks, public sector entities and non-financial corporate entities with a 20% risk weight under the Basel II Standardised Approach | 9,850 | 17,760 |
| 第2B級<br>Tier 2B | 至少具有投資等級及可包括於流動性維持比率中的「可流動資產」的企業或金融機構發行或擔保之其他有價證券<br>Other marketable securities issued or guaranteed by corporate or financial institutions with at least an investment grade and those securities that may be included in “liquefiable assets” under the liquidity maintenance ratio. | 53,551 | 45,645 |

---

### 3. FINANCIAL RISK MANAGEMENT (Continued)
### 3. 財務風險管理（續）

#### 3.4 Liquidity risk (Continued)
#### 3.4 流動性風險（續）

##### 3.4.1 Liquidity risk management process (Continued)
##### 3.4.1 流動性風險管理程序（續）

本集團定期進行壓力測試，包括與機構特定相關的、一般市場危機的及併合兩者的不同方案以評估流動性狀況在受壓之市場情況下的潛在影響。本集團設立一系列預早警示指標，包括質化的及量化的因素及涉及可幫助認明任何於早期出現的風險之內部及市場指標。本集團維持緊急應變計劃，詳列應對資金壓力之策略和於緊急情況下填補現金流不足之程序（例如進行回購協議交易或變賣持作流動性風險管理用途之資產）。每年進行演習測試及至少每年審閱緊急應變計劃以確保其仍然健全及有效。集團公司間之交易按公平原則進行及就正常情況下之現金流預測而言，如同與其他第三方之交易處理。本集團之附屬公司於正常及受壓情況下須管理其流動資金狀況以應付其需要。本集團之衍生工具交易大多為外匯合約及利率合約。按照本集團與衍生工具交易對手之抵押品安排條款，抵押品之變動與集團之信貸評級無關連。

The Group performs stress testing regularly, which includes an institution-specific crisis scenario, a general market crisis scenario and a combination of these crisis scenarios in order to assess the potential impact on its liquidity position under stressed market conditions. The Group maintains a set of early warning indicators, including qualitative and quantitative factors and involving both internal and market indicators that help identify any emerging risk at an early stage. The Group maintains a contingency plan that sets out its strategies for dealing with liquidity stresses and the procedures for making up cash flow deficits (e.g. conducting repo transactions or liquidation of assets held for liquidity risk management purpose) in emergency situations. An annual drill test is conducted and the contingency plan is reviewed at least annually to ensure it remains sound and effective. Intragroup transactions are conducted on arm’s length basis and are treated the same way as other third party transactions for the purpose of cash flow projection under normal scenario. Subsidiaries of the Group are required to manage their liquidity positions to meet their needs under both normal and stressed conditions. Most of the Group’s derivative transactions are exchange rate contracts and interest rate contracts. Under the terms of our collateral arrangements with derivative counterparties, collateral movements are not linked with the credit ratings of the Group.

---

## 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.4 Liquidity risk (Continued)

#### 3.4.2 Maturity analysis

The table below analyses the Group’s assets and liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date or, where applicable, the earliest callable date.

| 2025年12月31日<br>以港幣千元位列示<br>At 31 December 2025<br>HK$'000 | 即期償還<br>Repayable<br>on demand | 1個月或以下<br>Up to<br>1 month | 1個月以上<br>但3個月<br>或以下<br>3 months or<br>less but over<br>1 month | 3個月以上<br>至1年<br>Over<br>3 months to<br>1 year | 1年以上<br>至5年<br>Over<br>1 year to<br>5 years | 5年以上<br>Over<br>5 years | 無註明日期<br>Indefinite | 合計<br>Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **資產** | **Assets** | | | | | | | |
| 現金及在銀行的結餘 | Cash and balances with banks | 4,129,690 | 11,192,000 | – | – | – | – | – | 15,321,690 |
| 在銀行1至12個月內到期的存款 | Placements with banks maturing between one and twelve months | – | – | 3,724,957 | 3,720,978 | – | – | – | 7,445,935 |
| 持作交易用途的證券 | Trading securities | – | 1,147,564 | 837,681 | 107,388 | 1,192 | – | – | 2,093,825 |
| 以公平值計量且其變動計入損益的金融資產 | Financial assets at fair value through profit or loss | – | – | – | – | 12,073 | 30,031 | 4,645 | 46,749 |
| 衍生金融工具 | Derivative financial instruments | – | 297,837 | 360,075 | 592,814 | 986,929 | 285,966 | – | 2,523,621 |
| 各項貸款及其他賬目 | Advances and other accounts | 8,240,020 | 21,280,026 | 12,887,426 | 19,661,192 | 39,026,160 | 39,251,292 | 3,675,243 | 144,021,359 |
| 以公平值計量且其變動計入其他全面收益的金融資產 | Financial assets at fair value through other comprehensive income | – | 1,549,383 | 4,325,748 | 7,604,251 | 28,160,909 | 1,693,837 | 1,610,885 | 44,945,013 |
| 以攤餘成本列賬的金融資產 | Financial assets at amortised cost | – | 2,515,779 | 2,149,809 | 6,313,043 | 21,027,295 | 2,001,044 | 1,983 | 34,008,953 |
| **金融資產合計** | **Total financial assets** | **12,369,710** | **37,982,589** | **24,285,696** | **37,999,666** | **89,214,558** | **43,262,170** | **5,292,756** | **250,407,145** |
| | | | | | | | | |
| **負債** | **Liabilities** | | | | | | | |
| 銀行存款 | Deposits from banks | 43,509 | 74,160 | 22,238 | 144,926 | – | – | – | 284,833 |
| 衍生金融工具 | Derivative financial instruments | – | 333,507 | 365,605 | 568,707 | 112,916 | 13,997 | – | 1,394,732 |
| 持作交易用途的負債 | Trading liabilities | – | 849,668 | 448,799 | 49,724 | – | – | – | 1,348,191 |
| 客戶存款 | Deposits from customers | 82,603,602 | 32,023,929 | 58,705,065 | 30,809,307 | 1,162,197 | – | – | 205,304,100 |
| 已發行的存款證 | Certificates of deposit issued | – | 101,205 | 428,294 | 358,376 | – | – | – | 887,875 |
| 後償債務 | Subordinated notes | – | – | – | 2,284,990 | 1,989,948 | – | – | 4,274,938 |
| 租賃負債 | Lease liabilities | – | 9,176 | 18,933 | 77,709 | 215,440 | 32,978 | – | 354,236 |
| 其他賬目及預提，不包括租賃負債 | Other accounts and accruals, excluding lease liabilities | 347,043 | 3,263,420 | 487,357 | 3,191,029 | 66,271 | 2,860 | 374,166 | 7,732,146 |
| **金融負債合計** | **Total financial liabilities** | **82,994,154** | **36,655,065** | **60,476,291** | **37,484,768** | **3,546,772** | **49,835** | **374,166** | **221,581,051** |
| | | | | | | | | |
| **淨流動性差距** | **Net liquidity gap** | **(70,624,444)** | **1,327,524** | **(36,190,595)** | **514,898** | **85,667,786** | **43,212,335** | **4,918,590** | **28,826,094** |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.4 Liquidity risk (Continued)
## 3.4 流動性風險（續）

### 3.4.2 Maturity analysis (Continued)
### 3.4.2 到期日分析（續）

| 2024年12月31日 以港幣千元位列示 / At 31 December 2024 HK$'000 | 即期償還 Repayable on demand | 1個月或以下 Up to 1 month | 1個月以上但3個月或以下 3 months or less but over 1 month | 3個月以上至1年 Over 3 months to 1 year | 1年以上至5年 Over 1 year to 5 years | 5年以上 Over 5 years | 無註明日期 Indefinite | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **資產 Assets** | | | | | | | | |
| 現金及在銀行的結餘 Cash and balances with banks | 2,538,397 | 11,593,328 | - | - | - | - | - | 14,131,725 |
| 在銀行1至12個月內到期的存款 Placements with banks maturing between one and twelve months | - | - | 3,872,694 | 488,794 | 1,048,067 | - | - | 5,409,555 |
| 持作交易用途的證券 Trading securities | - | 799,143 | 692,779 | 511,436 | 2,995 | - | - | 2,006,353 |
| 以公平值計量且其變動計入損益的金融資產 Financial assets at fair value through profit or loss | - | - | - | - | - | - | 4,272 | 4,272 |
| 衍生金融工具 Derivative financial instruments | - | 547,254 | 349,349 | 916,420 | 1,088,031 | 1,182,677 | - | 4,083,731 |
| 各項貸款及其他賬目 Advances and other accounts | 7,318,248 | 19,598,266 | 11,557,612 | 20,849,850 | 39,572,355 | 40,092,759 | 4,059,585 | 143,048,675 |
| 以公平值計量且其變動計入其他全面收益的金融資產 Financial assets at fair value through other comprehensive income | - | 2,213,798 | 2,351,974 | 7,291,535 | 29,084,661 | 2,262,136 | 1,604,601 | 44,808,705 |
| 以攤餘成本列賬的金融資產 Financial assets at amortised cost | - | 960,902 | 2,612,747 | 9,102,345 | 17,460,062 | 5,384,323 | 1,989 | 35,522,368 |
| **金融資產合計 Total financial assets** | **9,856,645** | **35,712,691** | **21,437,155** | **39,160,380** | **88,256,171** | **48,921,895** | **5,670,447** | **249,015,384** |
| | | | | | | | | |
| **負債 Liabilities** | | | | | | | | |
| 銀行存款 Deposits from banks | 49,026 | 1,804,102 | 61,908 | 21,200 | - | - | - | 1,936,236 |
| 衍生金融工具 Derivative financial instruments | - | 496,544 | 321,205 | 826,402 | 194,801 | 963 | - | 1,839,915 |
| 持作交易用途的負債 Trading liabilities | - | 199,888 | 298,181 | - | - | - | - | 498,069 |
| 客戶存款 Deposits from customers | 68,812,435 | 36,904,951 | 69,854,934 | 23,343,513 | 2,652,218 | - | - | 201,568,051 |
| 已發行的存款證 Certificates of deposit issued | - | 1,646,276 | 155,309 | 2,493,411 | - | - | - | 4,294,996 |
| 後償債務 Subordinated notes | - | - | - | - | 4,146,914 | - | - | 4,146,914 |
| 租賃負債 Lease liabilities | - | 9,715 | 19,712 | 77,518 | 259,474 | 10,921 | - | 377,340 |
| 其他賬目及預提，不包括租賃負債 Other accounts and accruals, excluding lease liabilities | 396,295 | 4,075,313 | 696,954 | 1,901,900 | 94,056 | 5,281 | 246,293 | 7,416,092 |
| **金融負債合計 Total financial liabilities** | **69,257,756** | **45,136,789** | **71,408,203** | **28,663,944** | **7,347,463** | **17,165** | **246,293** | **222,077,613** |
| | | | | | | | | |
| **淨流動性差距 Net liquidity gap** | **(59,401,111)** | **(9,424,098)** | **(49,971,048)** | **10,496,436** | **80,908,708** | **48,904,730** | **5,424,154** | **26,937,771** |

---

# 3. 財務風險管理 （續） 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.4 流動性風險（續） 3.4 Liquidity risk (Continued)

### 3.4.2 到期日分析（續） 3.4.2 Maturity analysis (Continued)

於報告期末持作投資用途及包含在資產總額內的存款證之有關結餘，按合約到期日前之剩餘期限分析列示如下：

In respect of certificates of deposit held for investment purpose and included in total assets as at the end of the reporting period, the relevant balance, analysed based on the remaining period to contractual maturity is shown as follows:

| 以港幣千元位列示 HK$'000 | 即期償還 Repayable on demand | 1個月或以下 Up to 1 month | 1個月以上但3個月或以下 3 months or less but over 1 month | 3個月以上至1年 Over 3 months to 1 year | 1年以上至5年 Over 1 year to 5 years | 5年以上 Over 5 years | 無註明日期 Indefinite | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **2025年12月31日 At 31 December 2025** | | | | | | | | |
| 持有存款證包含於：<br>Certificates of deposit held included in: | | | | | | | | |
| 以公平值計量且其變動計入其他全面收益的金融資產<br>Financial assets at fair value through other comprehensive income | - | - | - | - | 719,029 | - | - | 719,029 |
| 以攤餘成本列賬的金融資產<br>Financial assets at amortised cost | - | 300,543 | 1,403,723 | 1,233,292 | 650,159 | - | - | 3,587,717 |
| | | | | | | | | |
| **2024年12月31日 At 31 December 2024** | | | | | | | | |
| 持有存款證包含於：<br>Certificates of deposit held included in: | | | | | | | | |
| 以公平值計量且其變動計入其他全面收益的金融資產<br>Financial assets at fair value through other comprehensive income | - | - | - | - | 62,749 | - | - | 62,749 |
| 以攤餘成本列賬的金融資產<br>Financial assets at amortised cost | - | 137,719 | 946,980 | 2,638,365 | - | - | - | 3,723,064 |

資產與負債期限及利率的相配和受控的錯配對集團管理層十分重要。由於進行的業務交易經常有不確定的期限及不同類別，對銀行而言，完全相配的情況並不普遍。不相配的持倉既可能提高盈利能力，但也會增加虧損風險。

The matching and controlled mismatching of the maturities and interest rates of assets and liabilities are fundamental to the management of the Group. It is unusual for banks to be completely matched, as businesses transacted are often of uncertain term and of different types. An unmatched position potentially enhances profitability, but also increases the risk of losses.

資產與負債的到期日及以合理的成本替代到期之附息負債的能力，是評估集團流動資金及其因利率及匯率變動所承擔風險的重要因素。

The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they mature are important factors in assessing the liquidity of the Group and its exposure to changes in interest rates and exchange rates.

因集團一般不預期第三方會根據有關協議全數動用資金，應付擔保和備用信用證項下所需款項的流動資金需求遠少於承擔的金額。由於很多信貸承擔於到期或終止日毋須動用資金，因此用於提供信貸之信貸承擔的未償付合約總金額未必等同日後的現金需求。

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the amount of the commitment because the Group does not generally expect the third parties to fully draw funds under the agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily represent future cash requirements, as many of these commitments will expire or terminate without being funded.

---

# 3. 財務風險管理（續）
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.4 流動性風險（續）
## 3.4 Liquidity risk (Continued)

### 3.4.3 按合約到期日之未貼現現金流
### 3.4.3 Undiscounted cash flows by contractual maturities

下表列示本集團就非衍生金融負債之應付額、衍生金融負債結算之淨額及衍生金融工具結算之總額，按報告期末之合約到期日剩餘時間將發生之現金流。表內列示之數額為合約未貼現現金流，而本集團依據預計之未貼現流入現金以管理固有的流動性風險。

The table below presents the cash flows payable by the Group under non-derivative financial liabilities, derivative financial liabilities that will be settled on a net basis and derivative financial instruments that will be settled on gross basis by remaining contractual maturities at the end of the reporting period. The amounts disclosed in the table are the contractual undiscounted cash flows, whereas the Group manages the inherent liquidity risk based on expected undiscounted cash inflows.

本集團通常按淨額基準結算之衍生工具包括：

* 外匯衍生工具：場外交易外匯期權、外匯期貨、交易所交易外匯期權；
* 利率衍生工具：利率掉期、遠期利率合約、場外交易利率期權、利率期貨及其他利率合約；及
* 權益性衍生工具：權益性期權。

The Group’s derivatives that normally will be settled on a net basis include:

* Foreign exchange derivatives: OTC currency options, currency futures, exchange-traded currency options;
* Interest rate derivatives: interest rate swaps, forward rate agreements, OTC interest rate options, interest rate futures and other interest rate contracts; and
* Equity derivatives: equity options.

本集團通常按總額基準結算之衍生工具包括：

* 外匯衍生工具：遠期外匯、外匯掉期及交換貨幣利率掉期；
* 利率衍生工具：利率掉期；及
* 信貸性衍生工具：信用違約交換合約。

The Group’s derivatives that will be settled on a gross basis include:

* Foreign exchange derivatives: currency forward, currency swaps and cross currency interest rate swaps;
* Interest rate derivatives: interest rate swaps; and
* Credit derivatives: credit default swaps.

---

# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.4 流動性風險 (續)
## 3.4 Liquidity risk (Continued)

### 3.4.3 按合約到期日之未貼現現金流 (續)
### 3.4.3 Undiscounted cash flows by contractual maturities (Continued)

| 2025年12月31日<br>以港幣千元位列示<br><br>At 31 December 2025<br>HK$'000 | 1個月或以下<br><br>Up to 1 month | 1個月以上但<br>3個月或以下<br>3 months or<br>less but over<br>1 month | 3個月以上<br>至1年<br>Over<br>3 months to<br>1 year | 1年以上<br>至5年<br>Over<br>1 year to<br>5 years | 5年以上<br><br>Over<br>5 years | 合計<br><br>Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| **非衍生工具現金流**<br>**Non-derivative cash flow** | | | | | | |
| **負債**<br>**Liabilities** | | | | | | |
| 銀行存款<br>Deposits from banks | 117,934 | 22,324 | 145,233 | – | – | 285,491 |
| 客戶存款<br>Deposits from customers | 115,385,464 | 59,739,563 | 31,564,340 | 1,271,433 | – | 207,960,800 |
| 持作交易用途的負債<br>Trading liabilities | 850,000 | 450,000 | 50,000 | – | – | 1,350,000 |
| 已發行的存款證<br>Certificates of deposit issued | 105,675 | 446,712 | 373,158 | – | – | 925,545 |
| 後償債務<br>Subordinated notes | – | – | 2,548,708 | 2,232,978 | – | 4,781,686 |
| 租賃負債<br>Lease liabilities | 10,530 | 21,533 | 87,710 | 235,976 | 38,510 | 394,259 |
| 其他負債<br>Other liabilities | 3,249,057 | 32,314 | 897,073 | – | 312,777 | 4,491,221 |
| **負債總額 (合約到期日)**<br>**Total liabilities (contractual maturity dates)** | **119,718,660** | **60,712,446** | **35,666,222** | **3,740,387** | **351,287** | **220,189,002** |
| | | | | | | |
| **衍生工具現金流**<br>**Derivative cash flow** | | | | | | |
| 按淨額結算之衍生金融工具<br>Derivative financial instruments settled on net basis | (175,784) | (64,186) | (262,834) | (20,619) | – | (523,423) |
| 按總額結算之衍生金融工具<br>Derivative financial instruments settled on a gross basis | | | | | | |
| 流出總額<br>Total outflow | 117,721,960 | 100,887,393 | 168,847,022 | 10,335,111 | 523,481 | 398,314,967 |
| 流入總額<br>Total inflow | (117,737,359) | (100,956,304) | (169,275,631) | (11,545,176) | (702,370) | (400,216,840) |
| | (15,399) | (68,911) | (428,609) | (1,210,065) | (178,889) | (1,901,873) |

---

### 3. 財務風險管理 (續) FINANCIAL RISK MANAGEMENT (Continued)

### 3.4 流動性風險 (續) Liquidity risk (Continued)

### 3.4.3 按合約到期日之未貼現現金流 (續) Undiscounted cash flows by contractual maturities (Continued)

| 2024年12月31日<br>以港幣千元位列示<br>At 31 December 2024<br>HK$'000 | 1個月或以下<br>Up to 1 month | 1個月以上但<br>3個月或以下<br>3 months or<br>less but over<br>1 month | 3個月以上<br>至1年<br>Over<br>3 months to<br>1 year | 1年以上<br>至5年<br>Over<br>1 year to<br>5 years | 5年以上<br>Over<br>5 years | 合計<br>Total |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **非衍生工具現金流** | **Non-derivative cash flow** | | | | | |
| **負債** | **Liabilities** | | | | | |
| 銀行存款 | Deposits from banks | 1,853,952 | 62,150 | 21,256 | - | - | 1,937,358 |
| 客戶存款 | Deposits from customers | 106,354,955 | 71,065,207 | 23,916,067 | 2,760,462 | - | 204,096,691 |
| 持作交易用途的負債 | Trading liabilities | 200,000 | 300,000 | - | - | - | 500,000 |
| 已發行的存款證 | Certificates of deposit issued | 1,732,258 | 163,468 | 2,616,597 | - | - | 4,512,323 |
| 後償債務 | Subordinated notes | - | - | 213,043 | 4,769,922 | - | 4,982,965 |
| 租賃負債 | Lease liabilities | 9,715 | 19,712 | 77,518 | 259,474 | 10,921 | 377,340 |
| 其他負債 | Other liabilities | 3,907,109 | 91,441 | 741,289 | - | 285,116 | 5,024,955 |
| | | | | | | |
| **負債總額 (合約到期日)** | **Total liabilities (contractual maturity dates)** | 114,057,989 | 71,701,978 | 27,585,770 | 7,789,858 | 296,037 | 221,431,632 |
| | | | | | | |
| **衍生工具現金流** | **Derivative cash flow** | | | | | |
| 按淨額結算之衍生金融工具 | Derivative financial instruments settled on net basis | (94,761) | (4,788) | (144,294) | (26,206) | - | (270,049) |
| 按總額結算之衍生金融工具 | Derivative financial instruments settled on a gross basis | | | | | |
| 流出總額 | Total outflow | 349,808,467 | 14,474,588 | 14,376,128 | 7,066,074 | 767,571 | 386,492,828 |
| 流入總額 | Total inflow | (350,062,197) | (14,512,684) | (14,878,577) | (8,872,999) | (1,331,801) | (389,658,258) |
| | | (253,730) | (38,096) | (502,449) | (1,806,925) | (564,230) | (3,165,430) |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.4 Liquidity risk (Continued)
## 3.4 流動性風險（續）

### 3.4.4 Off-balance sheet items
### 3.4.4 資產負債表外項目

下表包括以下項目：
Included in the table below are the following items:

*   已承諾授予客戶信貸及其他服務之貸款承擔（經考慮本集團資產負債表外金融工具之合約本金最早提款日期）；
    *   Loan commitments by reference to the earliest draw down dates of the contractual amounts of the Group’s off-balance sheet financial instruments that commit it to extend credit to customers and other facilities;
*   參照受益人可領取擔保的最早日期及於申報日有關須按條款如期支付之財務擔保；
    *   Financial guarantees by reference to the earliest date that the guarantees can be called by the beneficiaries and based on the conditions existing at the reporting date as to what contractual payments are required;
*   未來最低租賃付款總額；及
    *   The future minimum lease payments; and
*   購置房產及設備之資本承擔。
    *   Capital commitments for the acquisition of buildings and equipment.

| 2025年12月31日<br>以港幣千元位列示 | At 31 December 2025<br>HK$'000 | 1年以內<br>No later than 1 year | 1年以上<br>至5年<br>1-5 years | 5年以上<br>Over 5 years | 合計<br>Total |
| :--- | :--- | :---: | :---: | :---: | :---: |
| 貸款承擔 | Loan commitments | 62,194,583 | – | – | 62,194,583 |
| 擔保、承兌及其他金融服務 | Guarantees, acceptances and other financial facilities | | | | |
| －擔保及備用信用證 | – Guarantees and standby letters of credit | 709,856 | – | – | 709,856 |
| －跟單及商業信用證 | – Documentary and commercial letters of credit | 439,870 | – | – | 439,870 |
| 遠期有期存款 | Forward forward deposits placed | 200,000 | – | – | 200,000 |
| 資本承擔 | Capital commitments | 59,305 | 105 | – | 59,410 |
| | | | | | |
| 合計 | Total | 63,603,614 | 105 | – | 63,603,719 |

---

# 3. 財務風險管理 (續) 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.4 流動性風險 (續) 3.4 Liquidity risk (Continued)

### 3.4.4 資產負債表外項目 (續) 3.4.4 Off-balance sheet items(Continued)

| 2024年12月31日 At 31 December 2024 <br> 以港幣千元位列示 HK$'000 | 1年以內 <br> No later than <br> 1 year | 1年以上 <br> 至5年 <br> 1-5 years | 5年以上 <br> Over 5 years | 合計 <br> Total |
| :--- | :---: | :---: | :---: | :---: |
| 貸款承擔 Loan commitments | 63,098,059 | – | – | 63,098,059 |
| 擔保、承兌及其他金融服務 Guarantees, acceptances and other financial facilities | | | | |
| －擔保及備用信用證 – Guarantees and standby letters of credit | 644,749 | – | – | 644,749 |
| －跟單及商業信用證 – Documentary and commercial letters of credit | 450,156 | – | – | 450,156 |
| 經營租約承擔 Operating lease commitments | 1,800 | 3,600 | – | 5,400 |
| 資本承擔 Capital commitments | 17,796 | 3,025 | – | 20,821 |
| | | | | |
| 合計 Total | 64,212,560 | 6,625 | – | 64,219,185 |

## 3.5 金融資產及負債之公平值 3.5 Fair values of financial assets and liabilities

### (甲) 公平值之釐定 (a) Determination of fair value

| (甲) 公平值之釐定 | (a) Determination of fair value |
| :--- | :--- |
| 公平值受限於須由董事會負責確保本集團有適當的估值管治及控制程序之控制框架。董事會授權財資及投資風險委員會監管金融工具之估值程序。估值由風險管理及監控部和獨立專業合資格估值師（如適用）獨立地進行，而估值結果乃定期驗證，確保公平值計量過程之完整性。 | Fair values are subject to a control framework that the Board is held responsible for ensuring proper valuation governance and control processes of the Group. It delegates the responsibility for overseeing the valuation process for financial instruments to the TIRC. Valuation is performed independently by RMCD and where appropriate, by independent and professionally qualified valuers and the valuation results are periodically verified to ensure the integrity of the fair value measurement process. |
| 金融工具之公平值乃在目前市場情況下市場參與者於計量日進行之有序交易中出售資產所收取或轉移負債所支付之價格，不論該價格為直接可觀察或使用估值方法估計。 | The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions regardless of whether that price is directly observable or estimated using a valuation technique. |

---

### 3. FINANCIAL RISK MANAGEMENT (Continued)
#### 3.5 Fair values of financial assets and liabilities (Continued)
##### (a) Determination of fair value (Continued)

| 3. 財務風險管理 (續) | 3. FINANCIAL RISK MANAGEMENT (Continued) |
| :--- | :--- |
| **3.5 金融資產及負債之公平值（續）** | **3.5 Fair values of financial assets and liabilities (Continued)** |
| **(甲) 公平值之釐定（續）** | ***(a) Determination of fair value (Continued)*** |
| 凡金融工具之報價隨時且定期由交易所、交易商、經紀人、行業組織、定價服務及監管機構發布，則被視作為活躍市場報價之金融工具。於活躍市場之報價為公平值提供最可靠之證據，並須於可獲得時使用。倘金融資產或金融負債有買入價及賣出價，本集團將採用買賣差價中在該等情況下最能代表公平值之價格。 | A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency. A quoted price in an active market provides the most reliable evidence of fair value and shall be used whenever available. If a financial asset or a financial liability has a bid price and an ask price, the price within the bid-ask spread that is most representative of fair value in the circumstances is used by the Group. |
| 倘金融工具之可觀察市場報價未能直接獲得，本集團利用合適及獲廣泛認可之估值方法估計該等金融工具之公平值，包括現值方法及標準期權定價模型。於應用該等金融工具之估值方法時，本集團盡最大限度使用相關可觀察依據（例如：利率、匯率、波動性、信貸息差），而盡最少限度使用不可觀察依據。例如利率掉期合約之公平值按估計的未來現金流之現值計算。遠期外匯合約之公平值一般根據現行遠期匯率計算，而期權合約之公平值則按合適之定價模型計算，如Black-Scholes模型。 | Where observable market quotation of financial instruments is not directly available, the Group estimates the fair value of such financial instruments by using appropriate valuation techniques that are widely recognised including present value techniques and standard option pricing models. In applying valuation techniques for these financial instruments, the Group maximises the use of relevant observable inputs (for examples, interest rates, foreign exchange rates, volatilities, credit spreads) and minimises the use of unobservable inputs. For example, the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows, the fair value of foreign exchange forward contracts is generally based on current forward rates and the fair value of option contracts is derived using appropriate pricing models, such as Black-Scholes model. |
| 本集團使用外間報價及其本身信貸息差，以釐定其金融負債及已選擇以公平值計量之其他負債之現值。倘本集團之信貸息差擴闊，負債之價值下降，本集團會確認該等負債之收益。倘本集團之信貸息差收窄，負債之價值上升，本集團會確認相對該等負債之虧損。 | The Group uses external price quotes and its own credit spreads in determining the current value of its financial liabilities and other liabilities for which it has elected the fair value option. When the Group’s credit spreads widen, the Group recognises a gain on these liabilities because the value of the liabilities has decreased. When the Group’s credit spreads narrow, the Group recognises a loss on these liabilities because the value of the liabilities has increased. |
| 如有需要，用於計量程序之價格數據及參數會被仔細覆核及調整才應用，其中尤其需要考慮當前的市場發展情況。 | Price data and parameters used in the measurement process are reviewed carefully and adjusted, if necessary, to take consideration of the current market developments. |

---

# 3. 財務風險管理 (續) / 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.5 金融資產及負債之公平值 (續) / 3.5 Fair values of financial assets and liabilities (Continued)

### (乙) 公平值等級 / (b) Fair value hierarchy

本集團使用下列反映在釐定公平值中可觀察及不可觀察參數重要性之體系計量公平值：
The Group measures fair values using the following hierarchy that reflects the significance of the observable and unobservable inputs used in the fair value measurement:

| 級別 | 內容 | Level | Descriptions |
| :--- | :--- | :--- | :--- |
| 1 | 相同資產或負債於活躍市場中之報價（未經調整）。本級別包括於交易所上市之權益性證券及衍生工具。 | 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities. This level includes equity securities and derivatives that are listed on exchanges. |
| 2 | 除第1級別所包括之報價外，其他資產或負債能直接（即價格）或間接（即從價格導出）地可觀察之數據，該級別之金融工具可通過具活躍市場近似金融工具報價、非活躍市場的同等或類近的金融工具報價，及通過具可觀察重要參數的模型釐定金融產品的公平值。 | 2 | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). These are financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant inputs are observable. |
| 3 | 資產或負債數據並非根據可觀察之市場數據（不可觀察之數據）。本級別包括具有大部份不可觀察部件之權益性及債務證券。 | 3 | Inputs for the asset or liability that are not based on observable market data (unobservable inputs). This level includes equity and debt securities with significant unobservable components. |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
## 3.5 Fair values of financial assets and liabilities (Continued)
### (b) Fair value hierarchy (Continued)
Assets and liabilities measured at fair value:

#### Recurring fair value measurements
**2025年12月31日 At 31 December 2025**
**以港幣千元位列示 HK$'000**

| 內容 Descriptions | 第1級 Level 1 | 第2級 Level 2 | 第3級 Level 3 | 合計 Total |
| :--- | :---: | :---: | :---: | :---: |
| **持作交易用途的證券及以公平值計量且其變動計入損益的金融資產**<br>**Trading securities and financial assets at fair value through profit or loss** | | | | |
| 債務證券 Debt securities | – | 2,135,929 | – | 2,135,929 |
| 投資基金及權益性證券 Investment funds and equity securities | 4,645 | – | – | 4,645 |
| **衍生金融工具 Derivative financial instruments** | | | | |
| 持作交易用途 Held for trading | – | 1,266,832 | – | 1,266,832 |
| 持有用作對沖 Held for hedging | – | 1,256,789 | – | 1,256,789 |
| **以公平值計量且其變動計入其他全面收益的金融資產**<br>**Financial assets at fair value through other comprehensive income** | | | | |
| 債務證券 Debt securities | – | 43,334,128 | – | 43,334,128 |
| 權益性證券 Equity securities | 407 | – | 1,610,478 | 1,610,885 |
| **按公平值計量之資產合計 Total assets measured at fair value** | **5,052** | **47,993,678** | **1,610,478** | **49,609,208** |
| | | | | |
| **以公平值計量且其變動計入損益的金融負債**<br>**Financial liabilities at fair value through profit or loss** | | | | |
| －持作交易用途 – held for trading | | | | |
| 債務證券 Debt securities | – | 1,348,191 | – | 1,348,191 |
| **衍生金融工具 Derivative financial instruments** | | | | |
| 持作交易用途 Held for trading | – | 1,277,475 | – | 1,277,475 |
| 持有用作對沖 Held for hedging | – | 117,257 | – | 117,257 |
| **按公平值計量之負債合計 Total liabilities measured at fair value** | **–** | **2,742,923** | **–** | **2,742,923** |

---

# 3. 財務風險管理 (續)
# 3. FINANCIAL RISK MANAGEMENT (Continued)

## 3.5 金融資產及負債之公平值 (續)
## 3.5 Fair values of financial assets and liabilities (Continued)

### (乙) 公平值等級 (續)
### (b) Fair value hierarchy (Continued)

按公平值計量之資產及負債：(續)
Assets and liabilities measured at fair value: (Continued)

**經常性公平值計量 (續)**
**Recurring fair value measurements (Continued)**

界定為第3級別資產之金融資產為非上市權益性證券。這些投資為本集團以往申請加入由有關機構運作之國際金融通訊、跨境支付、信用卡發行等合作協議時以提供有關銀行服務為由購入。

Financial assets classified as Level 3 assets represent investments in shares issued by unlisted entities. These investments were acquired some years ago when the Group applied to join the platforms or cooperative arrangements operated by the relevant entities in areas such as international financial messaging, cross-border payments, credit cards issuance, etc. which are essential to the provision of banking services by the Group.

非上市權益性證券以通過市場可比較的公司或近期交易的估值方式計量。重要的不可觀察重要參數以及其在本集團非上市權益性投資的公平值計量中應用的範圍，包括可比公司的市盈率（「市盈率」）為20.41倍至44.85倍。於2025年12月31日，倘所有重要的不可觀察重要參數有利地變更5%或不利地變更5%，本集團的全面收益將分別增加78,000,000港元（2024年：78,000,000港元），及減少78,000,000港元（2024年：78,000,000港元）。

The unlisted equity investments are measured using valuation techniques of market comparable companies or recent transaction. The significant unobservable inputs and their range applied in the fair values measurement of the Group’s of unlisted equity investments includes price-to-earnings ratio (“PE ratio”) of the comparables of 20.41x to 44.85x. As at 31 December 2025, if all of the significant unobservable inputs favourably changed and unfavourably changed by 5%, the Group’s other comprehensive income would have increased by HK$78 million (2024: HK$78 million) and decreased by HK$78 million (2024: HK$78 million) respectively.

截至2025年12月31日及2024年12月31日止年度，概無金融資產及負債轉入或轉出公平值等級中的第1、第2及第3級別。賬面值之變動為重估收益／虧損。於年內並無新增或出售。

For the year ended 31 December 2025 and 31 December 2024, there were no transfers of financial assets and liabilities into or out of the Level 1, Level 2 and Level 3 fair value hierarchy. The changes in carrying value represent the revaluation gains/ losses during the year. There was no addition or disposal during the year.

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.5 Fair values of financial assets and liabilities (Continued)
## 3.5 金融資產及負債之公平值（續）

### (b) Fair value hierarchy (Continued)
### （乙）公平值等級（續）

Assets and liabilities measured at fair value: (Continued)
按公平值計量之資產及負債：（續）

**Recurring fair value measurements (Continued)**
**經常性公平值計量（續）**

2024年12月31日 / At 31 December 2024
以港幣千元位列示 / HK$'000

| 內容 | Descriptions | 第1級 Level 1 | 第2級 Level 2 | 第3級 Level 3 | 合計 Total |
| :--- | :--- | :---: | :---: | :---: | :---: |
| 持作交易用途的證券及以公平值計量且其變動計入損益的金融資產 | Trading securities and financial assets at fair value through profit or loss | | | | |
| 債務證券 | Debt securities | – | 2,006,353 | – | 2,006,353 |
| 投資基金 | Investment funds | 4,272 | – | – | 4,272 |
| 衍生金融工具 | Derivative financial instruments | | | | |
| 持作交易用途 | Held for trading | – | 1,800,047 | – | 1,800,047 |
| 持有用作對沖 | Held for hedging | – | 2,283,684 | – | 2,283,684 |
| 以公平值計量且其變動計入其他全面收益的金融資產 | Financial assets at fair value through other comprehensive income | | | | |
| 債務證券 | Debt securities | – | 43,204,104 | – | 43,204,104 |
| 權益性證券 | Equity securities | 295 | – | 1,604,306 | 1,604,601 |
| **按公平值計量之資產合計** | **Total assets measured at fair value** | **4,567** | **49,294,188** | **1,604,306** | **50,903,061** |
| 以公平值計量且其變動計入損益的金融負債 | Financial liabilities at fair value through profit or loss | | | | |
| －持作交易用途 | – held for trading | | | | |
| 債務證券 | Debt securities | – | 498,069 | – | 498,069 |
| 衍生金融工具 | Derivative financial instruments | | | | |
| 持作交易用途 | Held for trading | – | 1,690,736 | – | 1,690,736 |
| 持有用作對沖 | Held for hedging | – | 149,179 | – | 149,179 |
| **按公平值計量之負債合計** | **Total liabilities measured at fair value** | **–** | **2,337,984** | **–** | **2,337,984** |

---

# 3. FINANCIAL RISK MANAGEMENT (Continued)
# 3. 財務風險管理（續）

## 3.5 Fair values of financial assets and liabilities (Continued)
## 3.5 金融資產及負債之公平值（續）

### (c) Financial instruments not measured at fair value
### （丙）未按公平值計量之金融工具

下列方法和重要假定之應用，以釐定如下呈報的金融工具的公平價值：

The following methods and significant assumptions have been applied in determining the fair values of financial instruments presented below:

**(i) 現金及銀行結餘及在銀行的存款**
**(i) Cash and balances and placements with banks**

在銀行的浮息存款及隔夜存款之公平值乃其賬面值。固定利息存款之估計公平值乃根據附有同類信貸風險及剩餘到期日之債務以當前貨幣市場利率計算之貼現現金流。

The fair value of floating rate placements and overnight deposits is their carrying amount. The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and remaining maturity.

**(ii) 客戶貸款及墊款，及貿易票據**
**(ii) Loans and advances to customers, and trade bills**

貸款及墊款及貿易票據之估計公平值指預計未來將會收回的現金流之貼現數額。預計現金流按現行市場利率貼現以釐定公平值。

The estimated fair value of loans and advances and trade bills represents the discounted amount of estimated future cash flows expected to be received. Expected cash flows are discounted at current market rates to determine fair value.

**(iii) 以攤餘成本列賬的金融資產**
**(iii) Financial assets at amortised cost**

證券投資包含包括在攤餘成本類別之附息資產。攤餘成本資產之公平值乃依據市場價格或經紀╱交易商報價。倘未有此等資料，公平值之計量乃採用附有相同信貸、到期日及收益等特性的證券市場之報價。

Investment securities include interest-bearing assets included in the amortised cost category. Fair value of amortised cost assets is based on market prices or broker/dealer price quotations. Where this information is not available, fair value is estimated using quoted market prices for securities with similar credit, maturity and yield characteristics.

**(iv) 銀行存款、客戶存款及已發行的存款證**
**(iv) Deposits from banks, deposits from customers and certificates of deposit issued**

無註明到期日之存款，包括不附息存款，其公平值為即時付還之數額。未有活躍市場報價之固定利息存款及其他借款，其公平值之計量乃根據採用附有相同剩餘到期日之新債務息率計算之貼現現金流。

The estimated fair value of deposits with no stated maturity, which includes non-interest bearing deposits, is the amount repayable on demand. The estimated fair value of fixed interest-bearing deposits and other borrowings not quoted in an active market is based on discounted cash flows using interest rates for new debts with similar remaining maturity.

**(v) 後償債務**
**(v) Subordinated notes**

就未有市場報價之證券而言，則採用適合到期日剩餘時間之當前收益曲線及╱或信貸息差以現值方法來估計公平值。

For those notes where quoted market prices are not available, the present value technique is used based on current yield curve and/or credit spread appropriate for the remaining term to maturity to estimate fair value.

---

### 3. 財務風險管理 (續) 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.5 金融資產及負債之公平值 (續) 3.5 Fair values of financial assets and liabilities (Continued)

#### (丙) 未按公平值計量之金融工具 (續) (c) Financial instruments not measured at fair value (Continued)

本集團按成本或攤餘成本列賬的金融工具之賬面值，與其於2025年及2024年12月31日之公平值並無重大差異，除以下外：

The carrying amounts of the Group’s financial instruments carried at cost or amortised cost are not materially different from their fair values as at 31 December 2025 and 2024 except as follows:

| 2025年12月31日 At 31 December 2025 以港幣千元位列示 HK$'000 | 賬面值 Carrying value | 第1級 Level 1 | 第2級 Level 2 | 第3級 Level 3 | 公平值 Fair value |
| :--- | :--- | :--- | :--- | :--- | :--- |
| **金融資產 Financial assets** | | | | | |
| 以攤餘成本列賬的金融資產 Financial assets at amortised cost | **34,008,953** | **–** | **34,371,536** | **2,000** | **34,373,536** |
| | | | | | |
| **金融負債 Financial liabilities** | | | | | |
| 已發行的存款證 Certificates of deposit issued | **887,875** | **–** | **888,419** | **–** | **888,419** |
| 後償債務 Subordinated notes | **4,274,938** | **–** | **4,374,457** | **–** | **4,374,457** |

| 2024年12月31日 At 31 December 2024 以港幣千元位列示 HK$'000 | 賬面值 Carrying value | 第1級 Level 1 | 第2級 Level 2 | 第3級 Level 3 | 公平值 Fair value |
| :--- | :--- | :--- | :--- | :--- | :--- |
| **金融資產 Financial assets** | | | | | |
| 以攤餘成本列賬的金融資產 Financial assets at amortised cost | 35,522,368 | – | 35,597,944 | 2,000 | 35,599,944 |
| | | | | | |
| **金融負債 Financial liabilities** | | | | | |
| 已發行的存款證 Certificates of deposit issued | 4,294,996 | – | 4,298,538 | – | 4,298,538 |
| 後償債務 Subordinated notes | 4,146,914 | – | 4,249,515 | – | 4,249,515 |

---

### 3. 財務風險管理 (續)
### 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.6 資本管理
### 3.6 Capital management

本集團管理資本之目標為：

* 符合本集團機構有營運的市場之銀行業監管機構所設定之資本規定；
* 保障本集團持續發展業務之能力；
* 為股東爭取最高回報和帶給其他利益相關者最佳利益；及
* 維持強大資本基礎以支持業務發展。

本集團管理層定期應用按巴塞爾委員會發出並由香港金管局執行作監管用途指引之方法，監控本集團之香港銀行附屬公司之資本充足度及法定資本之使用，每個季度向香港金管局申報有關規定的資料。

於香港監管框架下，大新銀行須符合三個比率，分別為普通股權一級資本、一級資本及總資本對風險加權資產的比率。此三個比率之國際認可最低要求分別為4.5%、6.0%及8.0%，並已被香港金管局採納。為符合香港金管局載於《監管政策手冊》CA-G-5有關《監管檢討程序》之規定，大新銀行須就監管者規定，內部風險評估及按第二支柱資本規定之壓力測試結果而設立額外緩衝以反映未包含在最低法定資本計算之重大風險。此外，大新銀行須履行金管局所訂立防護緩衝資本及逆周期緩衝資本之規定。同樣地，作為構成巴塞爾協定III所實施其中一部份的槓桿比率，相關資料須每季向香港金管局呈報。為符合國際標準，香港金管局將最低槓桿比率設定為3%。

The Group’s objectives when managing capital are:

* To comply with the capital requirements set by the banking regulators in the markets where the entities within the Group operate;
* To safeguard the Group’s ability to continue its business as a going concern;
* To maximise returns to shareholders and optimise the benefits to other stakeholders; and
* To maintain a strong capital base to support the development of its business.

Capital adequacy of and the use of regulatory capital by the Group’s Hong Kong banking subsidiary is monitored regularly by the Group’s management, employing techniques based on the guidelines developed by the Basel Committee, as implemented by the HKMA, for supervisory purposes. The required information is filed with the HKMA on a quarterly basis.

Under the regulatory framework in Hong Kong, DSB is required to meet three capital ratios, namely, the Common Equity Tier 1 capital, Tier 1 capital and Total capital respectively against risk-weighted assets. The internationally agreed minimum of these three ratios are set at 4.5%, 6.0% and 8.0% respectively and are adopted by the HKMA. In order to comply with HKMA’s requirements as stated in the SPM CA-G-5 on “Supervisory Review Process”, DSB is required to set further buffers, to reflect material risks not included in the minimum regulatory capital calculation, arising from regulator’s requirements, internal assessment of risks and the results of stress tests under the Pillar II capital requirement. In addition, DSB is required to fulfil the capital conservation buffer and countercyclical capital buffer requirements set by the HKMA. Likewise, the Leverage Ratio forms part of Basel III implementation and the required information is submitted to the HKMA on quarterly basis. In line with the international standards, the minimum Leverage Ratio is set at 3% by the HKMA.

---

### 3. 財務風險管理 (續)
### 3. FINANCIAL RISK MANAGEMENT (Continued)

### 3.6 資本管理 (續)
### 3.6 Capital management (Continued)

風險加權數額包括資產負債表內及外之信貸風險、市場風險和操作風險之風險加權數額合計。資產負債表內風險根據債務人或各類風險性質分類及依據香港金管局認可之外部信貸評級機構指定的信貸評級或其他載於《銀行業（資本）規則》之原則且已考慮減輕信貸風險對資本之影響來確定其風險加權值。資產負債表外風險在未被分類及風險加權計算前，已應用各項風險之相關信貸換算系數換算其為信貸等值額，猶如當作其乃資產負債表內風險。

包括在綜合財務狀況表之資本餘額，其主要構成為股本、保留溢利、其他權益性工具及其他儲備。《銀行業（資本）規則》並容許資本包括綜合撥備及監管儲備。

本集團管理層定期按澳門金融管理局（「澳門金管局」）及國家金融監督管理總局（「國家金融監督管理總局」）就監管用途發出的指引之方法，監控集團之澳門附屬銀行澳門商業銀行及中國內地附屬銀行大新銀行（中國）之資本充足度及法定資本之使用。

澳門商業銀行及大新銀行（中國）分別向澳門金管局及國家金融監督管理總局按季度呈報所需資料。澳門金管局規定澳門商業銀行以及國家金融監督管理總局規定大新銀行（中國）各須維持其自有資本或資本基礎對風險加權總額之比率（即資本充足比率）不低於法定要求之最低水平 8%。

本集團若干非銀行附屬公司亦須遵循其他監管機構（例如：證券及期貨事務監察委員會）之法定資本規定。

Risk-weighted amount is the aggregate of the risk-weighted amounts for credit risk, market risk and operational risk, and covers both on-balance sheet and off-balance sheet exposures. On-balance sheet exposures are classified according to the obligor or the nature of each exposure and risk-weighted based on the credit assessment rating assigned by an external credit assessment institution recognised by the HKMA or other rules as set out in the Banking (Capital) Rules, taking into account the capital effects of credit risk mitigation. Off-balance sheet exposures are converted into credit-equivalent amounts by applying relevant credit conversion factors to each exposure, before being classified and risk-weighted as if they were on-balance sheet exposures.

The principal forms of capital included in the balances on the consolidated statement of financial position are share capital, retained profits, other equity instruments and other reserves. Capital also includes collective provisions and regulatory reserve for general banking risks as allowed under the Banking (Capital) Rules.

Capital adequacy of and the use of regulatory capital by the Group’s Macau banking subsidiary, BCM, and banking subsidiary in Chinese Mainland, DSB China, are monitored regularly by the Group’s management, employing techniques based on the guidelines provided by the Autoridade Monetária de Macau (“AMCM”) and the National Financial Regulatory Administration (“NFRA”) respectively for supervisory purposes.

The required information is filed by BCM with the AMCM and by DSB China with the NFRA on a quarterly basis. The AMCM requires BCM and the NFRA requires DSB China to maintain a ratio of own funds or capital base to total risk-weighted exposures (i.e. the capital adequacy ratio) not lower than the required statutory minimum of 8%.

Certain non-banking subsidiaries of the Group are also subject to statutory capital requirements from other regulatory authorities, such as the Securities and Futures Commission.

### 3.7 受託業務
### 3.7 Fiduciary activities

本集團提供託管人、受託人、財富管理及諮詢服務予第三者，當中涉及本集團就不同之金融工具作出分配及交易決定。此等以受信身份持有之資產，並不列入本集團之綜合財務報表。此等服務可引致本集團被追索錯誤管理之風險。

The Group provides custody, trustee, wealth management and advisory services to third parties, which involve the Group making allocation and purchase and sale decisions in relation to a variety of financial instruments. Those assets that are held in a fiduciary capacity are not included in the consolidated financial statements. These services could give rise to the risk that the Group could be accused of mal-administration.

---

## 4. 應用會計政策時之重要會計估計及判斷 / 4. CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

| 4. 應用會計政策時之重要會計估計及判斷 | 4. CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES |
| :--- | :--- |
| 本集團作出之估計及假設將會影響下一財政年度內列報資產及負債之金額。本集團會根據過往經驗及其他因素，包括在某些情況下，對未來事項作出認為是合理的預期，並持續地評估所作出之估計及判斷。估計及假設之改變可能對本集團於作出改變之期內業績有重大影響。選擇及應用不同之估計及假設和其後之變化，可能影響本集團將來之溢利及淨資產值。本集團依據高層次評估其主要會計估計及假設之改變對本集團呈報之資產及負債之敏感度影響後，深信所採納之估計及假設乃屬合適和合理，及呈列在本集團之綜合財務報表內之財務業績和狀況在所有重要性方面是公平及合理。 | The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Changes in estimates and assumptions may have a significant impact on the results of the Group in the periods when changes are made. The application and selection of different estimates and assumptions, and their subsequent changes, could affect the Group’s profit and net asset value in the future. The Group, based on its high-level assessment of the sensitivity impacts on the reported assets and liabilities of the Group arising from the changes in critical accounting estimates and assumptions, believes that the estimates and assumptions adopted are appropriate and reasonable, and the financial results and positions presented in the consolidated financial statements are fair and reasonable in all material respects. |
| **（甲）預期信貸虧損準備的計量** | **(a) Measurement of the ECL allowance** |
| 按攤餘成本計量及以公平值計量且其變動計入其他全面收益之金融資產的預期信貸虧損準備的計量乃是需要應用複雜模型及有關未來經濟狀況和信貸行為（例如客戶違約之可能性及引致之損失）的重大假設之範疇。用以解釋計量預期信貸虧損的參數、假設及估計方法在附註3.2.2中進一步詳細說明，其中還列出了預期信貸虧損對這些要素變化的主要敏感度。 | The measurement of the ECL allowance for financial assets measured at amortised cost and FVOCI is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses). Explanation of the inputs, assumptions and estimation techniques used in measuring ECL is further detailed in Note 3.2.2, which also sets out key sensitivities of the ECL to changes in these elements. |
| 應用會計規定以計量預期信貸虧損需要若干重大判斷，例如： | A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such as: |
| • 釐定信貸風險大幅增加之準則； | • Determining criteria for significant increase in credit risk; |
| • 選擇合適之模式及假設以用作計量預期信貸虧損； | • Choosing appropriate models and assumptions for the measurement of ECL; |
| • 就各類產品／市場建立前瞻性情境數目及相對加權值相關的預期信貸虧損；及 | • Establishing the number and relative weightings of forward-looking scenarios for each type of product/market and the associated ECL; and |
| • 建立相近類別金融資產的組別作計量預期信貸虧損用途。 | • Establishing groups of similar financial assets for the purposes of measuring ECL. |
| 有關本集團於上述範疇作出的判斷及估計的詳細資料載於附註3.2.2。 | Detailed information about the judgements and estimates made by the Group in the above areas is set out in Note 3.2.2. |

---

### 4. CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES (Continued)
### 4. 應用會計政策時之重要會計估計及判斷（續）

#### (b) Fair value of financial instruments
#### (乙）金融工具之公平值

A majority of the Groupʼs investments in debt securities carried at fair value are valued based on observable market quotations. The Group applies judgement in selecting the most appropriate quotation for valuation purposes based on its assessment of the range of observable quotations, recent observable transactions, the reliability and quality of the pricing source, and the value of securities of a similar nature. For unlisted equity investments, management judgement and estimates are required for the selection of appropriate valuation parameters, assumptions and modelling techniques.

本集團按公平值列賬之債務證券投資大部份是依據公開之市場報價計量。本集團在採納經判斷為最恰當報價作估值價時，根據其參考對一系列可觀察到之報價、近期之交易價、報價來源之可信性和素質、及相同類別證券價格之評估。對於非上市權益性投資，需要管理層之判斷和估計以選擇合適的估值參數、假設及模型方法。

The carrying amounts of the financial instruments measured at fair value at reporting date are shown in Note 19, 20 and 22.

於呈報日之金融工具之公平值的賬面值載於附註19、20及22。

#### (c) Impairment of goodwill and intangible asset
#### (丙）商譽及無形資產之減值

For business combinations, subsequent to initial recognition of goodwill and intangible assets, any major change in the assumptions in relation to future benefits to be generated from the intangible assets, including future cash flow of benefits to be generated from the acquired entities, or discount rates which could be caused by major changes in market conditions and outlook, could result in adjustments to the carrying values of such assets. In the event that the expected recoverable amounts of goodwill and intangible assets are significantly lower than their carrying values, impairment of such assets would have to be recognised.

於業務合併中，繼初始確認商譽及無形資產後，任何有關用於無形資產未來可產生收益之假設之重大變動，包括被收購之企業之未來收益現金流量，或因市場環境及前景的重大改變而影響貼現率，將對此資產之賬面價值作出調整。倘在某些情況下，無形資產及商譽預期可收回之金額較其賬面價值為低，則須確認該資產的減值。

The carrying amounts of goodwill and intangible asset at reporting date are shown in Note 27.

於呈報日之商譽及無形資產的賬面值載於附註27。

---

# 4. 應用會計政策時之重要會計估計及判斷（續）
# 4. CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES (Continued)

### (丁) 投資於聯營公司，重慶銀行（「重慶銀行」）之減值評估

本集團根據香港會計準則第36號《資產減值》對於重慶銀行之投資進行減值評估。

該評估就投資之賬面值比較管理層估量之使用價值與扣除出售費用後之公平值比較之高者。使用價值乃管理層根據管理層及可觀察之數據導出之某些假設的貼現現金流量估算。該估量涉及應用管理層之判斷並敏感於貼現率之假設和源自持有該投資及其最終出售之現金流量。

於2025年及2024年12月31日，投資的公平值高於賬面值。由於該投資的服務潛力未發生變化，故未進行減值或回撥評估。

### (d) Impairment assessment of the investment in an associate, Bank of Chongqing (“BOCQ”)

The Group carries out impairment assessments on its investment in BOCQ in accordance with HKAS 36 “Impairment of assets”.

This assessment compares the carrying value of the investment against the higher of management’s estimate of value in use and fair value less costs of disposal. Management’s estimate of the value in use is based on a discounted cash flow projection which contains certain assumptions derived from management and observable market information. This estimate is subject to application of management judgement and is sensitive to assumptions on the discount rate and the cash flows arising from the holding of this investment and from its ultimate disposal.

At 31 December 2025 and 2024, the fair value of the investment was higher than the carrying value. As there was no change in service potential of the investment, there was no assessment of impairment or its reversal.

***

### (戊) 租賃期之釐定

釐定租賃期時，管理層須考慮所有可引起經濟誘因以行使延長選擇權，或不行使終止選擇權之事實及情況。延長選擇權（或終止選擇權後之期間）只有在該租賃可合理地被確定會延長（或不終止）下方包括在租賃期內。

就物業租賃而言，下列因素一般至為相關：

*   倘若終止（或不延長）有重大罰金，本集團一般會合理地確定延長（或不終止）。

### (e) Determination of the lease term

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

For leases of properties, the following factors are normally the most relevant:

*   If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate).

---

# 4. 應用會計政策時之重要會計估計及判斷（續） / CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES (Continued)

| 4. 應用會計政策時之重要會計估計及判斷（續） | 4. CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES (Continued) |
| :--- | :--- |
| **（戊）租賃期之釐定（續）** | **(e) Determination of the lease term (Continued)** |
| • 倘若任何裝修預計會有重大剩餘價值，本集團一般會合理地確定延長（或不終止）。 | • If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). |
| • 否則，本集團會考慮其他因素包括過往之租賃時間及更換租賃資產所需之開支和對業務之擾亂。 | • Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. |
| 由於本集團可以無需重大開支或擾亂業務下更換租賃資產，物業租賃中之延長選擇權大多沒有包括在租賃負債。 | Most extension options in property leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. |
| 倘若選擇權真的被行使（或不行使）或本集團轉為不得不行使（或不行使）該選擇權，則會重新評估租賃期。只有發生一宗影響評估的重大事件或環境重大變更，且在承租人可控制之範圍內，方會修訂可合理地確定之評估。本財政年度內，本集團並無行使任何延長或終止選擇權。 | The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. During the current financial year, the Group has not exercised any extension or termination options. |
| 於呈報日之使用權資產及租賃負債的賬面值載於附註28。 | The carrying amounts of right-of-use assets and lease liabilities at reporting date are shown in Note 28. |
| **（己）關於未攤銷之預付款項及遞延支付款項確認為收入的稅務狀況** | **(f) Tax position relating to the unamortised upfront payment and deferred payments recognised as income** |
| 本集團於2017年6月19日宣布簽訂香港人壽保險分銷協議（「香港分銷協議」）時，香港分銷協議之意向為大新銀行及泰禾人壽有限公司之間的獨家及長期的銀保合作關係，該協議已於2022年7月8日終止。管理層經評核香港分銷協議有關之大新銀行已收及應收預付款項及遞延支付款項後，有關款項最終可以在稅務上以資本性質處理。管理層在編製財務報表時已考慮這一點。 | As announced by the Group when the Hong Kong Distribution Agreement (“HKDA”) was entered into on 19 June 2017, the HKDA was intended to be an exclusive, long-term bancassurance cooperation between DSB and Tahoe Life Insurance Company Limited, which was terminated on 8 July 2022. Management assessed that the upfront fee and deferred payments received and receivable by DSB under the HKDA can be treated substantially as capital in nature for tax purpose. Management has taken this consideration into account in the preparation of the financial statements. |

---

# 5. STATEMENT OF FINANCIAL POSITION AND RESERVE MOVEMENT OF THE COMPANY
## 本公司財務狀況表及儲備變動
### Statement of Financial Position of the Company
### 本公司財務狀況表

| | | | **12月31日** | |
| :--- | :--- | :--- | :--- | :--- |
| | | | **As at 31 December** | |
| **以港幣千元位列示** | | **HK$'000** | **2025** | 2024 |
| | | | | |
| **非流動資產** | **Non-current assets** | | | |
| 附屬公司投資 | Investments in subsidiaries | | **7,000,118** | 7,000,118 |
| 以公平值計量且其變動計入其他全面收益的金融資產 | Financial assets at fair value through other comprehensive income | | **856,394** | 856,394 |
| 無形資產 | Intangible assets | | **8,635** | 8,635 |
| | | | **7,865,147** | 7,865,147 |
| | | | | |
| **流動資產** | **Current assets** | | | |
| 與一間附屬公司之銀行結餘 | Bank balances with a subsidiary | | **244,749** | 131,905 |
| 應收賬及其他賬目 | Accounts receivable and other accounts | | **468** | 600 |
| 應收附屬公司款項 | Amounts due from subsidiaries | | **34,982** | 34,962 |
| | | | **280,199** | 167,467 |
| | | | | |
| **流動負債** | **Current liabilities** | | | |
| 預提費用及其他賬目 | Accrued expenses and other accounts | | **2,411** | 1,945 |
| 應付附屬公司款項 | Amounts due to subsidiaries | | **442,794** | 442,807 |
| | | | **445,205** | 444,752 |
| | | | | |
| **淨流動負債** | **Net current liabilities** | | **(165,006)** | (277,285) |
| | | | | |
| | | | **7,700,141** | 7,587,862 |
| | | | | |
| **權益** | **EQUITY** | | | |
| 股本 | Share capital | | **6,894,438** | 6,894,438 |
| 其他儲備（包括保留盈利） | Other reserves (including retained earnings) | Note (a) / 註（甲） | **805,703** | 693,424 |
| | | | | |
| **權益合計** | **Total equity** | | **7,700,141** | 7,587,862 |

Approved and authorised for issue by the Board of Directors on 30 March 2026.
董事會於2026年3月30日批准及授權發布。

**王伯凌**
董事
**Gary Pak-Ling Wang**
Director

**黃漢興**
董事總經理
**Hon-Hing Wong (Derek Wong)**
Managing Director

---

## 5. 本公司財務狀況表及儲備變動 (續)
## 5. STATEMENT OF FINANCIAL POSITION AND RESERVE MOVEMENT OF THE COMPANY (Continued)

註：
Note:

(甲) 本公司儲備變動
(a) Reserve movement of the Company

| 以港幣千元位列示 HK$'000 | | 保留盈利 Retained Earnings | 以股份為基礎報酬之儲備 Share-based Compensation Reserve | 合計 Total |
| :--- | :--- | :---: | :---: | :---: |
| 2024年1月1日 | At 1 January 2024 | 616,724 | 4,988 | 621,712 |
| 年度溢利 | Profit for the year | 1,140,083 | – | 1,140,083 |
| 以股權支付以股份為基礎報酬之撥備 | Provision for equity-settled share-based compensation | 4,988 | (4,988) | – |
| 2023年末期股息 | 2023 final dividend | (688,818) | – | (688,818) |
| 2024年中期股息 | 2024 interim dividend | (379,553) | – | (379,553) |
| **2024年12月31日** | **At 31 December 2024** | **693,424** | **–** | **693,424** |
| | | | | |
| 2025年1月1日 | At 1 January 2025 | **693,424** | **–** | **693,424** |
| 年度溢利 | Profit for the year | **1,096,305** | **–** | **1,096,305** |
| 2024年末期股息 | 2024 final dividend | **(548,243)** | **–** | **(548,243)** |
| 2025年中期股息 | 2025 interim dividend | **(435,783)** | **–** | **(435,783)** |
| **2025年12月31日** | **At 31 December 2025** | **805,703** | **–** | **805,703** |

---

## 6. 營業分項報告 6. OPERATING SEGMENT REPORTING

本集團根據香港財務報告準則第8號《營運業務分項》編製分項報告。向包括行政總裁及其 他執行委員會成員之主要營運決策人呈報而作為資源分配及業績評估用途之資料，乃按 個人銀行、企業銀行、財資及環球市場及中國內地及澳門銀行業務分類之基礎來確定。本 地銀行業務之營運表現按業務活動分析，而中國內地及澳門銀行業務之營運表現按業務 機構分析。

Segment reporting by the Group is prepared in accordance with HKFRS 8 “Operating Segments”. Information reported to the chief operating decision maker, including the Chief Executive and other Executive Committee members, for the purposes of resource allocation and performance assessment, is determined on the basis of personal banking, corporate banking, treasury and global markets and banking businesses in Chinese Mainland and Macau. Operating performances are analysed by business activities for local banking business, and on business entity basis for banking businesses in Chinese Mainland and Macau.

經考慮到本地業務之客戶群、產品及服務，經濟環境和法規後，本集團將營運業務劃分為下列呈報分項：

Considering the customer groups, products and services of local businesses, the economic environment and regulations, the Group splits the operating segments of the Group into the following reportable segments:

*   個人銀行業務包括接受個人客戶存款、住宅樓宇按揭、私人貸款、透支、汽車貸款和信用卡服務、保險業務的銷售和投資服務。
    Personal banking business includes the acceptance of deposits from individual customers and the extension of residential mortgage lending, personal loans, overdraft, vehicle financing and credit card services, and the provision of insurance sales and investment services.

*   企業銀行業務包括接受存款、貸款、營運資金融資及貿易融資，其存款來源及融資客戶主要是工商業及機構性客戶。
    Corporate banking business includes the acceptance of deposits from and the advance of loans and working capital finance to commercial, industrial and institutional customers, and the provision of trade financing.

*   財資及環球市場業務主要包括外匯服務、中央貸存現金管理、利率風險管理、證券投資管理及本集團整體之資金運用管理。
    Treasury and global markets activities are mainly the provision of foreign exchange services and centralised cash management for deposit taking and lending, interest rate risk management, management of investment in securities and the overall funding of the Group.

*   中國內地及澳門銀行業務包括由位於中國內地和澳門之附屬公司提供之個人銀行和企業銀行業務及本集團一間在中國內地設立之商業銀行之權益。
    Chinese Mainland and Macau banking businesses include personal banking, corporate banking business activities provided by subsidiaries in Chinese Mainland and Macau, and the Groupʼs interest in a commercial bank in Chinese Mainland.

*   其他包括未可直接歸類於其他呈報分項之營運業績、集團投資及債務資金（包括後償債務）。
    Others include results of operations not directly identified under other reportable segments, corporate investments and debt funding (including subordinated notes).

---

## 6. 營業分項報告 (續)

就編製分項報告而言，對可直接認明為各個 別分項之源自客戶、產品及服務收入，將直接 呈報於有關分項；而分項之間的資金運用及 資金資源所產生的收入和資金成本，按參照 市場利率之轉移價格機制分配至各分項。分 項間之交易乃依據授予第三者或與第三者交 易之同類條款定價。分項間之收入或支出於 綜合賬內抵銷。為配合本集團主要營運決策 人之業務分項績效審閱基準，利息收入已按 淨利息收入方式披露。

所有不同分項之直接開支將歸類於有關的分 項分類。間接開支及支援部門開支乃依據開 支性質，按耗用之時間及工作量和分項營運 收入，分配至不同的分項及產品。不能合理地 分配至各分項、產品及支援部門之企業活動 開支，則作企業開支呈列於「其他」項下。

## 6. OPERATING SEGMENT REPORTING (Continued)

For the purpose of segment reporting, revenue derived from customers, products and services directly identifiable with individual segments are reported directly under respective segments, while revenue and funding cost arising from inter-segment funding operation and funding resources are allocated to segments by way of transfer pricing mechanism with reference to market interest rates. Transactions within segments are priced based on similar terms offered to or transacted with external parties. Inter-segment income or expenses are eliminated on consolidation. To align with the basis of reviewing business segment performance by the Group's chief operating decision makers, interest revenue is disclosed in terms of net interest income.

All direct costs incurred by different segments are grouped under respective segments. Indirect costs and support functions' costs are allocated to various segments and products based on effort and time spent as well as segments' operating income depending on the nature of costs incurred. Costs related to corporate activities that cannot be reasonably allocated to segments, products and support functions are grouped under Others as unallocated corporate expenses.

---

# 6. 營業分項報告 (續) OPERATING SEGMENT REPORTING (Continued)
## 截至2025年12月31日止年度 For the year ended 31 December 2025

| 以港幣千元位列示 HK$'000 | 個人銀行 Personal Banking | 企業銀行 Corporate Banking | 財資及環球市場業務 Treasury and Global Markets | 中國內地及澳門銀行 Chinese Mainland and Macau Banking | 其他 Others | 跨項目 Inter-segment | 總計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| 淨利息收入／（支出） Net interest income/(expenses) | 2,445,304 | 1,051,693 | 2,146,432 | 421,070 | (235,842) | 12 | 5,828,669 |
| 非利息收入／（支出） Non-interest income/(expenses) | 1,485,152 | 206,234 | 67,678 | 290,376 | 40,604 | (3,532) | 2,086,512 |
| **營運收入總額 Total operating income** | **3,930,456** | **1,257,927** | **2,214,110** | **711,446** | **(195,238)** | **(3,520)** | **7,915,181** |
| 營運支出 Operating expenses | (1,945,534) | (520,165) | (295,533) | (584,041) | (104,534) | 3,520 | (3,446,287) |
| **扣除信貸減值虧損前之營運溢利／（虧損） Operating profit/(loss) before credit impairment losses** | **1,984,922** | **737,762** | **1,918,577** | **127,405** | **(299,772)** | **–** | **4,468,894** |
| 信貸減值虧損 Credit impairment losses | (464,172) | (1,142,983) | (42,140) | (131,065) | (2,453) | – | (1,782,813) |
| **扣除若干投資及固定資產之收益及虧損前之營運溢利／（虧損） Operating profit/(loss) before gains and losses on certain investments and fixed assets** | **1,520,750** | **(405,221)** | **1,876,437** | **(3,660)** | **(302,225)** | **–** | **2,686,081** |
| 出售投資物業及其他固定資產及其公平值調整之淨（虧損）／收益 Net (loss)/gain on disposal and fair value adjustment of investment properties and other fixed assets | (33) | (3) | – | 53,885 | (148,879) | – | (95,030) |
| 商譽減值虧損 Impairment loss on goodwill | – | – | – | (493,023) | – | – | (493,023) |
| 應佔聯營公司之業績 Share of results of an associate | – | – | – | 728,771 | – | – | 728,771 |
| 視同出售聯營公司投資之虧損 Loss on deemed disposal of investment in an associate | – | – | – | (19) | – | – | (19) |
| 應佔共同控制實體之業績 Share of results of jointly controlled entities | – | – | – | – | 32,787 | – | 32,787 |
| **除稅前溢利／（虧損） Profit/(loss) before taxation** | **1,520,717** | **(405,224)** | **1,876,437** | **285,954** | **(418,317)** | **–** | **2,859,567** |
| 稅項（支出）／回撥 Taxation (expenses)/credit | (250,895) | 67,671 | (309,578) | (14,913) | 123,962 | – | (383,753) |
| **年度溢利／（虧損） Profit/(loss) for the year** | **1,269,822** | **(337,553)** | **1,566,859** | **271,041** | **(294,355)** | **–** | **2,475,814** |
| 截至2025年12月31日止年度 For the year ended 31 December 2025 | | | | | | | |
| 折舊及攤銷費用 Depreciation and amortisation | 95,077 | 24,168 | 21,552 | 62,026 | 168,459 | – | 371,282 |
| 於2025年12月31日 At 31 December 2025 | | | | | | | |
| 分項資產 Segment assets | 61,415,669 | 62,304,727 | 96,987,880 | 35,344,973 | 7,815,195 | (5,956,979) | 257,911,465 |
| 分項負債 Segment liabilities | 130,182,199 | 46,649,915 | 9,727,143 | 29,279,538 | 12,490,454 | (5,956,979) | 222,372,270 |

---

# 6. OPERATING SEGMENT REPORTING (Continued)

### 營業分項報告（續）
### For the year ended 31 December 2024
### 截至2024年12月31日止年度

| 以港幣千元位列示 HK$'000 | 個人銀行 Personal Banking | 企業銀行 Corporate Banking | 財資及環球市場業務 Treasury and Global Markets | 中國內地及澳門銀行 Mainland and Macau Banking | 其他 Others | 跨項目 Inter-segment | 總計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| 淨利息收入／（支出） Net interest income/(expenses) | 2,297,766 | 1,110,250 | 1,478,128 | 453,404 | (51,467) | 36 | 5,288,117 |
| 非利息收入／（支出） Non-interest income/(expenses) | 1,199,850 | 187,584 | 58,257 | 176,641 | 28,066 | (3,592) | 1,646,806 |
| **營運收入總額 Total operating income** | **3,497,616** | **1,297,834** | **1,536,385** | **630,045** | **(23,401)** | **(3,556)** | **6,934,923** |
| 營運支出 Operating expenses | (1,929,801) | (554,334) | (302,139) | (549,294) | (8,038) | 3,556 | (3,340,050) |
| **扣除信貸減值虧損前之營運溢利／（虧損） Operating profit/(loss) before credit impairment losses** | **1,567,815** | **743,500** | **1,234,246** | **80,751** | **(31,439)** | **-** | **3,594,873** |
| 信貸減值虧損 Credit impairment losses | (517,346) | (1,063,185) | (21,261) | (188,720) | (849) | - | (1,791,361) |
| **扣除若干投資及固定資產之收益及虧損前之營運溢利／（虧損） Operating profit/(loss) before gains and losses on certain investments and fixed assets** | **1,050,469** | **(319,685)** | **1,212,985** | **(107,969)** | **(32,288)** | **-** | **1,803,512** |
| 出售投資物業及其他固定資產及其公平值調整之淨虧損 Net loss on disposal and fair value adjustment of investment properties and other fixed assets | (217) | - | - | (41) | (103,382) | - | (103,640) |
| 出售以攤餘成本列賬的金融資產之淨收益 Net gain on disposal of financial assets at amortised cost | - | - | 760 | - | - | - | 760 |
| 出售以公平值計量且其變動計入其他全面收益的金融資產之淨（虧損）／收益 Net (loss)/gain on disposal of financial assets at fair value through other comprehensive income | - | - | (137) | 34 | - | - | (103) |
| 應佔聯營公司之業績 Share of results of an associate | - | - | - | 677,425 | - | - | 677,425 |
| 聯營公司投資之減值虧損 Impairment loss on the investment in an associate | - | - | - | (15,715) | - | - | (15,715) |
| 視同出售聯營公司投資之虧損 Loss on deemed disposal of investment in an associate | - | - | - | (1) | - | - | (1) |
| 應佔共同控制實體之業績 Share of results of jointly controlled entities | - | - | - | - | 33,131 | - | 33,131 |
| **除稅前溢利／（虧損） Profit/(loss) before taxation** | **1,050,252** | **(319,685)** | **1,213,608** | **553,733** | **(102,539)** | **-** | **2,395,369** |
| 稅項（支出）／回撥 Taxation (expenses)/credit | (173,313) | 53,449 | (200,221) | (8,108) | (6,829) | - | (335,022) |
| **年度溢利／（虧損） Profit/(loss) for the year** | **876,939** | **(266,236)** | **1,013,387** | **545,625** | **(109,368)** | **-** | **2,060,347** |
| **截至2024年12月31日止年度 For the year ended 31 December 2024** | | | | | | | |
| 折舊及攤銷費用 Depreciation and amortisation | 92,225 | 24,612 | 17,602 | 57,748 | 184,034 | - | 376,221 |
| **於2024年12月31日 At 31 December 2024** | | | | | | | |
| 分項資產 Segment assets | 58,312,678 | 62,988,717 | 95,826,338 | 38,409,112 | 7,669,877 | (6,867,641) | 256,339,081 |
| 分項負債 Segment liabilities | 124,424,645 | 43,963,904 | 13,363,260 | 31,188,034 | 16,443,507 | (6,867,641) | 222,515,709 |

---

# 6. 營業分項報告 (續) 6. OPERATING SEGMENT REPORTING (Continued)

源自外部客戶之收益乃來自位於香港、澳門及中國之銀行附屬公司所提供之主要產品與服務，包括接受存款、信貸融資、資產融資、證券投資等。

Revenues from external customers were contributed from banking subsidiaries in Hong Kong, Macau and People’s Republic of China, with major products and services including deposit taking, extension of credit, asset-based finance, securities investment services offered to customers.

下表提供按區域歸類之資料，區域乃根據本集團向外部客戶提供服務、與其商業交易及建立關係的法定機構之所在地而確認。

The following tables provide information by geographical area, which was determined with reference to the domicile of the legal entities within the Group with business dealing and relationship with, and services to external customers.

| 以港幣千元位列示 HK$'000 | 香港及其他 Hong Kong and others | 澳門 Macau | 跨分項抵銷 Inter-segment elimination | 合計 Total |
| :--- | :--- | :--- | :--- | :--- |
| **截至2025年12月31日止年度** | **For the year ended 31 December 2025** | | | |
| 營運收入 | Operating income | **7,471,764** | **445,816** | **(2,399)** | **7,915,181** |
| 除稅前溢利 | Profit before taxation | **3,237,437** | **(377,850)** | **(20)** | **2,859,567** |
| **於2025年12月31日** | **As at 31 December 2025** | | | |
| 資產合計 | Total assets | **239,630,817** | **22,988,259** | **(4,707,611)** | **257,911,465** |
| 負債合計 | Total liabilities | **207,291,535** | **19,788,346** | **(4,707,611)** | **222,372,270** |
| 無形資產及商譽 | Intangible assets and goodwill | **231,891** | **58,252** | **–** | **290,143** |
| 或然負債及承擔 | Contingent liabilities and commitments | **63,165,804** | **2,476,106** | **(108,610)** | **65,533,300** |

| 以港幣千元位列示 HK$'000 | 香港及其他 Hong Kong and others | 澳門 Macau | 跨分項抵銷 Inter-segment elimination | 合計 Total |
| :--- | :--- | :--- | :--- | :--- |
| **截至2024年12月31日止年度** | **For the year ended 31 December 2024** | | | |
| 營運收入 | Operating income | 6,545,733 | 391,606 | (2,416) | 6,934,923 |
| 除稅前溢利 | Profit before taxation | 2,349,479 | 45,890 | – | 2,395,369 |
| **於2024年12月31日** | **As at 31 December 2024** | | | |
| 資產合計 | Total assets | 235,387,376 | 25,540,383 | (4,588,678) | 256,339,081 |
| 負債合計 | Total liabilities | 204,943,152 | 22,161,235 | (4,588,678) | 222,515,709 |
| 無形資產及商譽 | Intangible assets and goodwill | 231,891 | 551,275 | – | 783,166 |
| 或然負債及承擔 | Contingent liabilities and commitments | 62,916,672 | 2,547,143 | (101,294) | 65,362,521 |

---

### 7. NET INTEREST INCOME 淨利息收入

以港幣千元位列示
HK$'000

| | 2025 | 2024 |
| :--- | :---: | :---: |
| **Interest income 利息收入** | | |
| Cash and balances with banks 現金及在銀行的結餘 | **612,316** | 769,092 |
| Investments in securities 證券投資 | **4,014,694** | 4,350,918 |
| Advances and other accounts 各項貸款及其他賬目 | **5,735,898** | 7,027,046 |
| | **10,362,908** | 12,147,056 |
| | | |
| **Interest expense 利息支出** | | |
| Deposits from banks/Deposits from customers 銀行存款／客戶存款 | **4,001,272** | 6,194,009 |
| Certificates of deposit issued 已發行的存款證 | **107,583** | 218,467 |
| Subordinated notes 後償債務 | **298,305** | 344,230 |
| Lease liabilities (Note 28(b)) 租賃負債（附註28 (乙)） | **17,146** | 11,586 |
| Others 其他 | **109,933** | 90,647 |
| | **4,534,239** | 6,858,939 |

| Included within interest income 利息收入包含 | 2025 | 2024 |
| :--- | :---: | :---: |
| – Trading securities and financial assets at fair value through profit or loss <br> －持作交易用途的證券及以公平值計量且其變動計入損益的金融資產 | **81,678** | 98,959 |
| – Financial assets at fair value through other comprehensive income <br> －以公平值計量且其變動計入其他全面收益的金融資產 | **2,600,978** | 2,899,567 |
| – Financial assets at amortised cost <br> －以攤餘成本列賬的金融資產 | **7,680,252** | 9,148,530 |
| | **10,362,908** | 12,147,056 |
| | | |
| **Included within interest expense 利息支出包含** | | |
| – Financial liabilities at fair value through profit or loss <br> －以公平值計量且其變動計入損益的金融負債 | **22,602** | 16,206 |
| – Financial liabilities not at fair value through profit or loss <br> －非以公平值計量且其變動計入損益的金融負債 | **4,511,637** | 6,842,733 |
| | **4,534,239** | 6,858,939 |

於截至2025年及2024年12月31日止年度，並無確認自減值資產之利息收入。

For the year ended 31 December 2025 and 2024, there was no interest income recognised on impaired assets.

---

## 8. NET FEE AND COMMISSION INCOME 淨服務費及佣金收入

HK$'000 以港幣千元位列示

| | | **2025** | 2024 |
| :--- | :--- | :---: | :---: |
| **服務費及佣金收入** | **Fee and commission income** | | |
| 未以公平值計量且其變動計入損益的金融資產及負債之服務費及佣金收入 | Fee and commission income from financial assets and liabilities not at fair value through profit or loss | | |
| －信貸有關之服務費及佣金 | – Credit related fees and commissions | **182,640** | 162,353 |
| －貿易融資 | – Trade finance | **67,462** | 52,614 |
| －信用卡 | – Credit card | **210,856** | 249,568 |
| 其他服務費及佣金收入 | Other fee and commission income | | |
| －證券經紀佣金 | – Securities brokerage | **182,531** | 118,160 |
| －保險銷售及其他 | – Insurance distribution and others | **719,500** | 628,963 |
| －零售投資及財富管理服務 | – Retail investment and wealth management services | **416,028** | 187,437 |
| －銀行服務費及手續費 | – Bank services and handling fees | **65,656** | 66,446 |
| －其他服務費 | – Other fees | **78,103** | 93,795 |
| | | **1,922,776** | 1,559,336 |
| | | | |
| **服務費及佣金支出** | **Fee and commission expense** | | |
| 未以公平值計量且其變動計入損益的金融資產及負債之服務費及佣金支出 | Fee and commission expense from financial assets and liabilities not at fair value through profit or loss | | |
| －手續費及佣金 | – Handling fees and commission | **209,725** | 220,691 |
| －已付其他費用 | – Other fees paid | **10,666** | 10,036 |
| | | **220,391** | 230,727 |

Note:
The Group provides custody, trustee, corporate administration, and investment management services to third parties. The assets subject to these services are held in a fiduciary capacity and are not included in these consolidated financial statements.

註：
本集團向第三方提供託管、受託、企業管理及投資管理服務。接受此等服務的資產是以受信人身份持有並不包含在此等綜合財務報表內。

---

### 9. 淨交易收入 9. NET TRADING INCOME

以港幣千元位列示 HK$'000

| 9. 淨交易收入 | 9. NET TRADING INCOME | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 外滙交易淨收益 | Net gain arising from dealing in foreign currencies | **306,146** | 249,892 |
| 持作交易用途的證券之淨收益／（虧損） | Net gain/(loss) on trading securities | **10,430** | (353) |
| 持作交易用途的衍生工具之淨收益 | Net gain from derivatives entered into for trading purpose | **16,245** | 13,786 |
| 用公平值對沖的相關金融工具之淨收益／（虧損） | Net gain/(loss) arising from financial instruments subject to fair value hedge | **658** | (670) |
| 以公平值計量且其變動計入損益的金融工具之淨虧損 | Net loss on financial instruments at fair value through profit or loss | **(9,700)** | (3,722) |
| | | **323,779** | 258,933 |

### 10. 其他營運收入 10. OTHER OPERATING INCOME

以港幣千元位列示 HK$'000

| 10. 其他營運收入 | 10. OTHER OPERATING INCOME | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 於年末仍持有之以公平值計量且其變動計入其他全面收益的權益性工具投資之股息收入 | Dividend income from investments in equity instruments at fair value through other comprehensive income, held at the end of the year | | |
| －上市投資 | – Listed investments | **36** | 47 |
| －非上市投資 | – Unlisted investments | **17,793** | 14,453 |
| 投資物業之租金收入總額 | Gross rental income from investment properties | **19,513** | 15,318 |
| 其他租金收入 | Other rental income | **15,760** | 15,935 |
| 其他 | Others | **7,246** | 13,511 |
| | | **60,348** | 59,264 |

### 11. 營運支出 11. OPERATING EXPENSES

以港幣千元位列示 HK$'000

| 11. 營運支出 | 11. OPERATING EXPENSES | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 僱員薪酬及福利支出 | Employee compensation and benefit expenses | | |
| －薪酬及其他人事費用 | – Salaries and other staff costs | **2,215,468** | 2,115,937 |
| －以股份為基礎報酬之撥備提撥（附註44） | – Provision for share-based compensation charged (Note 44) | **61,204** | 19,795 |
| －退休金支出－界定供款計劃（註） | – Pension costs – defined contribution plans (Note) | **134,834** | 130,676 |
| 行產及其他固定資產支出，不包括折舊 | Premises and other fixed assets expenses, excluding depreciation | | |
| －行產租金支出（附註28（乙）） | – Rental of premises (Note 28(b)) | **3,675** | 3,819 |
| －其他 | – Others | **235,980** | 266,214 |
| 折舊 | Depreciation | | |
| －行產及其他固定資產（附註28（甲）） | – Premises and other fixed assets (Note 28(a)) | **252,568** | 236,380 |
| －有使用權之物業（附註28（乙）） | – Right-of-use properties (Note 28(b)) | **118,714** | 139,841 |
| 廣告及推銷活動支出 | Advertising and promotion costs | **82,920** | 77,726 |
| 印刷、文具及郵費 | Printing, stationery and postage | **44,362** | 47,797 |
| 核數師酬金 | Auditors’ remuneration | **14,098** | 13,656 |
| 其他 | Others | **282,464** | 288,209 |
| | | **3,446,287** | 3,340,050 |

---

## 11. 營運支出（續） 11. OPERATING EXPENSES (Continued)

註：
Note:

**關於集團的強積金計劃**
**In respect of the Group's provident fund schemes**

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :---: | :---: |
| 年內用於扣減集團供款的沒收供款<br>Forfeited contributions utilised to reduce the Group’s contribution during the year | **16,235** | 16,043 |
| 截至年末可用於扣減日後供款的沒收供款<br>Forfeited contributions available for reducing future contributions at the year end | **1,354** | 1,350 |

**關於集團的其他定額供款計劃**
**In respect of the other defined contribution schemes of the Group**

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :---: | :---: |
| 年內用於扣減集團供款的沒收供款<br>Forfeited contributions utilised to reduce the Group’s contribution during the year | **1,301** | 1,024 |
| 截至年末可用於扣減日後供款的沒收供款<br>Forfeited contributions available for reducing future contributions at the year end | **163** | 58 |

---

# 12. 董事酬金 12. DIRECTORS’ EMOLUMENTS

遵照香港公司條例第383條及公司（董事福利之資料披露）法規，本公司董事於就任期間之酬金披露如下述：

The emoluments of the Directors of the Company in respect of the period of directorship disclosed pursuant to section 383 of the Hong Kong Companies Ordinance and the Companies (Disclosure of Information about Benefits of Directors) Regulation were set out below:

| 截至2025年12月31日止年度<br>以港幣千元位列示 | Year ended 31 December 2025<br>HK$’000 | 董事袍金<br>Directors’ Fee | 薪金、津貼及實物利益<br>Salary, allowances and benefits in kind | 有關年內提供服務之預提獎勵花紅<br>Incentive bonuses accrued in respect of services rendered in the year<br>以現金支付 Cash-settled | 有關年內提供服務之預提獎勵花紅<br>Incentive bonuses accrued in respect of services rendered in the year<br>以股權支付 Share-settled | 其他以股份為基礎報酬的支付 (註1)<br>Other share-based payment compensation (Note 1) | 退休福利計劃之僱主供款<br>Employer’s contribution to retirement schemes | 合計 (註2)<br>Total (Note 2) |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **主席** | **Chairman** | | | | | | | |
| 王守業先生 | David Shou-Yeh Wong | 500 | 6,823 | 14,357 | – | – | – | 21,680 |
| **執行董事** | **Executive directors** | | | | | | | |
| 黃漢興先生 | Hon-Hing Wong (Derek Wong) | – | 7,027 | 1,582 | 1,342 | – | – | 9,951 |
| 王伯凌先生 | Gary Pak-Ling Wang | – | 2,552 | 2,912 | 1,983 | – | 120 | 7,567 |
| 麥曉德先生 | Nicholas John Mayhew | – | 8,438 | 11,338 | 7,632 | 2,004 | 497 | 29,909 |
| **獨立非執行董事** | **Independent non-executive directors** | | | | | | | |
| 史習陶先生 | Robert Tsai-To Sze | 660 | – | – | – | – | – | 660 |
| 裴布雷先生 | Blair Chilton Pickerell | 660 | – | – | – | – | – | 660 |
| 譚偉雄先生 | David Wai-Hung Tam | 214 | – | – | – | – | – | 214 |
| 衛皓民先生 | Paul Franz Winkelmann | 660 | – | – | – | – | – | 660 |
| 陳霞芳女士 | Nancy Ha-Fong Chan | 585 | – | – | – | – | – | 585 |
| 張建生先生 | Kin-Sang Cheung (Alex Cheung) | 560 | – | – | – | – | – | 560 |
| 蘇澤光先生 | Jack Chak-Kwong So | 311 | – | – | – | – | – | 311 |
| **合計** | **Total** | **4,150** | **24,840** | **30,189** | **10,957** | **2,004** | **617** | **72,757** |

---

## 12. 董事酬金 (續)
## 12. DIRECTORSʼ EMOLUMENTS (Continued)

| 註： | Note: |
| :--- | :--- |
| 1. 其他以股份為基礎之報酬之支付包括股份獎勵計劃、於年度內就已行使認股權以股權及已註銷認股權以現金支付之以股份作為基礎之支付。以股份獎勵計劃之報酬，其代表授出股份於授出日的收市價。以股權支付之以股份作為基礎支付之報酬，其代表本集團就認股權被行使時確認承擔的支出。而以現金支付之以股份作為基礎支付之報酬，則代表行使價與認股權被註銷日前5個交易日本公司股份之平均收市價。 | 1. Other share-based compensation payment includes share awards, equity-settled and cash-settled share based payment on the share options exercised or cancelled during the year. For share awards, it represents the cost of the vested shares based on the closing price of the vesting date. For equity-settled share based compensations, it represents the cost borne by the Group recognised on the exercise of the share options while for cash-settled share based compensation, it represents the cash payment, being the difference between the exercise price and the average closing price of the shares of the Company for the 5 trading days immediately preceding the date of cancellation of the share options. |
| 2. 若彼等同時亦為本公司及其附屬公司之董事，其由該等附屬公司支付之薪酬已包含在上列之綜合薪酬合計內。 | 2. For directors who are also directors of the Companyʼs subsidiaries, remuneration paid by these subsidiaries are included in the consolidated total remuneration set out above. |
| 3. 本年度內或於年結日，並無就本集團業務簽訂任何重大交易、安排及合約，其中本公司為當中一方及本公司之董事直接或間接在其中得到重大利益（2024年：無）。 | 3. No significant transactions, arrangements and contracts in relation to the Groupʼs business to which the Company was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year (2024: Nil). |
| 4. 於截至2025年12月31日止年度，並無向任何董事就與管理本公司或其附屬公司事務有關之其他服務支付或將支付任何其他酬金（2024年：無）。 | 4. No other emoluments were paid to or receivable by any director in respect of directorsʼ other services in connection with management of the affairs of the Company or its subsidiaries undertakings during the year ended 31 December 2025 (2024: Nil). |
| 5. 本年內，並無支付終止聘約之款項或福利予董事及並無就獲取董事服務而向第三方支付或將支付任何代價（2024年：無）。 | 5. No termination payments or benefits were made to the directors and no consideration was provided to or receivable by third parties for making available directorsʼ services during the year (2024: Nil). |

---

## 12. 董事酬金（續） 12. DIRECTORS’ EMOLUMENTS (Continued)

| 截至2024年12月31日止年度<br>Year ended 31 December 2024<br>以港幣千元位列示 HK$'000 | 董事袍金<br>Directors’ Fee | 薪金、津貼及實物利益<br>Salary, allowances and benefits in kind | 有關年內提供服務之預提獎勵花紅<br>Incentive bonuses accrued in respect of services rendered in the year<br>以現金支付 Cash-settled | 有關年內提供服務之預提獎勵花紅<br>Incentive bonuses accrued in respect of services rendered in the year<br>以股權支付 Share-settled | 其他以股份為基礎報酬的支付 (註1)<br>Other share-based compensation payment (Note 1) | 退休福利計劃之僱主供款<br>Employer’s contribution to retirement schemes | 合計 (註2)<br>Total (Note 2) |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **主席 Chairman** | | | | | | | |
| 王守業先生 David Shou-Yeh Wong | 500 | 5,946 | 13,600 | – | – | – | 20,046 |
| | | | | | | | |
| **執行董事 Executive directors** | | | | | | | |
| 黃漢興先生 Hon-Hing Wong (Derek Wong) | – | 6,974 | 1,523 | 985 | – | – | 9,482 |
| 王伯凌先生 Gary Pak-Ling Wang | – | 2,458 | 2,627 | 1,393 | – | 196 | 6,674 |
| 麥曉德先生 Nicholas John Mayhew | – | 8,296 | 8,417 | 4,463 | 369 | 493 | 22,038 |
| | | | | | | | |
| **獨立非執行董事 Independent non-executive directors** | | | | | | | |
| 史習陶先生 Robert Tsai-To Sze | 660 | – | – | – | – | – | 660 |
| 裴布雷先生 Blair Chilton Pickerell | 660 | – | – | – | – | – | 660 |
| 譚偉雄先生 David Wai-Hung Tam | 520 | – | – | – | – | – | 520 |
| 衛皓民先生 Paul Franz Winkelmann | 660 | – | – | – | – | – | 660 |
| 陳霞芳女士 Nancy Ha-Fong Chan | 550 | – | – | – | – | – | 550 |
| 張建生先生 Kin-Sang Cheung (Alex Cheung) | 550 | – | – | – | – | – | 550 |
| | | | | | | | |
| **合計 Total** | **4,100** | **23,674** | **26,167** | **6,841** | **369** | **689** | **61,840** |

---

# 13. 最高酬金之5位人士 13. THE EMOLUMENTS OF THE FIVE HIGHEST PAID INDIVIDUALS

## (i) 酬金總計 (i) The aggregate emoluments

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :---: | :---: |
| 薪金、房屋、實物利益及其他津貼 Salaries, housing, benefits in kind and other allowances | **38,391** | 37,229 |
| 與績效相關的獎金 Performance-related bonus | **60,328** | 47,652 |
| 其他以股份為基礎報酬的支付 Other share-based compensation payment | **5,486** | 962 |
| 退休福利計劃之僱主供款 Employer's contribution to retirement benefit schemes | **1,395** | 1,390 |
| | **105,600** | 87,233 |

## (ii) 5位最高收入人士的酬金組別如下： (ii) The emoluments of the five highest paid individuals are within the following bands:

| | 人數 Number of individuals | |
| :--- | :---: | :---: |
| **港元HK$** | **2025** | **2024** |
| 9,000,001 – 9,500,000 | **–** | 1 |
| 9,500,001 – 10,000,000 | **1** | – |
| 10,500,001 – 11,000,000 | **–** | – |
| 11,000,001 – 11,500,000 | **–** | 1 |
| 11,500,001 – 12,000,000 | **–** | – |
| 14,000,001 – 14,500,000 | **1** | – |
| 20,000,001 – 20,500,000 | **–** | 1 |
| 21,500,001 – 22,000,000 | **1** | – |
| 22,000,001 – 22,500,000 | **–** | 1 |
| 24,000,001 – 24,500,000 | **–** | 1 |
| 24,500,001 – 25,000,000 | **–** | – |
| 29,500,001 – 30,000,000 | **2** | – |
| | **5** | 5 |

在5位最高酬金收入之人士內，有3位（2024年：3位）為董事。其相關的董事酬金已包括在上述之附註12內。

Included in the emoluments of the five highest paid individuals were the emoluments of 3 (2024: 3) Directors. Their respective Directors’ emoluments have been included in Note 12 above.

本年內，本集團並無向任何5位最高收入人士支付酬金，作為加入或加盟本集團之獎賞或離職補償。

No emoluments were paid by the Group to any of the five highest paid individuals as an inducement to join or upon joining the Group or as compensation for loss of office during the year.

上述5位最高收入人士的酬金包括有關其在該年度所提供服務和本集團之業績的預提獎勵花紅。

The emoluments of the five highest paid individuals shown above included incentive bonuses accrued in respect of the services rendered and the Group’s performance for the financial year.

---

### 14. CREDIT IMPAIRMENT LOSSES / 信貸減值虧損

| | | **2025** | 2024 |
| :--- | :--- | :--- | :--- |
| **以港幣千元位列示** | **HK$'000** | | |
| 新增準備（已扣除回撥之準備） | New allowances net of allowance releases | **1,915,567** | 1,870,572 |
| 收回過往已撇銷之款項 | Recoveries of amounts previously written off | **(132,754)** | (79,211) |
| | | **1,782,813** | 1,791,361 |
| **分配如下：** | **Attributable to:** | | |
| －客戶貸款及墊款 | – Loans and advances to customers | **1,746,392** | 1,776,627 |
| －其他金融資產 | – Other financial assets | **37,617** | 16,787 |
| －貸款承擔及財務擔保 | – Loan commitments and financial guarantees | **(1,196)** | (2,053) |
| | | **1,782,813** | 1,791,361 |

***

### 15. TAXATION / 稅項

**15. 稅項**

香港利得稅乃按照年內估計應課稅溢利以稅率16.5%（2024年：16.5%）提撥準備。中國內地及澳門稅款乃按年內估計應課稅溢利依本集團經營業務地區之現行稅率計算。

遞延稅項是採用負債法就暫時差異，按預期該等稅項負債需清付時或資產可予扣減時所適用之稅率作全數確認。

本集團屬經濟合作暨發展組織支柱二模型規則的範圍內。

於2025年1月1日起，若某司法管轄區按支柱二規則計算之實際稅率低於15%最低稅率，本集團需繳納補足稅。

**15. TAXATION**

Hong Kong profits tax has been provided at the rate of 16.5% (2024: 16.5%) on the estimated assessable profit for the year. Taxation on profits in Chinese Mainland and Macau has been calculated on the estimated assessable profit for the year at the rates of taxation prevailing in the territories in which the Group operates.

Deferred taxation is calculated in full on temporary differences under the liability method at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised.

The Group is within the scope of the Organisation for Economic Cooperation and Development Pillar Two model rules.

With effect from 1 January 2025, the Group is liable to pay a top-up tax if the effective tax rate of a particular jurisdiction, calculated based on the Pillar two legislation is below the 15% minimum rate.

---

### 15. 稅項 (續)
### 15. TAXATION (Continued)

| 以港幣千元位列示 | HK$ʼ000 | 2025 | 2024 |
| :--- | :--- | :---: | :---: |
| **本年度稅項：** | **Current income tax:** | | |
| －香港利得稅 | – Hong Kong profits tax | **551,427** | 247,699 |
| －中國內地及澳門稅項 | – Chinese Mainlandʼs and Macauʼs taxation | **33,911** | 42,497 |
| －於過往年度（超額）╱不足之撥備 | – (Over)/under-provision in prior years | **(3,454)** | 71,742 |
| 支柱二所得稅 | Pillar Two income taxes | **–** | – |
| | | | |
| **遞延稅項（附註35）：** | **Deferred income tax (Note 35):** | | |
| －關於暫時差異的產生及撥回 | – Origination and reversal of timing differences | **(198,131)** | (27,011) |
| －運用稅務虧損 | – Utilisation of tax losses | **–** | 95 |
| | | **383,753** | 335,022 |

本集團除稅前溢利之稅項有別於綜合各公司加權平均稅率計算之理論數額如下：

The tax on the Group’s profit before taxation differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows:

| 以港幣千元位列示 | HK$ʼ000 | 2025 | 2024 |
| :--- | :--- | :---: | :---: |
| 除稅前溢利 | Profit before taxation | **2,859,567** | 2,395,369 |
| | | | |
| 按香港利得稅率16.5%計算之稅項 | Tax calculated at Hong Kong profits tax rate of 16.5% | **471,829** | 395,237 |
| 稅項調整源於： | Tax effects of: | | |
| 其他國家之不同稅率 | Different taxation rates in other territories | **755** | 22,012 |
| 無需徵稅之收入 | Income not subject to taxation | **(76,122)** | (83,143) |
| 不能扣減的支出 | Expenses not deductible | **122,800** | 53,467 |
| 以稅後基礎呈報之聯營公司及共同控制實體之業績 | Results of associates and jointly controlled entities reported net of tax | **(125,657)** | (117,242) |
| 未有確認遞延稅項資產的稅務虧損 | Tax losses for which no deferred income tax asset was recognised | **82** | – |
| 於其他全面收益中確認之項目 | Items recorded in other comprehensive income | **(5,917)** | (7,146) |
| 運用過往未有確認的稅務虧損 | Utilisation of previously unrecognised tax losses | **(563)** | 95 |
| 於過往年度（超額）╱不足之撥備 | (Over)/under-provision in prior years | **(3,454)** | 71,742 |
| | | **383,753** | 335,022 |

---

# 16. 股息 16. DIVIDENDS

以港幣千元位列示 / HK$'000

| | **2025** | 2024 |
| :--- | :--- | :--- |
| 已派中期股息：每股普通股0.31港元 (2024年：0.27港元)<br>Interim dividend paid of HK$0.31 (2024: HK$0.27) per ordinary share | **435,783** | 379,553 |
| 擬派末期股息：每股普通股0.49港元 (2024年：0.39港元)<br>Proposed final dividend of HK$0.49 (2024: HK$0.39) per ordinary share | **688,819** | 548,243 |
| | **1,124,602** | 927,796 |

# 17. 每股盈利 17. EARNINGS PER SHARE

| | **2025** | 2024 |
| :--- | :--- | :--- |
| | **(港元)**<br>**(HK$)** | (港元)<br>(HK$) |
| Earnings per share<br>每股盈利 | | |
| Basic<br>基本 | **1.76** | 1.47 |
| Diluted<br>攤薄 | **1.65** | 1.37 |

每股基本盈利乃按照盈利2,475,814,000港元（2024年：2,060,347,000港元）及年內已發行普通股股份之加權平均數1,405,752,132股（2024年：1,405,752,132股）計算。

The calculation of basic earnings per share is based on earnings of HK$2,475,814,000 (2024: HK$2,060,347,000) and the weighted average number of 1,405,752,132 (2024: 1,405,752,132) ordinary shares in issue during the year.

每股攤薄盈利乃按照盈利2,318,628,000港元（2024年：1,922,898,000港元）並已考慮應佔聯營公司利潤157,186,000港元（2024年：137,449,000港元）的攤薄效應，及年內已發行普通股股份之加權平均數1,405,752,132股（2024年：1,405,752,132股）經調整所有攤薄潛在普通股股份計算。年內及於年末之未行使認股權證對普通股股份之加權平均數並無攤薄影響。

The calculation of diluted earnings per share is based on earnings of HK$2,318,628,000 (2024: HK$1,922,898,000) after taking into account of the dilutive effect of share of profits in an associate in HK$157,186,000 (2024: HK$137,449,000) and the weighted average number of 1,405,752,132 (2024: 1,405,752,132) ordinary shares in issue during the year after adjusting for the effect of all dilutive potential ordinary shares. The share options outstanding during the year and at the year end have no dilutive effect on the weighted average number of ordinary shares.

| | **2025** | 2024 |
| :--- | :--- | :--- |
| 股東應佔溢利（港幣千元位）<br>Profit attributable to shareholders (HK$'000) | **2,475,814** | 2,060,347 |
| 應佔聯營公司利潤的攤薄效應（港幣千元位）<br>Dilutive effect of share of profits in an associate (HK$'000) | **(157,186)** | (137,449) |
| 用以釐定每股攤薄盈利之溢利（港幣千元位）<br>Profit used to determine diluted earnings per share (HK$'000) | **2,318,628** | 1,922,898 |

---

### 18. 現金及在銀行的結餘及在銀行1至12個月內到期的存款
### 18. CASH AND BALANCES WITH BANKS AND PLACEMENTS WITH BANKS MATURING BETWEEN ONE AND TWELVE MONTHS

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 現金及在銀行的結餘 | Cash and balances with banks | **15,322,892** | 14,132,872 |
| 扣除：減值準備 | Less: impairment allowance | | |
| 　－階段1 | 　– Stage 1 | **(1,202)** | (1,147) |
| | | **15,321,690** | 14,131,725 |
| | | | |
| 在銀行1至12個月內到期的存款 | Placements with banks maturing between one and twelve months | **7,457,422** | 5,414,337 |
| 扣除：減值準備 | Less: impairment allowance | | |
| 　－階段1 | 　– Stage 1 | **(11,487)** | (4,782) |
| | | **7,445,935** | 5,409,555 |
| | | | |
| | | **22,767,625** | 19,541,280 |

---

### 19. 持作交易用途的證券及以公平值計量且其變動計入損益的金融資產
### 19. TRADING SECURITIES AND FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

| 以港幣千元位列示 | HK$'000 | **2025** | 2024 |
| :--- | :--- | :--- | :--- |
| **持作交易用途的證券：** | **Trading securities:** | | |
| 債務證券： | Debt securities: | | |
| －香港上市 | – Listed in Hong Kong | **5,895** | 9,790 |
| －非上市 | – Unlisted | **2,087,930** | 1,996,563 |
| | | **2,093,825** | 2,006,353 |
| | | | |
| **以公平值計量且其變動計入損益的** | **Financial assets at fair value through** | | |
| **金融資產：** | **profit or loss:** | | |
| 債務證券： | Debt securities: | | |
| －香港以外上市 | – Listed outside Hong Kong | **42,104** | – |
| 投資基金： | Investment funds: | | |
| －香港上市 | – Listed in Hong Kong | **4,585** | 4,272 |
| 權益性證券： | Equity securities: | | |
| －香港上市 | – Listed in Hong Kong | **60** | – |
| | | **46,749** | 4,272 |
| | | | |
| **合計** | **Total** | **2,140,574** | 2,010,625 |
| | | | |
| 包括在債務證券內有： | Included within debt securities are: | | |
| －國庫票據（等同現金項目） | – Treasury bills which are cash equivalents | **847,674** | 597,920 |
| －其他國庫票據 | – Other treasury bills | **1,240,256** | 1,398,443 |
| －政府債券 | – Government bonds | **5,048** | 9,647 |
| －其他債務證券 | – Other debt securities | **42,951** | 343 |
| | | **2,135,929** | 2,006,353 |
| | | | |
| 按發行機構： | By issuers: | | |
| －中央政府和中央銀行 | – Central governments and central banks | **2,092,978** | 2,006,010 |
| －企業 | – Corporate entities | **46,749** | 4,272 |
| －公營機構 | – Public sector entities | **847** | 343 |
| | | **2,140,574** | 2,010,625 |

於2025年及2024年12月31日，上述結餘內並無包括持有存款證。
As at 31 December 2025 and 2024, there were no certificates of deposit held included in the above balances.

---

# 20. 衍生金融工具 20. DERIVATIVE FINANCIAL INSTRUMENTS

於2025年12月31日未到期之衍生工具合約名義本金及其公平值如下：
The notional principal amounts of outstanding derivatives contracts and their fair values as of 31 December 2025 were as follows:

以港幣千元位列示 HK$’000

| | 合約／名義金額<br>Contract/ notional amount | 公平值 Fair values<br>資產 Assets | 公平值 Fair values<br>負債 Liabilities |
| :--- | :--- | :--- | :--- |
| **1) 持作交易用途之衍生工具 1) Derivatives held for trading** | | | |
| &nbsp;&nbsp;&nbsp;**甲）外匯衍生工具 a) Foreign exchange derivatives** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;遠期及期貨合約 Forward and futures contracts | 354,744,913 | 885,334 | (901,626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;購入及沽出外匯期權 Currency options purchased and written | 75,493,445 | 203,027 | (208,505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;交換貨幣利率掉期 Cross currency interest rate swaps | 5,677,762 | 125,471 | (121,369) |
| &nbsp;&nbsp;&nbsp;**乙）利率衍生工具 b) Interest rate derivatives** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;利率掉期 Interest rate swaps | 10,272,059 | 37,469 | (30,421) |
| &nbsp;&nbsp;&nbsp;**丙）權益性衍生工具 c) Equity derivatives** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;購入及沽出權益性期權 Equity options purchased and written | 855,802 | 15,531 | (15,554) |
| **持作交易用途之衍生工具資產／（負債）合計 Total derivative assets/(liabilities) held for trading** | **447,043,981** | **1,266,832** | **(1,277,475)** |
| **2) 持作對沖用途之衍生工具 2) Derivatives held for hedging** | | | |
| &nbsp;&nbsp;&nbsp;**甲）指定以公平值對沖之衍生工具 a) Derivatives designated as fair value hedges** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;利率掉期 Interest rate swaps | 36,973,299 | 1,256,789 | (117,257) |
| **持作對沖用途之衍生工具資產／（負債）合計 Total derivative assets/(liabilities) held for hedging** | **36,973,299** | **1,256,789** | **(117,257)** |
| **已確認之衍生金融工具資產／（負債）合計 Total recognised derivative financial assets/(liabilities)** | **484,017,280** | **2,523,621** | **(1,394,732)** |

---

## 20. 衍生金融工具（續）
## 20. DERIVATIVE FINANCIAL INSTRUMENTS (Continued)

於2024年12月31日未到期之衍生工具合約名義本金及其公平值如下：
The notional principal amounts of outstanding derivatives contracts and their fair values as of 31 December 2024 were as follows:

以港幣千元位列示 HK$'000

| | 合約／名義金額<br>Contract/notional amount | 公平值 Fair values<br>資產<br>Assets | 公平值 Fair values<br>負債<br>Liabilities |
| :--- | :---: | :---: | :---: |
| **1) 持作交易用途之衍生工具** | **1) Derivatives held for trading** | | |
| **甲）外匯衍生工具** | **a) Foreign exchange derivatives** | | |
| 遠期及期貨合約 | Forward and futures contracts | 377,350,903 | 1,562,219 | (1,417,618) |
| 購入及沽出外匯期權 | Currency options purchased and written | 42,029,494 | 166,932 | (214,095) |
| 交換貨幣利率掉期 | Cross currency interest rate swaps | 3,280,648 | 21,472 | (17,319) |
| **乙）利率衍生工具** | **b) Interest rate derivatives** | | |
| 利率掉期 | Interest rate swaps | 9,135,993 | 40,582 | (32,844) |
| **丙）權益性衍生工具** | **c) Equity derivatives** | | |
| 購入及沽出權益性期權 | Equity options purchased and written | 602,540 | 8,842 | (8,860) |
| | | | |
| **持作交易用途之衍生工具資產／（負債）合計** | **Total derivative assets/(liabilities) held for trading** | **432,399,578** | **1,800,047** | **(1,690,736)** |
| | | | |
| **2) 持作對沖用途之衍生工具** | **2) Derivatives held for hedging** | | |
| **甲）指定以公平值對沖之衍生工具** | **a) Derivatives designated as fair value hedges** | | |
| 利率掉期 | Interest rate swaps | 44,715,605 | 2,283,684 | (149,179) |
| | | | |
| **持作對沖用途之衍生工具資產／（負債）合計** | **Total derivative assets/(liabilities) held for hedging** | **44,715,605** | **2,283,684** | **(149,179)** |
| | | | |
| **已確認之衍生金融工具資產／（負債）合計** | **Total recognised derivative financial assets/(liabilities)** | **477,115,183** | **4,083,731** | **(1,839,915)** |

---

# 21. ADVANCES AND OTHER ACCOUNTS
## 21. 各項貸款及其他賬目

HK$'000 以港幣千元位列示

| | 2025 | 2024 |
| :--- | :--- | :--- |
| 客戶貸款及墊款總額 Gross loans and advances to customers | **140,158,234** | 138,374,285 |
| 扣除：減值準備 Less: impairment allowances | | |
| －階段 1 – Stage 1 | **(386,587)** | (385,262) |
| －階段 2 – Stage 2 | **(968,896)** | (274,094) |
| －階段 3 – Stage 3 | **(872,355)** | (872,989) |
| | **(2,227,838)** | (1,532,345) |
| | **137,930,396** | 136,841,940 |
| 貿易票據 Trade bills | **2,350,827** | 1,476,539 |
| 扣除：減值準備 Less: impairment allowances | | |
| －階段 1 – Stage 1 | **(2,430)** | (1,126) |
| －階段 2 – Stage 2 | **(1)** | (1) |
| | **(2,431)** | (1,127) |
| | **2,348,396** | 1,475,412 |
| 其他資產（附註 30） Other assets (Note 30) | **3,761,834** | 4,752,501 |
| 扣除：減值準備 Less: impairment allowances | | |
| －階段 1 – Stage 1 | **(10,814)** | (7,719) |
| －階段 2 – Stage 2 | **(2,560)** | (906) |
| －階段 3 – Stage 3 | **(5,893)** | (12,553) |
| | **(19,267)** | (21,178) |
| | **3,742,567** | 4,731,323 |
| 各項貸款及其他賬目 Advances and other accounts | **144,021,359** | 143,048,675 |

---

# 21. ADVANCES AND OTHER ACCOUNTS (Continued)

### (a) Loans and advances to customers include finance lease receivables as follows:

各項貸款及其他賬目（續）
**（甲）包括在客戶貸款及墊款之融資租賃應收賬如下：**

客戶貸款及墊款包括根據融資租賃及具有融資租賃特性之租購合約而出租予客戶之設備投資淨額。合約提供承租人於租賃期末時選擇權，以面值購買該出租資產。

Loans and advances to customers include net investments in equipment leased to customers under finance leases and hire purchase contracts having the characteristics of finance leases. The contracts have an option for acquiring by the leasee the leased asset at nominal value at the end of the lease period.

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| **投資在融資租賃之應收賬總額：** | **Gross investment in finance lease receivables:** | | |
| 1年以內 | Not later than 1 year | **718,697** | 774,223 |
| 1年以上至2年 | Later than 1 year and not later than 2 years | **527,988** | 598,896 |
| 2年以上至3年 | Later than 2 years and not later than 3 years | **353,884** | 402,643 |
| 3年以上至4年 | Later than 3 years and not later than 4 years | **232,773** | 250,608 |
| 4年以上至5年 | Later than 4 years and not later than 5 years | **150,982** | 161,122 |
| 5年以上 | Later than 5 years | **1,592,667** | 1,821,471 |
| | | **3,576,991** | 4,008,963 |
| 融資租賃之未賺取之融資收入 | Unearned future finance income on finance leases | **(844,323)** | (1,018,513) |
| **融資租賃投資淨額** | **Net investment in finance leases** | **2,732,668** | 2,990,450 |
| | | | |
| **融資租賃投資淨額之分析如下：** | **The net investment in finance leases is analysed as follows:** | | |
| 1年以內 | Not later than 1 year | **601,716** | 642,140 |
| 1年以上至2年 | Later than 1 year and not later than 2 years | **438,455** | 495,275 |
| 2年以上至3年 | Later than 2 years and not later than 3 years | **286,483** | 324,022 |
| 3年以上至4年 | Later than 3 years and not later than 4 years | **178,353** | 186,618 |
| 4年以上至5年 | Later than 4 years and not later than 5 years | **103,396** | 104,514 |
| 5年以上 | Later than 5 years | **1,124,265** | 1,237,881 |
| | | **2,732,668** | 2,990,450 |

於2025年及2024年12月31日，上述的融資租賃投資總額內並沒有無擔保剩餘價值。

There is no unguaranteed residual value included in the gross investment in finance leases above as at 31 December 2025 and 2024.

於2025年12月31日，本集團之減值準備包括不可收回之融資租賃應收賬作出的準備合計為23,008,000港元（2024年：23,546,000港元）。

The allowance for uncollectible finance lease receivables included in the impairment allowances as at 31 December 2025 of the Group amounted to HK$23,008,000 (2024: HK$23,546,000).

---

## 22. 以公平值計量且其變動計入其他全面收益的金融資產
## 22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| **債務證券：** | **Debt securities:** | | |
| －香港上市 | － Listed in Hong Kong | **12,163,841** | 11,891,064 |
| －香港以外上市 | － Listed outside Hong Kong | **21,958,662** | 20,513,422 |
| －非上市 | － Unlisted | **9,211,625** | 10,799,618 |
| | | **43,334,128** | 43,204,104 |
| | | | |
| **權益性證券：** | **Equity securities:** | | |
| －香港上市 | － Listed in Hong Kong | **407** | 295 |
| －非上市 | － Unlisted | **1,610,478** | 1,604,306 |
| | | **1,610,885** | 1,604,601 |
| | | | |
| **合計** | **Total** | **44,945,013** | 44,808,705 |
| | | | |
| **包括在債務證券內有：** | **Included within debt securities are:** | | |
| －持有的存款證 | － Certificates of deposit held | **719,029** | 62,749 |
| －國庫票據（等同現金項目） | － Treasury bills which are cash equivalents | **199,346** | 59,717 |
| －其他國庫票據 | － Other treasury bills | **3,254,894** | 3,897,954 |
| －政府債券 | － Government bonds | **1,607,937** | 1,378,969 |
| －其他債務證券 | － Other debt securities | **37,552,922** | 37,804,715 |
| | | **43,334,128** | 43,204,104 |
| | | | |
| **以公平值計量且其變動計入其他全面收益的金融資產按發行機構類別分析如下：** | **Financial assets at fair value through other comprehensive income are analysed by categories of issuers as follows:** | | |
| **債務證券：** | **Debt securities:** | | |
| －中央政府和中央銀行 | － Central governments and central banks | **6,634,241** | 8,615,979 |
| －公營機構 | － Public sector entities | **3,763,147** | 2,840,468 |
| －銀行及其他金融機構 | － Banks and other financial institutions | **16,920,548** | 12,886,437 |
| －企業 | － Corporate entities | **16,016,192** | 18,861,220 |
| | | **43,334,128** | 43,204,104 |
| | | | |
| **權益性證券：** | **Equity securities:** | | |
| －企業 | － Corporate entities | **1,610,885** | 1,604,601 |
| | | **44,945,013** | 44,808,705 |

若干以公平值計量且其變動計入其他全面收益的權益性工具投資於2024年內撇銷，其累計虧損為7,400,000港元。於2025年內並沒有出售以公平值計量且其變動計入其他全面收益的權益性工具投資。

The equity instruments measured at fair value through other comprehensive income has been written off in 2024 and its cumulative loss was HK$7,400,000. No equity instruments measured at fair value through other comprehensive income have been derecognised during 2025.

---

## 22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Continued)
### 22. 以公平值計量且其變動計入其他全面收益的金融資產（續）

本集團已將若干權益性證券指定為以公平值計量且其變動計入其他綜合收益的權益性證券。作出該等以公平值計量且其變動計入其他綜合收益的指定，是因為該等證券包括上市及非上市權益性股份為戰略投資。

The Group has designated certain equity securities as equity securities at fair value through other comprehensive income. The fair value through other comprehensive income designation was made because these are held for strategic investments, which include listed and unlisted equity shares.

## 23. FINANCIAL ASSETS AT AMORTISED COST
### 23. 以攤餘成本列賬的金融資產

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | ---: | ---: |
| **債務證券：** | **Debt securities:** | | |
| －香港上市 | － Listed in Hong Kong | **11,195,051** | 12,878,232 |
| －香港以外上市 | － Listed outside Hong Kong | **15,204,049** | 14,186,382 |
| －非上市 | － Unlisted | **7,657,383** | 8,489,756 |
| | | **34,056,483** | 35,554,370 |
| | | | |
| **扣除：減值準備** | **Less: impairment allowance** | | |
| －階段1 | － Stage 1 | **(41,944)** | (31,093) |
| －階段2 | － Stage 2 | **(5,586)** | (909) |
| | | **(47,530)** | (32,002) |
| | | | |
| **合計** | **Total** | **34,008,953** | 35,522,368 |
| | | | |
| **包括在債務證券內有：** | **Included within debt securities are:** | | |
| －持有的存款證 | － Certificates of deposit held | **3,587,717** | 3,723,064 |
| －國庫票據 | － Treasury bills | **813,906** | 1,096,317 |
| －政府債券 | － Government bonds | **–** | 230,349 |
| －其他債務證券 | － Other debt securities | **29,654,860** | 30,504,640 |
| | | **34,056,483** | 35,554,370 |
| | | | |
| **以攤餘成本列賬的金融資產按發行機構類別分析如下：** | **Financial assets at amortised cost are analysed by categories of issuers as follows:** | | |
| －中央政府及中央銀行 | － Central governments and central banks | **813,906** | 1,326,666 |
| －公營機構 | － Public sector entities | **1,847,423** | 1,731,208 |
| －銀行及其他金融機構 | － Banks and other financial institutions | **14,925,733** | 12,718,386 |
| －企業 | － Corporate entities | **16,469,421** | 19,778,110 |
| | | **34,056,483** | 35,554,370 |

---

### 24. 聯營公司投資 24. INVESTMENT IN AN ASSOCIATE

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 應佔資產淨值 | Share of net assets | **8,055,462** | 7,430,902 |
| 商譽 | Goodwill | **359,704** | 344,623 |
| | | **8,415,166** | 7,775,525 |
| 扣除：減值準備 | Less: impairment allowances | **(5,447,121)** | (5,242,715) |
| | | **2,968,045** | 2,532,810 |
| 12月31日之公平值 | Fair value at 31 December | **3,599,813** | 2,788,135 |

本集團於重慶銀行之投資的公平值乃參考重慶銀行H股於2025年及2024年終之收市價。

The fair value of the Group's investment in Bank of Chongqing shown above is calculated with reference to the closing market price of BOCQ's H-shares as at the end of 2025 and 2024.

於2025年及2024年12月31日之聯營公司之主要資料如下：

The following is the key information relating to the associate as at 31 December 2025 and 2024:

| 名稱 Name | 註冊及營運地點 Place of incorporation and operation | 主要業務 Principal activities | 所佔權益百分比 Percentage of interest in ownership | |
| :--- | :--- | :--- | :--- | :--- |
| | | | **2025** | 2024 |
| 重慶銀行 Bank of Chongqing | 中華人民共和國 People's Republic of China | 銀行 Banking | **13.20%** | 13.20% |

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 1月1日 | At 1 January | **2,532,810** | 2,215,131 |
| 應佔除稅後業績 | Share of results, net of tax | **728,771** | 677,425 |
| 應佔除稅後投資重估儲備 | Share of investment revaluation reserve, net of tax | **(286,476)** | 196,408 |
| 已收股息 | Dividend received | **(207,306)** | (287,558) |
| 減值虧損提撥 | Impairment loss charged | **–** | (15,715) |
| 視同出售之虧損 | Loss on deemed disposal | **(19)** | (1) |
| 匯兌差異 | Exchange differences | **200,265** | (252,880) |
| 12月31日 | At 31 December | **2,968,045** | 2,532,810 |

鑑於本集團在重慶銀行的董事會有委派代表，同時能參與相關的決策過程，故本集團被視為對重慶銀行具重大影響力。

The Group is considered to have significant influence over BOCQ on the basis of its representation on the board of directors and participation in policy-making process.

---

# 24. 聯營公司投資 (續)
# 24. INVESTMENT IN AN ASSOCIATE (Continued)

## (甲) 重慶銀行之精選財務資料
## (a) Selected financial information of BOCQ

重慶銀行之法定會計參考日期為12月31日。  
The statutory accounting reference date of BOCQ is 31 December.

截至2025年及2024年12月31日止年度期間，本集團已包含重慶銀行已公布於截至2025年12月31日止12個月之財務報表之業績。  
For the year ended 31 December 2025 and 2024, the results of BOCQ were included by the Group on the basis of BOCQ’s financial statements announced for and made up to the 12 months to 31 December 2025.

| 以港幣千元位列示 HK$'000 | 2025年 12月31日 At 31 Dec 2025 | 2024年 12月31日 At 31 Dec 2024 |
| :--- | :---: | :---: |
| **重慶銀行之精選財務狀況表資料**<br>**Selected information from the statement of financial position of BOCQ** | | |
| 現金及在中央銀行的結餘<br>Cash and balances with central banks | **45,444,872** | 36,583,788 |
| 應收其他銀行及金融機構<br>Due from other banks and financial institutions | **60,104,836** | 36,538,992 |
| 客戶貸款及墊款<br>Loans and advances to customers | **575,786,399** | 452,933,002 |
| 其他金融資產<br>Other financial assets | **451,235,614** | 368,856,532 |
| 其他資產<br>Other assets | **19,840,141** | 13,194,854 |
| **資產合計**<br>**Total assets** | **1,152,411,862** | 908,107,168 |
| | | |
| 應付中央銀行<br>Due to central banks | **92,628,492** | 57,737,531 |
| 客戶存款、應付銀行及其他金融機構款項<br>Customer deposits, and amounts due to banks and other financial institutions | **744,770,805** | 562,026,060 |
| 其他金融負債<br>Other financial liabilities | **232,807,117** | 213,133,907 |
| 其他負債<br>Other liabilities | **8,629,015** | 7,614,944 |
| **負債合計**<br>**Total liabilities** | **1,078,835,429** | 840,512,442 |
| | | |
| 權益合計<br>Total equity | **73,576,433** | 67,594,726 |
| 扣除：其他權益性工具<br>Less: Other equity instruments | **(8,997,934)** | (8,556,162) |
| 扣除：沒控制權股東<br>Less: Non-controlling interests | **(3,374,247)** | (2,854,732) |
| **普通股股東應佔權益合計**<br>**Total equity attributable to ordinary shareholders** | **61,204,252** | 56,183,832 |
| | | |
| **重慶銀行之股東權益合計與大新銀行綜合財務報表內之賬面值對賬表**<br>**Reconciliation of BOCQ’s total shareholders’ equity to the carrying amount in DSB’s consolidated financial statements** | | |
| 大新銀行應佔股東權益合計<br>DSB’s share of total shareholders’ equity | **8,034,823** | 7,411,277 |
| 加：收購時之商譽及公平值調整<br>Add: Goodwill and fair value adjustment at acquisition | **380,343** | 364,248 |
| 扣除：減值<br>Less: Impairment | **(5,447,121)** | (5,242,715) |
| **賬面值**<br>**Carrying amount** | **2,968,045** | 2,532,810 |

---

# 24. 聯營公司投資 (續) 24. INVESTMENT IN AN ASSOCIATE (Continued)

## (甲) 重慶銀行之精選財務資料 (續) (a) Selected financial information of BOCQ (Continued)

| | | 2025年 | 2024年 |
| :--- | :--- | :--- | :--- |
| | | 12月31日 | 12月31日 |
| | | At | At |
| 以港幣千元位列示 | HK$'000 | 31 Dec 2025 | 31 Dec 2024 |
| 應佔重慶銀行之或然負債及承擔 | Share of BOCQ’s contingent liabilities and commitments | **15,125,710** | 10,881,549 |

| | | 2025年 | 2024年 |
| :--- | :--- | :--- | :--- |
| | | 1月1日 | 1月1日 |
| | | 至2025年 | 至2024年 |
| | | 12月31日 | 12月31日 |
| | | 止12個月 | 止12個月 |
| | | 12 months | 12 months |
| | | from | from |
| | | 1 Jan 2025 to | 1 Jan 2024 to |
| 以港幣千元位列示 | HK$'000 | 31 Dec 2025 | 31 Dec 2024 |
| 重慶銀行之精選收益賬資料 | Selected income statement information of BOCQ | | |
| 淨利息收入 | Net interest income | **13,543,146** | 11,020,047 |
| 淨服務費及佣金收入 | Net fee and commission income | **649,722** | 961,209 |
| 貸款撥備費用 | Loan impairment charges | **(4,193,636)** | (3,453,086) |
| 稅項支出 | Tax expense | **(703,941)** | (945,291) |
| 年度溢利 | Profit for the year | **6,636,089** | 5,978,897 |
| 其他全面（虧損）╱收益 | Other comprehensive (loss)/income | **(2,165,473)** | 1,467,705 |
| 全面收益總額 | Total comprehensive income | **4,470,616** | 7,446,602 |
| | | | |
| 已收重慶銀行股息 | Dividend received from BOCQ | **207,306** | 287,558 |

## (乙) 投資之減值測試及於2025年確認之減值 (b) Impairment testing on the investment and impairment recognised in 2025

於2025年及2024年12月31日，該投資的公平值高於賬面值。由於該投資的服務潛力未發生變化，故未進行減值或回撥評估。

At 31 December 2025 and 2024, the fair value of the investment was higher than the carrying value. As there was no change in service potential of the investment, there was no assessment of impairment or its reversal.

計算大新銀行之資本充足比率並無包括該投資之保留盈利，惟大新銀行收取重慶銀行之現金股息除外。倘若該投資維持等於或高於初始投資成本之1,213,000,000港元，該投資之減值將不影響大新銀行之資本充足比率。

The calculation of DSB’s capital adequacy does not include the retained earnings from the investment, except for BOCQ cash dividend received by DSB. Provided that the investment continues to be held at or above the original cost of the investment of HK$1,213 million, impairment made on the investment does not affect DSB’s capital adequacy.

---

### 25. 共同控制實體投資 25. INVESTMENTS IN JOINTLY CONTROLLED ENTITIES

以港幣千元位列示
HK$ʼ000

| | 2025 | 2024 |
| :--- | :--- | :--- |
| 非上市股份，按成本<br>Unlisted shares, at cost | **20,000** | 20,000 |
| 應佔收購後儲備<br>Share of post-acquisition reserves | **127,084** | 118,097 |
| | **147,084** | 138,097 |

於2025年及2024年12月31日的共同控制實體如下：
The following are the jointly controlled entities as at 31 December 2025 and 2024:

| 名稱<br>Name | 註冊地點<br>Place of incorporation | 主要業務及經營地點<br>Principal activities and place of operation | 佔擁有權之百分比<br>Percentage of effective interest in ownership |
| :--- | :--- | :--- | :--- |
| 銀聯控股有限公司<br>Bank Consortium Holding Limited | 香港<br>Hong Kong | 投資控股，香港<br>Investment holding, Hong Kong | 13.333% |
| 銀聯信託有限公司<br>Bank Consortium Trust Company Limited | 香港<br>Hong Kong | 強積金業務，香港<br>Mandatory provident fund business, Hong Kong | 13.333% |
| 銀聯金融有限公司<br>BCT Financial Limited | 香港<br>Hong Kong | 強積金業務，香港<br>Mandatory provident fund business, Hong Kong | 13.333% |

本集團在銀聯控股有限公司之權益由附屬公司大新銀行持有。而銀聯信託有限公司及銀聯金融有限公司乃銀聯控股有限公司之全資附屬公司。

The Group’s interest in Bank Consortium Holding Limited is held by DSB, a subsidiary of the Company. Bank Consortium Trust Company Limited and BCT Financial Limited are the wholly owned subsidiaries of Bank Consortium Holding Limited.

---

## 26. 附屬公司 26. SUBSIDIARIES

於2025年12月31日，本公司之附屬公司如下：
The following is a list of the Company’s subsidiaries as at 31 December 2025:

| 公司名稱<br>Name of company | 主要業務<br>Principal activity | 註冊地點<br>Place of incorporation | 所佔股份百分比<br>Percentage of shares held - 直接<br>Directly | 所佔股份百分比<br>Percentage of shares held - 間接<br>Indirectly | 已發行普通股股本<br>Particulars of issued ordinary share capital |
| :--- | :--- | :--- | :---: | :---: | :--- |
| 大新銀行有限公司<br>Dah Sing Bank, Limited | 銀行<br>Banking | 香港<br>Hong Kong | 100% | – | HK$6,200,000,000 |
| 豐明(1931)有限公司<br>MEVAS (1931) Limited | 無營業<br>Inactive | 香港<br>Hong Kong | 100% | – | HK$400,000,000 |
| 大新財務有限公司<br>Dah Sing Finance Limited | 無營業<br>Inactive | 香港<br>Hong Kong | 100% | – | HK$25,000,000 |
| South Development Limited | 投資控股<br>Investment holding | 英屬處女群島<br>British Virgin Islands | 100% | – | US$1 |
| 新力威集團有限公司<br>Modern World Holdings Limited | 無營業<br>Inactive | 香港<br>Hong Kong | 100% | – | HK$1 |
| 新力輝香港有限公司<br>Modern Bright Hong Kong Limited | 無營業<br>Inactive | 香港<br>Hong Kong | 100% | – | HK$1 |
| 大新銀行（中國）有限公司<br>Dah Sing Bank (China) Limited | 銀行<br>Banking | 中華人民共和國<br>People’s Republic of China | – | 100% | RMB1,350,000,000 |
| 澳門商業銀行股份有限公司<br>Banco Comercial de Macau, S.A. | 銀行<br>Banking | 澳門<br>Macau | – | 100% | MOP300,000,000 |
| 大新保險顧問有限公司<br>Dah Sing Insurance Brokers Limited | 保險經紀<br>Insurance broking | 香港<br>Hong Kong | – | 100% | HK$500,000 |
| 大新信託有限公司<br>Dah Sing Nominees Limited | 代理人服務<br>Nominee services | 香港<br>Hong Kong | – | 100% | HK$100,000 |
| Dah Sing Properties Limited | 投資控股<br>Investment holding | 香港<br>Hong Kong | – | 100% | HK$9,998 |
| DSB BCM (1) Limited | 投資控股<br>Investment holding | 香港<br>Hong Kong | – | 100% | HK$1 |
| DSB BCM (2) Limited | 投資控股<br>Investment holding | 香港<br>Hong Kong | – | 100% | HK$1 |
| 大新證券有限公司<br>Dah Sing Securities Limited | 證券交易<br>Securities dealing | 香港<br>Hong Kong | – | 100% | HK$10,000,000 |
| MEVAS Nominees Limited | 無營業<br>Inactive | 香港<br>Hong Kong | – | 100% | HK$50,000 |
| Permanent Value Limited<br>（前稱CWL Prosper Limited）<br>Permanent Value Limited<br>(formerly known as CWL Prosper Limited) | 物業投資<br>Property investment | 英屬處女群島<br>British Virgin Islands | – | 100% | US$1 |
| 瑞宏行有限公司（註）<br>Fortune Land Corporation Limited (Note) | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$487,749,696 |
| 怡泰富財務（香港）有限公司<br>Pacific Finance (Hong Kong) Limited | 無營業<br>Inactive | 香港<br>Hong Kong | – | 100% | HK$450,000,000 |
| 安基財務有限公司<br>OK Finance Limited | 放債<br>Money lending | 香港<br>Hong Kong | – | 100% | HK$1,000 |

---

## 26. SUBSIDIARIES (Continued)
### 26. 附屬公司 (續)

| 公司名稱 Name of company | 主要業務 Principal activity | 註冊地點 Place of incorporation | 所佔股份百分比 Percentage of shares held - 直接 Directly | 所佔股份百分比 Percentage of shares held - 間接 Indirectly | 已發行普通股股本 Particulars of issued ordinary share capital |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 域寶投資有限公司 Vanishing Border Investment Services Limited | 物業投資 Property investment | 香港 Hong Kong | – | 100% | HK$20 |
| Woodstock Oracle Limited (前稱 Wise Measure Limited) (註) Woodstock Oracle Limited (formerly known as Wise Measure Limited) (Note) | 物業投資 Property investment | 英屬處女群島 British Virgin Islands | – | 100% | US$1 and HK$78,187,500 |
| Perfect Harmony Asia Limited (前稱 Reliable Associates Limited) Perfect Harmony Asia Limited (formerly known as Reliable Associates Limited) | 物業投資 Property investment | 英屬處女群島 British Virgin Islands | – | 100% | US$1 |
| Compounding Machine Limited (前稱 Talent Union Holding Limited) (註) Compounding Machine Limited (formerly known as Talent Union Holding Limited) (Note) | 物業投資 Property investment | 英屬處女群島 British Virgin Islands | – | 100% | US$2 |
| Snowball Effects Limited (前稱 Well Idea Enterprises Limited) (註) Snowball Effects Limited (formerly known as Well Idea Enterprises Limited) (Note) | 物業投資 Property investment | 英屬處女群島 British Virgin Islands | – | 100% | US$1 |
| 傲威集團有限公司 Primeway Holdings Limited | 投資控股 Investment holding | 香港 Hong Kong | – | 100% | HK$3,533,071,995 |
| 梓仁有限公司 Chiefman Limited | 物業投資 Property investment | 香港 Hong Kong | – | 100% | HK$644,935,916 |
| 港皓有限公司 Conquer Limited | 物業投資 Property investment | 香港 Hong Kong | – | 100% | HK$161,341,378 |
| 翔徽有限公司 Freemark Limited | 物業投資 Property investment | 香港 Hong Kong | – | 100% | HK$280,469,404 |
| 君沛有限公司 Grandpure Limited | 物業投資 Property investment | 香港 Hong Kong | – | 100% | HK$145,892,455 |
| 佳楠有限公司 Guardwood Limited | 物業投資 Property investment | 香港 Hong Kong | – | 100% | HK$110,984,532 |

---

### 26. SUBSIDIARIES (Continued) 附屬公司 (續)

| 公司名稱<br>Name of company | 主要業務<br>Principal activity | 註冊地點<br>Place of incorporation | 所佔股份百分比<br>Percentage of shares held - 直接<br>Directly | 所佔股份百分比<br>Percentage of shares held - 間接<br>Indirectly | 已發行普通股股本<br>Particulars of issued ordinary share capital |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 鴻利威有限公司<br>Honoright Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$90,000,001 |
| 翠濠有限公司<br>Jadepool Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$122,685,170 |
| 君昊有限公司<br>Kingcorp Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$98,000,001 |
| 萬皓有限公司<br>Manibright Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$78,507,055 |
| 民基有限公司<br>Mangreat Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$111,000,001 |
| 萬煜有限公司<br>Maxglow Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$91,325,450 |
| 達衡有限公司<br>Starpoise Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$170,123,429 |
| 崇卓有限公司<br>Top Eminent Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$563,934,975 |
| 楠昌有限公司<br>Woodcharm Limited | 物業投資<br>Property investment | 香港<br>Hong Kong | – | 100% | HK$127,776,700 |

---

## 26. 附屬公司 (續)

除大新銀行有限公司是公眾有限公司外，上述所有公司均為私人公司或倘於香港以外地方註冊成立，其特徵與香港註冊成立之私人公司極為相似。

除大新銀行（中國）有限公司、澳門商業銀行股份有限公司及上述列明在香港以外註冊成立的公司外，其他公司均在香港經營。

大新銀行（中國）有限公司於2008年7月在中國內地註冊成立，其根據中華人民共和國之法規註冊為「有限公司」（僅由台灣、香港或澳門之企業出資）。

註：於2025年6月13日，本公司將Snowball Effects Limited之所有股份轉讓予傲威集團有限公司，大新銀行將瑞宏行有限公司、Woodstock Oracle Limited及Compounding Machine Limited之所有股份轉讓予傲威集團有限公司，及後其已成為傲威集團有限公司之全資附屬公司。

## 26. SUBSIDIARIES (Continued)

Except for DSB which is a public limited company, all the above companies are private companies, or, if incorporated outside Hong Kong, have substantially the same characteristics as a Hong Kong incorporated private company.

Except for Dah Sing Bank (China) Limited, Banco Comercial de Macau, S.A. and companies incorporated outside Hong Kong specified above, all other companies operate in Hong Kong.

Dah Sing Bank (China) Limited was incorporated in Chinese Mainland in July 2008. It is registered as “Limited liability company” (solely funded by Taiwan, Hong Kong or Macau corporate body) under the laws of the People’s Republic of China.

Note: On 13 June 2025, the Company transferred to Primeway Holdings Limited the entire shareholding of Snowball Effects Limited and DSB transferred to Primeway Holdings Limited the entire shareholding of Fortune Land Corporation Limited, Woodstock Oracle Limited, and Compounding Machine Limited, which then became wholly-owned subsidiaries of Primeway Holdings Limited.

---

## 27. 商譽及無形資產
## 27. GOODWILL AND INTANGIBLE ASSETS

| 以港幣千元位列示 HK$'000 | 商譽 Goodwill | 合約無形資產 Contract intangibles | 核心存款無形資產 Core deposit intangibles | 客戶關係無形資產 Customer relationship intangibles | 商號 Trade name | 會籍債券 Club debentures | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **成本 Cost** | | | | | | | |
| 2025年1月1日及 2025年12月31日<br>At 1 January 2025 and 31 December 2025 | 811,690 | 26,499 | 80,583 | 40,777 | 58,252 | 11,463 | 1,029,264 |
| | | | | | | | |
| **累積減值／攤銷 Accumulated impairment/ amortisation** | | | | | | | |
| 2025年1月1日 At 1 January 2025 | 98,239 | 26,499 | 80,583 | 40,777 | – | – | 246,098 |
| 減值撥備 Impairment charge | 493,023 | – | – | – | – | – | 493,023 |
| 2025年12月31日 At 31 December 2025 | 591,262 | 26,499 | 80,583 | 40,777 | – | – | 739,121 |
| | | | | | | | |
| **賬面值 Carrying value** | | | | | | | |
| **2025年12月31日 At 31 December 2025** | **220,428** | **–** | **–** | **–** | **58,252** | **11,463** | **290,143** |

<br>

| 以港幣千元位列示 HK$'000 | 商譽 Goodwill | 合約無形資產 Contract intangibles | 核心存款無形資產 Core deposit intangibles | 客戶關係無形資產 Customer relationship intangibles | 商號 Trade name | 會籍債券 Club debentures | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **成本 Cost** | | | | | | | |
| 2024年1月1日及 2024年12月31日<br>At 1 January 2024 and 31 December 2024 | 811,690 | 26,499 | 80,583 | 40,777 | 58,252 | 11,463 | 1,029,264 |
| | | | | | | | |
| **累積減值／攤銷 Accumulated impairment/ amortisation** | | | | | | | |
| 2024年1月1日及 2024年12月31日<br>At 1 January 2024 and 31 December 2024 | 98,239 | 26,499 | 80,583 | 40,777 | – | – | 246,098 |
| | | | | | | | |
| **賬面值 Carrying value** | | | | | | | |
| 2024年12月31日 At 31 December 2024 | 713,451 | – | – | – | 58,252 | 11,463 | 783,166 |

有使用期限之無形資產包括合約、核心存款及客戶關係無形資產將以餘額遞減法按其介乎5至12年之可用年期攤銷。商號及會籍債券為無使用期限並會每年測試其減值虧損及以成本扣除累積減值虧損列示。

Intangible assets of finite life include contract intangibles, core deposit intangibles and customer relationship intangibles, are amortised over their useful life ranging from 5 to 12 years using a diminishing balance method. Trade name and club debentures are carried as an asset of indefinite life and is tested annually for impairment losses. It is carried at cost less accumulated impairment loss.

---

## 27. 商譽及無形資產 (續)
## 27. GOODWILL AND INTANGIBLE ASSETS (Continued)

商譽分配至按與內部管理報告架構一致的業務分項已認明之現金產生單位（「現金產生單位」）。商譽分配概要呈列如下。

Goodwill is allocated to the Group’s cash-generating units (“CGU”) identified according to business segments in line with the internal management reporting structure. A summary of goodwill allocation is presented below.

| 以港幣千元位列示 HK$'000 | 香港 Hong Kong 企業銀行 Corporate Banking | 香港 Hong Kong 個人銀行 Personal Banking | 澳門 Macau 銀行業務 Banking Business | 合計 Total |
| :--- | :---: | :---: | :---: | :---: |
| **成本 Cost** | | | | |
| 2025年1月1日及 2025年12月31日 At 1 January 2025 and 31 December 2025 | **98,239** | **220,428** | **493,023** | **811,690** |
| | | | | |
| **累積減值 Accumulated impairment** | | | | |
| 2025年1月1日 At 1 January 2025 | **98,239** | **–** | **–** | **98,239** |
| 減值撥備 Impairment charge | **–** | **–** | **493,023** | **493,023** |
| 2025年12月31日 At 31 December 2025 | **98,239** | **–** | **493,023** | **591,262** |
| | | | | |
| **賬面值 Carrying value** | | | | |
| **2025年12月31日 At 31 December 2025** | **–** | **220,428** | **–** | **220,428** |

| 以港幣千元位列示 HK$'000 | 香港 Hong Kong 企業銀行 Corporate Banking | 香港 Hong Kong 個人銀行 Personal Banking | 澳門 Macau 銀行業務 Banking Business | 合計 Total |
| :--- | :---: | :---: | :---: | :---: |
| **成本 Cost** | | | | |
| 2024年1月1日及 2024年12月31日 At 1 January 2024 and 31 December 2024 | 98,239 | 220,428 | 493,023 | 811,690 |
| | | | | |
| **累積減值 Accumulated impairment** | | | | |
| 2024年1月1日及 2024年12月31日 At 1 January 2024 and 31 December 2024 | 98,239 | – | – | 98,239 |
| | | | | |
| **賬面值 Carrying value** | | | | |
| 2024年12月31日 At 31 December 2024 | – | 220,428 | 493,023 | 713,451 |

---

## 27. GOODWILL AND INTANGIBLE ASSETS (Continued)
## 27. 商譽及無形資產（續）

### (a) Impairment testing on goodwill and intangible assets
### （甲）商譽及無形資產之減值測試

商譽須每年作減值測試，對比根據計算之使用價值而釐定之現金產生單位可回收金額。該計算應用由高層管理人員所編製，以5年計劃之預測貼現現金流，經考慮預測澳門銀行業務及個人銀行之淨利息收入平均增長率分別為8.3%（2024年：9.8%）及6.0%（2024年：5.9%），澳門銀行業務及個人銀行業務之淨利潤預期年增長率分別於第五年後按永續2.2%（2024年：2.2%）及按永續2.0%（2024年：2.0%）的固定增長率計算。該5年計劃由高層管理人員基於其對有關現金產生單位之業務及該業務於預測時期內的運作情況之評估所編製。貼現率的選取基於本集團的加權平均資本成本，並根據現金產生單位所從事的業務類型而定。澳門銀行業務的稅前貼現率為13.11%（2024年：13.20%），個人銀行業務為14.62%（2024年：14.76%）。減值評估並非以獨立專業估值師之估值為基礎。

Impairment testing in respect of goodwill is performed annually by comparing the recoverable amount of CGU determined based on value in use calculation. The calculations use discounted cash flow projections prepared by the Senior Management based on the latest 5-year business plan, taking into account projected average net interest income annual growth rate of 8.3% (2024: 9.8%) and 6.0% (2024: 5.9%) for Macau banking business and Personal Banking respectively, and projected annual growth rate of net profit, and in perpetuity with 2.2% (2024: 2.2%) for Macau banking business and 2.0% (2024: 2.0%) for Personal Banking constant growth rate after the fifth year. The 5-year business plan was developed by the Senior Management based on their evaluation of the businesses and associated projected discounted cash flow of net profit of the relevant CGU and the conditions in which such businesses will operate over the projection period. The discount rate used is based on the Group’s weighted average cost of capital depending on the type of businesses carried out by CGU. The pre-tax discount rate for Macau banking business and Personal Banking are 13.11% (2024: 13.20%) and 14.62% (2024: 14.76%) respectively. The impairment assessment was not based on valuation by independent professional valuer.

### Impact of possible changes in key assumptions
### 關鍵假設變動之影響

於2025年12月31日，本集團澳門銀行業務現金產生單位的可收回金額，經評估後較其賬面值低493,000,000港元。管理層已決定就該商譽全額確認493,000,000港元的減值虧損。此乃經審慎考慮澳門當地營商環境及經濟前景，並透過詳細評估確定該現金產生單位下澳門銀行業務的可收回金額低於其賬面值後作出的決定。於2024年12月31日，本集團澳門銀行業務現金產生單位的可收回金額估計較其賬面值高48,000,000港元。

The recoverable amount of the CGU of the Group’s Macau banking business is assessed as lower than the carrying amount of the CGU as at 31 December 2025 by HK$493 million. Management had decided to recognise an impairment charge of HK$493 million for the full amount of the goodwill. This followed a careful consideration of the local business environment and economic outlook in Macau, as well as a detailed assessment in which the recoverable amount of the Macau banking business under this CGU is identified to be lower than the carrying value. As at 31 December 2024, the recoverable amount of the CGU of the Group’s Macau banking business was estimated to exceed the carrying amount of the CGU by HK$48 million.

本集團個人銀行業務現金產生單位的可收回金額，乃按使用價值（「使用價值」）計算釐定。

The recoverable amount of the CGU of the Group’s Personal Banking was determined by a value in use (“VIU”) calculation.

---

# 27. 商譽及無形資產 (續)
# 27. GOODWILL AND INTANGIBLE ASSETS (Continued)

## (甲) 商譽及無形資產之減值測試 (續)
## (a) Impairment testing on goodwill and intangible assets (Continued)

### 計算使用價值時所採用主要假設之敏感度
### Sensitivities of key assumptions used in calculating VIU

於2025年12月31日，鑒於使用價值超出帳面值的幅度，本集團私人銀行業務現金產生單位，對支持可收回金額的主要假設的合理潛在不利變動並不敏感。管理層在估計該等假設的合理潛在變動時，亦會考慮各項用作使用價值計算的數據的可用證據，例如可觀察折現率外部區間、過往表現與預測的對比，以及現金流預測所依據的主要假設的附帶風險。

At 31 December 2025, given the extent by which VIU exceeds carrying amount, the Group’s Personal Banking CGU was not sensitive to reasonably possible adverse changes in key assumptions supporting the recoverable amount. In making an estimate of reasonably possible changes to assumptions, management considers the available evidence in respect of each input to the VIU calculation, such as the external range of discount rates observable, historical performance against forecast and risks attaching to the key assumptions underlying cash flow projections.

會籍債券的減值測試會於每年通過以比較每筆會籍債券的賬目值及其扣除出售成本後之公平值進行，當其市場價值低於賬面值時將確認為減值損失。

Impairment testing in respect of club debentures is performed annually by comparing the book value of each club debenture with its fair value less cost of disposal. Impairment loss is recognised when the market value is below the book value.

本年度並無確認商號及會籍債券的減值虧損（2024年：無）。

No impairment losses on trade name and club debentures were identified in the year (2024: Nil).

# 28. 行產及其他固定資產
# 28. PREMISES AND OTHER FIXED ASSETS

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :---: | :---: |
| 行產、傢俬及設備 | Premises, furniture and equipment | **2,671,192** | 2,649,230 |
| 使用權資產 | Right-of-use assets | **327,701** | 352,098 |
| | | **2,998,893** | 3,001,328 |

---

## 28. PREMISES AND OTHER FIXED ASSETS (Continued)
## 28. 行產及其他固定資產 (續)

### (a) Premises, furniture and equipment
### (甲) 行產、傢俬及設備

| 以港幣千元位列示 | HK$'000 | Premises 行產 | Furniture, equipment and motor vehicles 傢俬、設備及汽車 | Total 合計 |
| :--- | :--- | :---: | :---: | :---: |
| **Year ended 31 December 2024** | **截至2024年12月31日止年度** | | | |
| Opening net book amount | 年初賬面淨值 | 1,797,828 | 561,007 | 2,358,835 |
| Additions | 新增 | – | 274,474 | 274,474 |
| Disposals | 出售 | – | (2,799) | (2,799) |
| Depreciation charge (Note 11) | 折舊支出（附註11） | (66,326) | (170,054) | (236,380) |
| Reclassification from investment properties to premises | 重新分類投資物業為行產 | 314,388 | – | 314,388 |
| Reclassification from premises to investment properties | 重新分類行產為投資物業 | (54,467) | – | (54,467) |
| Exchange difference | 匯兌差異 | (2,855) | (1,966) | (4,821) |
| **Closing net book amount** | **年末賬面淨值** | **1,988,568** | **660,662** | **2,649,230** |
| | | | | |
| **At 31 December 2024** | **2024年12月31日** | | | |
| Cost | 成本 | 2,750,899 | 1,898,238 | 4,649,137 |
| Accumulated depreciation | 累積折舊 | (762,331) | (1,237,576) | (1,999,907) |
| **Net book amount** | **賬面淨值** | **1,988,568** | **660,662** | **2,649,230** |
| | | | | |
| **Year ended 31 December 2025** | **截至2025年12月31日止年度** | | | |
| **Opening net book amount** | **年初賬面淨值** | **1,988,568** | **660,662** | **2,649,230** |
| **Additions** | **新增** | **37,371** | **169,501** | **206,872** |
| **Disposals** | **出售** | **–** | **(88)** | **(88)** |
| **Depreciation charge (Note 11)** | **折舊支出（附註11）** | **(69,963)** | **(182,605)** | **(252,568)** |
| **Reclassification from investment properties to premises** | **重新分類投資物業為行產** | **60,000** | **–** | **60,000** |
| **Exchange difference** | **匯兌差異** | **4,085** | **3,661** | **7,746** |
| **Closing net book amount** | **年末賬面淨值** | **2,020,061** | **651,131** | **2,671,192** |
| | | | | |
| **At 31 December 2025** | **2025年12月31日** | | | |
| **Cost** | **成本** | **2,853,187** | **2,070,640** | **4,923,827** |
| **Accumulated depreciation** | **累積折舊** | **(833,126)** | **(1,419,509)** | **(2,252,635)** |
| **Net book amount** | **賬面淨值** | **2,020,061** | **651,131** | **2,671,192** |

---

# 28. 行產及其他固定資產 (續) 28. PREMISES AND OTHER FIXED ASSETS (Continued)

## (甲) 行產、傢俬及設備 (續) (a) Premises, furniture and equipment (Continued)

行產之賬面淨值包括：
The net book value of premises comprises:

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- |
| 租借地<br>在香港持有之中期租約 (在10至50年之間)<br>Leaseholds<br>Held in Hong Kong on medium-term lease (between 10-50 years) | **1,591,014** | 1,585,149 |
| 在香港以外持有之中期租約 (在10至50年之間)<br>Held outside Hong Kong on medium-term lease (between 10-50 years) | **429,047** | 403,419 |
| | **2,020,061** | 1,988,568 |

## (乙) 租賃 (b) Leases

此附註就本集團作為承租人之租賃提供資料。
This note provides information for leases where the Group is a lessee.

### (i) 確認於綜合財務狀況表之金額 (i) Amounts recognised in the consolidated statement of financial position

綜合財務狀況表內有關租賃之金額列示如下：
The consolidated statement of financial position shows the following amounts relating to leases:

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- |
| 使用權資產<br>物業<br>Right-of-use assets<br>Properties | **327,701** | 352,098 |
| 租賃負債 (包括在其他賬目及預提)<br>Lease liabilities (included in other accounts and accruals) | **354,236** | 377,340 |

2025年財政年度內新增使用權資產為 92,116,000港元 (2024年：97,419,000港元)。
Additions to the right-of-use assets during the 2025 financial year were HK$92,116,000 (2024: HK$97,419,000).

---

# 28. 行產及其他固定資產 (續) 28. PREMISES AND OTHER FIXED ASSETS (Continued)

## (乙) 租賃 (續) (b) Leases (Continued)

### (ii) 確認於綜合收益賬之金額 (ii) Amounts recognised in the consolidated income statement

綜合收益賬內有關租賃之金額列示如下：
The consolidated income statement shows the following amounts relating to leases:

| 以港幣千元位列示 HK$'000 | 附註 Note | 2025 | 2024 |
| :--- | :---: | :---: | :---: |
| **使用權資產之折舊支出**<br>**Depreciation charge of right-of-use assets** | | | |
| 物業 Properties | 11 | **118,714** | 139,841 |
| 利息支出（包括在利息支出－租賃負債）<br>Interest expense (included in interest expense – lease liabilities) | 7 | **17,146** | 11,586 |
| 有關短期租賃或低價值資產之支出（包括在行產及其他固定資產支出，不包括折舊）<br>Expense relating to short-term leases and low-value assets (included in premises and other fixed assets expenses, excluding depreciation) | 11 | **3,675** | 3,819 |

2025年內有關租賃之現金流出總額為135,774,000港元（2024年：153,134,000港元）。
The total cash outflow for leases in 2025 was HK$135,774,000 (2024: HK$153,134,000).

### (iii) 本集團之租賃活動及其如何入賬 (iii) The Group's leasing activities and how these are accounted for

本集團租賃各項物業。於2024年及2025年，租賃合同一般為1年至9年之固定期限但可能附帶如下列(iv)載述之延長選擇權。
The Group leases various properties. Rental contracts are typically made for fixed periods of 1 year to 9 years for 2024 and 2025, but may have extension options as described in (iv) below.

租賃期按個別情況商議及包含多方面之不同條款及條件。除出租人持有租賃之資產之擔保權益外，租賃合同並不強加任何契約。租賃之資產也許不能於借貸用途上用作擔保物。
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

---

## 28. 行產及其他固定資產（續）
## 28. PREMISES AND OTHER FIXED ASSETS (Continued)

### (乙) 租賃（續）
### (b) Leases (Continued)

#### (iv) 延長及終止選擇權
#### (iv) Extension and termination options

延長及終止選擇權包括在本集團簽訂之若干物業租賃內。就本集團管理於營運中使用之資產而言，使用該等條款可達致最佳營運靈活性。大多數持有之延長及終止選擇權只可由本集團而非各出租人行使。於2025年未計入租賃負債的潛在未來租賃付款為340,090,000港元（2024年：310,209,000港元）。

Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. The potential future lease payments not included in lease liabilities in 2025 was HK$340,090,000 (2024: HK$310,209,000).

## 29. 投資物業
## 29. INVESTMENT PROPERTIES

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :---: | :---: |
| 1月1日 | At 1 January | **708,021** | 761,604 |
| 新增 | Additions | **246,632** | 262,687 |
| 重新分類行產為投資物業 | Reclassification from premises to investment properties | **-** | 100,000 |
| 重新分類投資物業為行產 | Reclassification from investment properties to premises | **(60,000)** | (314,388) |
| 重估公平值虧損 | Fair value losses on revaluation | **(95,003)** | (101,882) |
| 匯兌差異 | Exchange difference | **2,509** | – |
| 12月31日 | At 31 December | **802,159** | 708,021 |
| 於年末持有之資產在綜合收益賬中已確認之未變現收益或虧損 | Unrealised gains or losses recognised in consolidated income statement relating to those assets held at the end of the year | | |
| －公平值虧損 | – Fair value losses | **(95,003)** | (101,882) |

| 投資物業之賬面淨值包括： | The net book value of investment properties comprises: | | |
| :--- | :--- | :---: | :---: |
| 以港幣千元位列示 | HK$'000 | **2025** | 2024 |
| 租借地 | Leaseholds | | |
| 在香港持有之中期租約（在10至50年之間） | Held in Hong Kong on medium-term lease (between 10–50 years) | **654,645** | 600,797 |
| 在香港以外持有之中期租約（在10至50年之間） | Held outside Hong Kong on medium-term lease (between 10–50 years) | **147,514** | 107,224 |
| | | **802,159** | 708,021 |

---

### 29. 投資物業 (續)
#### 計量投資物業之公平值
本集團於2025年及2024年12月31日為投資物業的價值進行了重估。此評估由獨立專業特許測量師第一太平戴維斯（估值及專業顧問）有限公司為位於香港及中國國內之投資物業及第一太平戴維斯（澳門）有限公司為位於澳門之投資物業按直接比較方法或收入現值資產化方法以可參考之相似物業其近期成交紀錄來進行。在評定投資物業的價值時，其中一項主要依據為經考慮時間、地點及個別因素如樓宇的大小及樓層所確定的銷售單位價格。銷售單位價格的下降會導致投資物業之公平值計量有相應百分比的減少，反之亦然。

市場價值為物業之估值基礎，其與香港財務報告準則第13號《公平值計量》中之公平值定義一致及已計入就市場參與者而言之最高和最佳的物業用途。

投資物業以大部份不可觀察之數據運用估值方法計量公平值，其被分類至被界定為香港財務報告準則第13號《公平值計量》中公平值等級的第3級別。

以收入現值資產化方法釐定公平值之投資物業，有關之評估按淨收入現值資產化及經考慮該等物業之支出與其可復歸收入之潛力進行。公平值計量與市場租金成正相關關係，與市場收益率成負相關關係。

### 29. INVESTMENT PROPERTIES (Continued)
#### Fair value measurement of investment properties
The Group's investment properties were last revalued at 31 December 2025 and 2024 by adopting the direct comparison approach or the income capitalisation approach. Under direct comparison approach, valuation is referenced to recent transactions for similar premises as far as practicable by independent, professionally qualified valuer Savills (Valuation and Professional Services) Limited for investment properties in Hong Kong and Chinese Mainland, and by Savills (Macau) Limited for investment properties in Macau. The key inputs was the unit sale rate taking into account of time, location, and individual factors such as size and levels of buildings. A decrease in unit sale rate would result in decrease in fair value measurement of the investment properties by the same percentage and vice versa.

The basis of the valuation of property was market value which is consistent with the definition of fair value under HKFRS 13 “Fair Value Measurement” and takes into account the highest and best use of the property from the perspective of market participants.

Investment properties are measured at fair value using valuation techniques with significant unobservable inputs which are classified as Level 3 under the fair value hierarchy as defined in HKFRS 13, “Fair Value Measurement”.

Under income capitalisation approach, investment properties of which the fair value is determined on the basis of capitalisation of net incomes with due allowance for outgoings and reversionary income potential. The fair value measurement is positively correlated to the market rental and inversely correlated to the market yields.

---

## 29. INVESTMENT PROPERTIES (Continued)
### Fair value measurement of investment properties (Continued)
收入現值資產化方法不可觀察之數據：
Unobservable inputs on income capitalisation approach:

| | 估值方法 Valuation technique(s) | 不可觀察之數據 Unobservable input(s) | 範圍 Range |
| :--- | :--- | :--- | :--- |
| 投資物業<br>Investment properties | 直接比較法方法<br>Direct comparison approach | 銷售單位價格<br>Unit sale rate | 每平方呎 **1,337** 港元至 **70,000** 港元<br>(2024年：每平方呎1,275港元至109,800港元)<br>**HK$1,337 to HK$70,000 per square foot**<br>(2024: HK$1,275 to HK$109,800 per square foot) |
| | 收入現值資產化方法<br>Income capitalisation approach | 市場收益率（復歸收益率）<br>Market yields (reversionary yield) | **2.00%** 至 **4.35%**<br>(2024: 2.00% 至 3.00%)<br>**2.00% to 4.35%**<br>(2024: 2.00% to 3.00%) |
| | | 市場租金<br>Market rental | 每平方呎 **20** 港元至 **77** 港元<br>(2024年：每平方呎24港元至84港元)<br>**HK$20 to HK$77 per square foot**<br>(2024: HK$24 to HK$84 per square foot) |

## 30. OTHER ASSETS
以港幣千元位列示
HK$'000

| | | **2025** | 2024 |
| :--- | :--- | :--- | :--- |
| 應收款項及預付項目 | Accounts receivable and prepayments | **1,987,833** | 2,818,993 |
| 應計收入 | Accrued income | **1,669,917** | 1,815,939 |
| 其他 | Others | **104,084** | 117,569 |
| | | **3,761,834** | 4,752,501 |

## 31. TRADING LIABILITIES
以港幣千元位列示
HK$'000

| | | **2025** | 2024 |
| :--- | :--- | :--- | :--- |
| 沽空國庫票據及國庫債券 | Short sales of treasury bills and treasury bonds | **1,348,191** | 498,069 |

## 32. DEPOSITS FROM CUSTOMERS
以港幣千元位列示
HK$'000

| | | **2025** | 2024 |
| :--- | :--- | :--- | :--- |
| 活期存款及往來存款 | Demand deposits and current accounts | **32,176,531** | 28,332,359 |
| 儲蓄存款 | Savings deposits | **49,641,849** | 40,301,479 |
| 定期、通知及短期存款 | Time, call and notice deposits | **123,485,720** | 132,934,213 |
| | | **205,304,100** | 201,568,051 |

除定期、通知及短期存款外，所有其他客戶存款皆為浮息存款。
Other than time, call and notice deposits, all other customer deposits carry variable interest rates.

---

### 33. 已發行的存款證 CERTIFICATES OF DEPOSIT ISSUED

以港幣千元位列示
HK$'000

| | **2025** | 2024 |
| :--- | :--- | :--- |
| 按對沖利率風險下以攤餘成本及經公平值對沖調整後列賬 At amortised cost with fair value hedge adjustments (for hedging interest rate risk) | **887,875** | 4,294,996 |

於2025年及2024年內，本集團未有於初始確認時指定任何已發行存款證為以公平值計量且其變動計入損益。

During 2025 and 2024, the Group did not designate on initial recognition any certificates of deposit issued at fair value through profit or loss.

### 34. 後償債務 SUBORDINATED NOTES

以港幣千元位列示
HK$'000

| | **2025** | 2024 |
| :--- | :--- | :--- |
| 按對沖利率風險下以攤餘成本及經公平值對沖調整後列賬： At amortised cost with fair value hedge adjustments (for hedging interest rate risk): | | |
| 300,000,000美元於2031年到期的定息後償債務（註（甲）） US$300,000,000 Subordinated Fixed Rate Notes due 2031 (Note (a)) | **2,284,990** | 2,197,913 |
| 250,000,000美元於2033年到期的定息後償債務（註（乙）） US$250,000,000 Subordinated Fixed Rate Notes due 2033 (Note (b)) | **1,989,948** | 1,949,001 |
| | **4,274,938** | 4,146,914 |

於2025年及2024年內，本集團未有於初始確認時指定任何後償債務為以公平值計量且其變動計入損益。

During 2025 and 2024, the Group did not designate on initial recognition any subordinated notes at fair value through profit or loss.

---

## 34. SUBORDINATED NOTES (Continued)
## 34. 後償債務 (續)

Note:
註：

(a) This represents US$300,000,000 Basel III compliant 10-year Subordinated Fixed Rate Notes qualifying as Tier 2 capital of DSB (subject to the provisions of the Banking (Capital) Rules of Hong Kong) issued on 2 November 2021, which are listed on The Stock Exchange of Hong Kong Limited (“SEHK”). The notes will mature on 2 November 2031 with an optional redemption date falling on 2 November 2026. Interest at 3% p.a. is payable semi-annually from the issue date to the optional redemption date. Thereafter, if the notes are not redeemed, the interest rate will be reset and the notes will bear interest at the then prevailing 5-year U.S. Treasury Rate plus 195 basis points. DSB may, subject to receiving the prior approval of the HKMA, redeem the notes in whole but not in part, at par. An interest rate swap contract to swap the fixed rate payment liability of the notes to floating interest rate based on Secured Overnight Financing Rate (“SOFR”) has been entered into with an international bank.

（甲） 此乃大新銀行於2021年11月2日發行之300,000,000美元在香港聯合交易所有限公司（「香港交易所」）上市及符合巴塞爾協定III而被界定為二級資本的10年期定息後償債務（須遵守香港《銀行業（資本）規則》之條款）。此等債務將於2031年11月2日到期。選擇性贖還日為2026年11月2日。由發行日至其選擇性贖還日，年息為3%，每半年付息一次。其後，倘債務未在選擇性贖還日贖回，往後的利息會重訂為當時5年期美國國庫債券息率加195點子。若獲得香港金管局預先批准，大新銀行可以票面價值贖回所有（非部分）債務。大新銀行亦已與一國際銀行訂立利率掉期合約將債務的固定利息掉換為以擔保隔夜融資利率為基礎的浮動利息付款。

(b) This represents US$250,000,000 Basel III compliant 10-year Subordinated Fixed Rate Notes qualifying as Tier 2 capital of DSB (subject to the provisions of the Banking (Capital) Rules of Hong Kong) issued on 15 November 2023, which are listed on the SEHK. The notes will mature on 15 November 2033 with an optional redemption date falling on 15 November 2028. Interest at 7.375% p.a. is payable semi-annually from the issue date to the optional redemption date. Thereafter, if the notes are not redeemed, the interest rate will be reset and the notes will bear interest at the then prevailing 5-year U.S. Treasury Rate plus 295 basis points. DSB may, subject to receiving the prior approval of the HKMA, redeem the notes in whole but not in part, at par. An interest rate swap contract to swap the fixed rate payment liability of the notes to floating interest rate based on SOFR has been entered into with an international bank.

（乙） 此乃大新銀行於2023年11月15日發行之250,000,000美元在香港交易所上市及符合巴塞爾協定III而被界定為二級資本的10年期定息後償債務（須遵守香港《銀行業（資本）規則》之條款）。此等債務將於2033年11月15日到期。選擇性贖還日為2028年11月15日。由發行日至其選擇性贖還日，年息為7.375%，每半年付息一次。其後，倘債務未在選擇性贖還日贖回，往後的利息會重訂為當時5年期美國國庫債券息率加295點子。若獲得香港金管局預先批准，大新銀行可以票面價值贖回所有（非部分）債務。大新銀行亦已與一國際銀行訂立利率掉期合約將債務的固定利息掉換為以擔保隔夜融資利率為基礎的浮動利息付款。

---

### 35. 遞延稅項 / DEFERRED INCOME TAX

遞延稅項資產及負債的對銷只在具有合法執行權對銷即期稅項資產和即期稅項負債時及遞延稅項與同一稅務機構有關時方可進行。對銷後之金額如下：

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. The amounts after offsetting are as follows:

| 以港幣千元位列示 / HK$'000 | **2025** | 2024 |
| :--- | :---: | :---: |
| 遞延稅項資產 / Deferred income tax assets | **297,922** | 159,482 |
| 遞延稅項負債 / Deferred income tax liabilities | **(95,686)** | (94,261) |

遞延稅項資產及負債根據暫時差異之相關類別及回收和支付之預計日期分析如下：

Deferred income tax assets and liabilities analysed based on the underlying category of temporary differences and the expected date of recovery and settlement are as follows:

| 以港幣千元位列示 / HK$'000 | **2025** | 2024 |
| :--- | :---: | :---: |
| **遞延稅項資產： / Deferred income tax assets:** | | |
| －可在12個月後收回之遞延稅項資產<br>- Deferred income tax assets to be recovered after more than 12 months | **430,522** | 299,817 |
| **遞延稅項負債： / Deferred income tax liabilities:** | | |
| －應在12個月後償還之遞延稅項負債<br>- Deferred income tax liabilities to be settled after more than 12 months | **(228,286)** | (234,596) |
| | **202,236** | 65,221 |

遞延稅項賬目總變動如下：

The gross movement on the deferred income tax account is as follows:

| 以港幣千元位列示 / HK$'000 | **2025** | 2024 |
| :--- | :---: | :---: |
| 1月1日 / At 1 January | **65,221** | 62,124 |
| 購入一間附屬公司 / Acquisition of a subsidiary | **–** | (181) |
| 於綜合收益賬內稅項回撥 (附註15) / Tax credited to the consolidated income statement (Note 15) | **198,131** | 26,916 |
| 於其他全面收益內稅項支出 (附註39) / Tax charged to other comprehensive income (Note 39) | **(66,144)** | (20,771) |
| 匯兌差異 / Exchange difference | **5,028** | (2,867) |
| 12月31日 / At 31 December | **202,236** | 65,221 |

---

# 35. 遞延稅項（續）
# 35. DEFERRED INCOME TAX (Continued)

遞延稅項資產及負債於本年度之變動，不包括於相同稅法管轄權下對銷之結餘如下：

The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:

## 遞延稅項資產：
## Deferred income tax assets:

| 以港幣千元位列示 HK$'000 | 減值準備及撥備<br>Impairment allowances and provisions | 加速稅務折舊<br>Accelerated tax depreciation | 稅務虧損<br>Tax losses | 遞延支出及其他<br>Deferred expenses and others | 投資重估<br>Investment revaluation | 合計<br>Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| **2024年1月1日**<br>At 1 January 2024 | 202,177 | 627 | 95 | 60,168 | 36,371 | 299,438 |
| **於綜合收益賬內回撥／（支出）**<br>Credited/(charged) to the consolidated income statement | 25,756 | (309) | (95) | 7,979 | – | 33,331 |
| **於其他全面收益內支出**<br>Charged to other comprehensive income | – | – | – | – | (29,387) | (29,387) |
| **匯兌差異**<br>Exchange difference | (2,294) | – | – | (1,271) | – | (3,565) |
| **2024年12月31日及2025年1月1日**<br>At 31 December 2024 and 1 January 2025 | **225,639** | **318** | **–** | **66,876** | **6,984** | **299,817** |
| **由遞延稅項負債重新分類**<br>Reclassified to deferred income tax liabilities | – | – | – | – | 59,283 | 59,283 |
| **於綜合收益賬內回撥**<br>Credited to the consolidated income statement | 108,210 | 128 | – | 22,765 | – | 131,103 |
| **於其他全面收益內支出**<br>Charged to other comprehensive income | (1) | – | – | – | (66,267) | (66,268) |
| **匯兌差異**<br>Exchange difference | 4,709 | – | – | 1,878 | – | 6,587 |
| **2025年12月31日**<br>**At 31 December 2025** | **338,557** | **446** | **–** | **91,519** | **–** | **430,522** |

## 遞延稅項負債：
## Deferred income tax liabilities:

| 以港幣千元位列示 HK$'000 | 減值準備及撥備<br>Impairment allowances and provisions | 撥備<br>Provisions | 加速稅務折舊<br>Accelerated tax depreciation | 投資物業重估<br>Investment properties revaluation | 投資重估<br>Investment revaluation | 合計<br>Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| **2024年1月1日**<br>At 1 January 2024 | 34 | 10,851 | 108,752 | 6,010 | 111,667 | 237,314 |
| **購入一間附屬公司**<br>Acquisition of a subsidiary | – | – | 181 | – | – | 181 |
| **於綜合收益賬內（回撥）／支出**<br>(Credited)/charged to the consolidated income statement | (34) | (1,880) | 3,207 | (733) | 5,855 | 6,415 |
| **於其他全面收益內回撥**<br>Credited to other comprehensive income | – | – | – | – | (8,616) | (8,616) |
| **匯兌差異**<br>Exchange difference | – | (343) | – | – | (355) | (698) |
| **2024年12月31日及2025年1月1日**<br>At 31 December 2024 and 1 January 2025 | **–** | **8,628** | **112,140** | **5,277** | **108,551** | **234,596** |
| **由遞延稅項資產重新分類**<br>Reclassified from deferred income tax assets | – | – | – | – | 59,283 | 59,283 |
| **於綜合收益賬內支出／（回撥）**<br>Charged/(credited) to the consolidated income statement | 447 | 5,386 | (69,392) | 1,187 | (4,656) | (67,028) |
| **於其他全面收益內回撥**<br>Credited to other comprehensive income | – | – | – | – | (123) | (123) |
| **其他調整**<br>Other adjustment | – | – | 2,837 | (2,837) | – | – |
| **匯兌差異**<br>Exchange difference | 24 | 547 | – | – | 987 | 1,558 |
| **2025年12月31日**<br>**At 31 December 2025** | **471** | **14,561** | **45,585** | **3,627** | **164,042** | **228,286** |

---

### 35. 遞延稅項（續）
### 35. DEFERRED INCOME TAX (Continued)

下述乃年內於其他全面收益內支出之遞延稅項：
The deferred income tax charged to other comprehensive income during the year is as follows:

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :---: | :---: |
| 於股東權益之公平值儲備：<br>Fair value reserves in shareholders' equity: | | |
| －以公平值計量且其變動計入其他全面收益的金融資產（附註39）<br>– financial assets at fair value through other comprehensive income (Note 39) | **(66,144)** | (20,771) |

### 36. 與集團公司之結餘
### 36. BALANCES WITH GROUP COMPANIES

綜合財務狀況表內賬目包括與集團公司按一般商業條款進行交易所產生之結餘詳列如下：
Included in the consolidated statement of financial position captions are balances with group companies arising from transactions conducted on normal commercial terms:

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :---: | :---: |
| **與控股公司之結餘**<br>**Balances from the holding company** | | |
| 各項貸款及其他賬目<br>Advances and other accounts | **574** | 598 |
| 客戶存款<br>Deposits from customers | **310,591** | 341,691 |
| 其他賬目及預提<br>Other accounts and accruals | **20,630** | 4,361 |
| | | |
| **與同系附屬公司之結餘**<br>**Balances from fellow subsidiaries** | | |
| 各項貸款及其他賬目<br>Advances and other accounts | **8,747** | 7,387 |
| 客戶存款<br>Deposits from customers | **260,653** | 620,130 |
| 其他賬目及預提<br>Other accounts and accruals | **3,372** | 4,418 |

---

### 37. 或然負債及承擔 37. CONTINGENT LIABILITIES AND COMMITMENTS

#### (甲) 資本承擔 (a) Capital commitments

於12月31日賬目內仍未提撥準備之有關項目及購入固定資產之資本承擔如下：
Capital expenditure in respect of projects and acquisition of fixed assets as at 31 December but not yet incurred is as follows:

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- |
| 已簽約但未提撥準備之開支 Expenditure contracted but not provided for | 59,410 | 20,821 |

#### (乙) 信貸承擔 (b) Credit commitments

本集團資產負債表外承擔授信予客戶之金融工具合約金額及其信貸風險加權數額如下：
The contract and credit risk weighted amounts of the Group’s off-balance sheet financial instruments that commit it to extend credit to customers are as follows:

| | 合約金額 Contract amount | 合約金額 Contract amount |
| :--- | :--- | :--- |
| **以港幣千元位列示 HK$'000** | **2025** | **2024** |
| 直接信貸代替品 Direct credit substitutes | 336,890 | 249,050 |
| 與交易相關之或然項目 Transaction-related contingencies | 372,966 | 395,699 |
| 與貿易相關之或然項目 Trade-related contingencies | 439,870 | 450,156 |
| 可無條件取消而不須預先通知之承擔 Commitments that are unconditionally cancellable without prior notice | 56,639,887 | 57,897,554 |
| 其他承擔 Other commitments | 5,554,696 | 5,200,505 |
| 遠期定期存款 Forward forward deposits placed | 200,000 | – |
| | **63,544,309** | **64,192,964** |

| | 信貸風險加權數額 Credit risk weighted amount | 信貸風險加權數額 Credit risk weighted amount |
| :--- | :--- | :--- |
| **以港幣千元位列示 HK$'000** | **2025** | **2024** |
| 或然負債及承擔 Contingent liabilities and commitments | 5,690,196 | 2,155,128 |

信貸風險加權數額乃根據《銀行業（資本）規則》所計算。
The credit risk weighted amount is calculated in accordance with the Banking (Capital) Rules.

---

## 37. 或然負債及承擔（續）
## 37. CONTINGENT LIABILITIES AND COMMITMENTS (Continued)

### (丙) 已作抵押之資產
### (c) Assets pledged

以港幣千元位列示 / HK$'000

| | 2025 | 2024 |
| :--- | :---: | :---: |
| Trading assets and financial investments pledged to secure liabilities <br>已抵押之持作交易用途資產及金融投資作負債擔保 | **1,929,581** | 1,143,336 |
| – of which: under repurchase agreements <br>－其中：按回購協議 | **672,418** | 744,891 |
| Amount of liabilities secured <br>已擔保之負債金額 | **1,662,598** | 1,130,231 |
| – of which: under repurchase agreements <br>－其中：按回購協議 | **663,439** | 732,140 |

上表列示按法律及合約基準而授出抵押作負債擔保之資產。該等交易乃按正常及慣常的抵押交易（包括回購協議及抵押資產以保障短暫及便利與結算所之支付程序）條款進行。

The table above shows assets where a charge has been granted to secure liabilities on a legal and contractual basis. These transactions are conducted under terms that are usual and customary to collateralised transactions including repurchase agreements, and include assets pledged to cover short positions and to facilitate settlement processes with clearing houses.

### (丁) 經營租賃承擔
### (d) Operating lease commitments

如本集團之公司為出租人，按不可取消物業經營租賃而於未來應收之最低租賃付款總額如下：

Where a Group company is the lessor, the future minimum lease payments receivable under non-cancellable building operating leases are as follows:

以港幣千元位列示 / HK$'000

| | 2025 | 2024 |
| :--- | :---: | :---: |
| Within 1 year <br>1年以內 | **18,863** | 14,747 |
| Between 1 and 2 years <br>1年至2年 | **8,720** | 5,193 |
| Between 2 and 3 years <br>2年至3年 | **5,328** | 2,881 |
| Between 3 and 4 years <br>3年至4年 | **2,449** | 1,431 |
| Between 4 and 5 years <br>4年至5年 | **1,505** | 1,431 |
| Later than 5 years <br>5年以上 | **5,017** | 6,201 |
| | **41,882** | 31,884 |

---

## 38. 股本 38. SHARE CAPITAL

普通股，已發行及繳足股本：
Ordinary shares, issued and fully paid:

| | 2025 | 2025 | 2024 | 2024 |
| :--- | :---: | :---: | :---: | :---: |
| | **股數 Number of shares** | **股本 Share capital 以港幣千元位列示 HK$’000** | 股數 Number of shares | 股本 Share capital 以港幣千元位列示 HK$’000 |
| 1月1日及12月31日 At 1 January and 31 December | **1,405,752,132** | **6,894,438** | 1,405,752,132 | 6,894,438 |

於2024年5月31日，本公司批准採納認股權計劃。自採納日起至2025年12月31日止，並無認股權根據大新銀行集團新認股權計劃授出。

On 31 May 2024, the shareholders of the Company approved the adoption of a share option scheme. No share options had been granted under the share option scheme from the date of its adoption to 31 December 2025.

## 39. 儲備 39. RESERVES

以港幣千元位列示 HK$’000

| | 綜合儲備 Consolidation Reserve | 行產重估儲備 Premises Revaluation Reserve | 投資重估儲備 Investment Revaluation Reserve | 匯兌儲備 Exchange Reserve | 一般儲備 General Reserve | 保留盈利（註） Retained Earnings (Note) | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **2025年1月1日 At 1 January 2025** | **(220,986)** | **315,653** | **1,886,501** | **(940,742)** | **700,254** | **24,876,838** | **26,617,518** |
| 以公平值計量且其變動計入其他全面收益的債務工具之公平值變動淨額 Net change in fair value of debt instruments at fair value through other comprehensive income | – | – | 354,692 | – | – | – | 354,692 |
| 應佔按權益會計法處理的聯營公司之其他全面收益 Share of other comprehensive income of an associate accounted for using the equity method | – | – | (286,476) | – | – | – | (286,476) |
| 以公平值計量且其變動計入其他全面收益的權益性工具之公平值變動淨額 Net change in fair value of equity instruments at fair value through other comprehensive income | – | – | 1,813 | – | – | – | 1,813 |
| 投資重估儲備變動之遞延稅項（附註35） Deferred income tax on movements in investment revaluation reserve (Note 35) | – | – | (66,144) | – | – | – | (66,144) |
| 額外權益性工具之派發款項 Distribution payment of additional equity instruments | – | – | – | – | – | (35,857) | (35,857) |
| 換算海外機構財務報表的匯兌差異 Exchange differences arising on translation of the financial statements of foreign entities | – | – | – | 256,007 | – | – | 256,007 |
| 年度溢利 Profit for the year | – | – | – | – | – | 2,475,814 | 2,475,814 |
| 2024年末期股息 2024 final dividend | – | – | – | – | – | (548,243) | (548,243) |
| 2025年中期股息 2025 interim dividend | – | – | – | – | – | (435,783) | (435,783) |
| 其他 Others | – | – | – | 370,379 | – | (370,379) | – |
| **2025年12月31日 At 31 December 2025** | **(220,986)** | **315,653** | **1,890,386** | **(314,356)** | **700,254** | **25,962,390** | **28,333,341** |

---

### 39. 儲備 (續) 39. RESERVES (Continued)

| 以港幣千元位列示 | HK$'000 | 截至12月31日止年度 Year ended 31 December | |
| :--- | :--- | :---: | :---: |
| | | **2025** | 2024 |
| 包括於保留盈利內之 擬派末期股息／已派末期股息 (附註16) | Proposed final dividend/final dividend paid included in retained earnings (Note 16) | **688,819** | 548,243 |

**註：**

大新銀行為香港註冊銀行須以監管儲備形式維持除香港財務報告準則所需以外之最低減值撥備。維持該監管儲備（儲備計及澳門商業銀行及大新銀行（中國）乃為符合香港銀行業條例及以審慎監管為目的之本地監管規定。該監管儲備規限可派發予股東之儲備金額。監管儲備之變動須與香港金管局進行諮詢，並直接於權益儲備內調撥。

於2025年12月31日，大新銀行無須從其綜合一般儲備或綜合保留盈利中指定作為監管儲備（2024年：544,500,000港元）。

**Note:**

DSB as a locally incorporated bank in Hong Kong is required to maintain minimum impairment provisions in excess of those required under HKFRS in the form of regulatory reserve. The regulatory reserve, which also covers BCM and DSB China, is maintained to satisfy the provisions of the Hong Kong Banking Ordinance and local regulatory requirements for prudential supervision purposes. The regulatory reserve restricts the amount of reserves which can be distributed to shareholders. Movements in the regulatory reserve are made directly through equity reserve and in consultation with the HKMA.

As at 31 December 2025, DSB does not have to earmark regulatory reserve (2024: HK$544,500,000) against its consolidated general reserve or consolidated retained earnings.

---

# 39. 儲備 (續)
# 39. RESERVES (Continued)

以港幣千元位列示 HK$'000

| | 綜合儲備 Consolidation Reserve | 行產重估儲備 Premises Revaluation Reserve | 投資重估儲備 Investment Revaluation Reserve | 匯兌儲備 Exchange Reserve | 一般儲備 General Reserve | 以股份為基礎報酬之儲備 Share-based Compensation Reserve | 保留盈利 (註) Retained Earnings (Note) | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| 2024年1月1日 At 1 January 2024 | (220,986) | 270,120 | 1,656,060 | (650,024) | 700,254 | 4,984 | 23,923,181 | 25,683,589 |
| 於終止確認時，出售以公平值計量且其變動計入其他全面收益的債務工具所確認公平值之虧損及轉移至收益賬 Fair value loss realised and transferred to income statement upon disposal of debt instruments at fair value through other comprehensive income upon derecognition | – | – | 103 | – | – | – | – | 103 |
| 以公平值計量且其變動計入其他全面收益的債務工具之公平值變動淨額 Net change in fair value of debt instruments at fair value through other comprehensive income | – | – | 204,192 | – | – | – | – | 204,192 |
| 應佔按權益會計法處理的聯營公司之其他全面收益 Share of other comprehensive income of an associate accounted for using the equity method | – | – | 196,408 | – | – | – | – | 196,408 |
| 以公平值計量且其變動計入其他全面收益的權益性工具之公平值變動淨額 Net change in fair value of equity instruments at fair value through other comprehensive income | – | – | (156,891) | – | – | – | – | (156,891) |
| 投資重估儲備變動之遞延稅項 (附註 35) Deferred income tax on movements in investment revaluation reserve (Note 35) | – | – | (20,771) | – | – | – | – | (20,771) |
| 於終止確認時，重新分類以公平值計量且其變動計入其他全面收益的權益性工具之公平值變動淨額 Reclassification of net change in fair value of equity instruments at fair value through other comprehensive income upon derecognition | – | – | 7,400 | – | – | – | (7,400) | – |
| 源自重新分類行產為投資物業之儲備 Reserves arising from reclassification of premises to investment properties | – | 45,533 | – | – | – | – | – | 45,533 |
| 額外權益性工具之派發款項 Distribution payment of additional equity instruments | – | – | – | – | – | – | (35,903) | (35,903) |
| 換算海外機構財務報表的匯兌差異 Exchange differences arising on translation of the financial statements of foreign entities | – | – | – | (290,718) | – | – | – | (290,718) |
| 轉移以股份為基礎報酬之儲備 Transfer of share-based payment reserve | – | – | – | – | – | (4,984) | 4,984 | – |
| 年度溢利 Profit for the year | – | – | – | – | – | – | 2,060,347 | 2,060,347 |
| 2023年末期股息 2023 final dividend | – | – | – | – | – | – | (688,818) | (688,818) |
| 2024年中期股息 2024 interim dividend | – | – | – | – | – | – | (379,553) | (379,553) |
| 2024年12月31日 At 31 December 2024 | (220,986) | 315,653 | 1,886,501 | (940,742) | 700,254 | – | 24,876,838 | 26,617,518 |

---

### 40. 額外權益性工具
### 40. ADDITIONAL EQUITY INSTRUMENTS

| 以港幣千元位列示<br>HK$'000 | **2025** | 2024 |
| :--- | :--- | :--- |
| 150,000,000美元額外權益性工具<br>US$150,000,000 AT1 Capital Securities | **311,416** | 311,416 |

於2022年12月8日，大新銀行發行符合巴塞爾協定III名義本金為150,000,000美元之無期限非累積後償證券之額外一級資本證券（「額外一級資本證券」）。該額外一級資本證券分別由本公司及大新金融以110,000,000美元及40,000,000美元全數認購。

On 8 December 2022, DSB issued Basel III-compliant undated non-cumulative subordinated Additional Tier 1 capital securities (the “AT1 Capital Securities”) with a total notional principal of US$150,000,000. The AT1 Capital Securities were subscribed in full by the Company and DSFH to the extent of US$110,000,000 and US$40,000,000 respectively.

倘若香港金管局通知大新銀行，根據香港金管局或相關之政府機構意見，認為撇銷額外一級資本證券為必要，否則大新銀行將無法運作，則額外一級資本證券之本金將會被撇銷至香港金管局所指示之金額。

The principal of the AT1 Capital Securities will be written off up to the amount as directed by the HKMA if the HKMA notifies DSB that in the opinion of the HKMA or a relevant government body that a write-off is necessary, without which DSB would become non-viable.

由發行日至其於2027年12月8日之選擇性贖還日止，派發按年息率為11.5%，每半年支付一次。其後，倘額外一級資本證券未被贖回，派發息率將以每5年重訂一次，按當時5年期美國國庫債券息率加788點子。根據額外一級資本證券之條款及條件所列載之規定，大新銀行有權取消派發支付，及已取消之派發支付將不會累計。

Distribution at 11.5% p.a. is payable semi-annually from the issue date to the optional redemption date falling on 8 December 2027. Thereafter, if the AT1 Capital Securities are not redeemed, the distribution rate will be reset every 5 years and it will bear distribution at the then prevailing 5-year U.S. Treasury Rate plus 788 basis points. DSB has the right to cancel distribution payment, subject to the requirement as set out in the terms and conditions of the AT1 Capital Securities, and the distribution cancelled shall not be cumulative.

若獲得香港金管局預先批准，大新銀行可於選擇性贖還日或及後之派發支付日以票面價值贖回所有（非部分）額外一級資本證券。

DSB may, subject to receiving the prior approval of the HKMA, redeem the AT1 Capital Securities in whole but not in part, at par either on the optional redemption date or any distribution payment date thereafter.

---

# 41. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
# 41. 綜合現金流量結算表附註

### (a) Reconciliation of operating profit before gains and losses on certain investments and fixed assets to net cash from/(used in) operating activities
### （甲）扣除若干投資及固定資產之收益及虧損前之營運溢利與經營活動流入╱（所用）現金淨額對賬表

以港幣千元位列示 | HK$'000 | **2025** | 2024
:--- | :--- | :--- | :---
扣除若干投資及固定資產之收益及虧損前之營運溢利 | Operating profit before gains and losses on certain investments and fixed assets | **2,686,081** | 1,803,512
淨利息收入 | Net interest income | **(5,828,669)** | (5,288,117)
股息收益 | Dividend income | **(17,829)** | (14,500)
信貸減值虧損 | Credit impairment losses | **1,782,813** | 1,791,361
折舊 | Depreciation | **371,282** | 376,221
減除回收後之貸款撇銷淨額 | Advances written off net of recoveries | **(1,047,860)** | (1,353,308)
已收利息 | Interest received | **10,434,298** | 12,015,789
已付利息 | Interest paid | **(4,291,057)** | (6,881,071)
已收股息 | Dividend received | **17,829** | 14,500
營運資產及負債變動前之營運溢利 | Operating profit before changes in operating assets and liabilities | **4,106,888** | 2,464,387
營運資產及負債之變動： | Changes in operating assets and liabilities: | |
－現金及在銀行的結餘及原到期日超過3個月之通知及短期存款 | – cash and balances with banks and money at call and short notice with an original maturity beyond three months | **(86,619)** | (2,389,609)
－原到期日超過3個月之在銀行的存款 | – placements with banks with an original maturity beyond three months | **(2,756,872)** | (1,075,989)
－持作交易用途的證券 | – trading securities | **162,282** | (1,393,727)
－衍生金融工具 | – derivative financial instruments | **1,114,927** | 42,914
－以公平值計量且其變動計入損益的金融資產 | – financial assets at fair value through profit or loss | **(42,477)** | 3,944
－貿易票據 | – trade bills | **(874,288)** | 583,778
－客戶貸款及墊款 | – loans and advances to customers | **(1,783,949)** | 4,675,191
－其他應收賬目 | – other accounts receivable | **793,545** | 457,346
－以公平值計量且其變動計入其他全面收益的金融資產 | – financial assets at fair value through other comprehensive income | **343,889** | (5,692,704)
－以攤餘成本列賬的金融資產 | – financial assets at amortised cost | **1,729,365** | 3,681,151
－銀行存款 | – deposits from banks | **(1,651,403)** | (548,808)
－持作交易用途的負債 | – trading liabilities | **850,122** | 398,216
－客戶存款 | – deposits from customers | **3,736,049** | (5,665,647)
－發行存款證 | – certificates of deposit issued | **(3,405,972)** | 1,889,361
－其他應付賬目及預提 | – other accounts payable and accruals | **710,724** | 441,740
匯兌調整 | Exchange adjustments | **(261,757)** | 339,069
由經營活動流入／（所用）的現金 | Cash generated from/(absorbed by) operating activities | **2,684,454** | (1,789,387)
支付已發行的存款證之利息 | Interest paid on certificates of deposit issued | **(220,931)** | (139,733)
已繳香港利得稅 | Hong Kong profits tax paid | **(219,934)** | (287,635)
已繳中國內地及澳門稅款 | Chinese Mainland and Macau tax paid | **(9,916)** | (17,519)
經營活動流入／（所用）現金淨額 | Net cash from/(used in) operating activities | **2,233,673** | (2,234,274)

---

### 41. 綜合現金流量結算表附註（續）
### 41. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)

#### （乙） 在現金流量結算表內，現金及等同現金項目包括按購置日計算3個月或以下到期之下列結餘，及其價值變化無重大風險且可隨時轉換至確定現金數額之存款。

#### (b) For the purposes of the cash flow statement, cash and cash equivalents comprise the following balances with maturity of three months or less from the date of acquisition, deposits that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value.

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 現金及原到期日在3個月或以下之在銀行結餘 | Cash and balances with banks with an original maturity within three months | **11,804,526** | 10,701,125 |
| 原到期日在3個月或以下之在銀行的存款 | Placements with banks with an original maturity within three months | **863,299** | 1,577,086 |
| 包括於持作交易用途的證券內之國庫票據 | Treasury bills included in trading securities | **847,674** | 597,920 |
| 包括於以公平值計量且其變動計入其他全面收益的金融資產內之國庫票據 | Treasury bills included in financial assets at fair value through other comprehensive income | **199,346** | 59,717 |
| | | **13,714,845** | 12,935,848 |

按監管要求存於中央銀行的結餘367,151,000港元（2024年：425,233,000港元）已從「現金及等同現金項目」賬項下剔除及包含在「現金及原到期日在3個月或以下之在銀行結餘」賬項下。

Included in cash and balances with banks with an original maturity within three months, HK$367,151,000 (2024: HK$425,233,000) were balances with central banks for prudential purposes and have been excluded from cash and cash equivalents.

---

### 41. 綜合現金流量結算表附註 (續)
### 41. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)

#### (丙) 源自融資活動之負債之對賬表
#### (c) Reconciliation of liabilities arising from financing activities

下表詳述本集團源自融資活動之負債變動，包括現金及非現金之變動。源自融資活動之負債，指其現金流已或未來現金流將會在本集團綜合現金流量結算表內分類為融資活動現金流之負債。

The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the consolidated statement of cash flows as cash flows from financing activities.

| 以港幣千元位列示 HK$'000 | | 租賃負債 Lease liabilities | 後償債務 Subordinated notes | 應付利息 Interest payable | 源自融資活動之負債總額 Total liabilities from financing activities |
| :--- | :--- | :---: | :---: | :---: | :---: |
| 於2024年1月1日 | At 1 January 2024 | 479,932 | 5,916,645 | 70,445 | 6,467,022 |
| | | | | | |
| 融資現金流之變動： | Changes from financing cash flows: | | | | |
| 支付已發行後償債務之利息 | Interest paid on subordinated notes | - | - | (384,929) | (384,929) |
| 發行後償債務 | Repayment of subordinated notes | - | (1,759,714) | - | (1,759,714) |
| 償還租賃負債 | Repayment of lease liabilities | (140,677) | - | - | (140,677) |
| | | | | | |
| 融資現金流之變動總額 | Total changes from financing cash flows | (140,677) | (1,759,714) | (384,929) | (2,285,320) |
| | | | | | |
| 其他變動： | Other changes: | | | | |
| 已發行後償債務之應計利息 | Interest accrued on subordinated notes | - | - | 344,230 | 344,230 |
| 新增租賃負債 | Additions to lease liabilities | 38,085 | - | - | 38,085 |
| 匯兌差異 | Exchange difference | - | (25,658) | - | (25,658) |
| 公平值對沖調整 | Fair value hedge adjustment | - | 15,641 | - | 15,641 |
| | | | | | |
| 其他變動總額 | Total other changes | 38,085 | (10,017) | 344,230 | 372,298 |
| | | | | | |
| 於2024年12月31日 | At 31 December 2024 | 377,340 | 4,146,914 | 29,746 | 4,554,000 |
| | | | | | |
| 匯兌差異 | Exchange difference | 2,291 | - | - | 2,291 |
| | | | | | |
| 於2025年1月1日 | At 1 January 2025 | 379,631 | 4,146,914 | 29,746 | 4,556,291 |
| | | | | | |
| 融資現金流之變動： | Changes from financing cash flows: | | | | |
| 支付已發行後償債務之利息 | Interest paid on subordinated notes | - | - | (298,232) | (298,232) |
| 償還租賃負債 | Repayment of lease liabilities | (118,000) | - | - | (118,000) |
| | | | | | |
| 融資現金流之變動總額 | Total changes from financing cash flows | (118,000) | - | (298,232) | (416,232) |
| | | | | | |
| 其他變動： | Other changes: | | | | |
| 已發行後償債務之應計利息 | Interest accrued on subordinated notes | - | - | 298,305 | 298,305 |
| 新增租賃負債 | Additions to lease liabilities | 88,905 | - | - | 88,905 |
| 匯兌差異 | Exchange difference | (61) | 10,533 | - | 10,472 |
| 公平值對沖調整 | Fair value hedge adjustment | - | 117,491 | - | 117,491 |
| 其他 | Other | 3,761 | - | - | 3,761 |
| | | | | | |
| 其他變動總額 | Total other changes | 92,605 | 128,024 | 298,305 | 518,934 |
| | | | | | |
| 於2025年12月31日 | At 31 December 2025 | 354,236 | 4,274,938 | 29,819 | 4,658,993 |

---

## 42. 貸款予董事 LOANS TO DIRECTORS

根據香港公司條例（第622G章）第17節（披露董事利益資料），有關貸款予董事截至2025年及2024年12月31日止年度之披露詳情，如下呈列。

Particulars of loans to directors disclosed pursuant to section 17 of the Hong Kong Companies Ordinance (Cap.622G) (Disclosure of Information about Benefits of Directors) for the year ended 31 December 2025 and 2024 are shown as below.

| 以港幣千元位列示 HK$'000 | **2025** | 2024 |
| :--- | :---: | :---: |
| 於12月31日之有關交易未償還總額<br>Aggregate amount of relevant transactions outstanding at 31 December | | |
| －貸款及墊款<br>– Loans and advances | **77** | 111 |
| 年內有關交易之最高總結欠<br>Maximum aggregate amount of relevant transactions during the year | | |
| －貸款及墊款<br>– Loans and advances | **18,454** | 447 |

於2025年及2024年上述之所有有關交易由一間附屬公司簽訂，並無由本公司簽訂。

The above relevant transactions in 2025 and 2024 were all transacted by a subsidiary and nil by the Company.

## 43. 有關連人士之交易 RELATED-PARTY TRANSACTIONS

有關連人士為該等人士有能力直接或間接控制另一方，或對另一方在作出財務及營運決策方面行使重大影響力。倘若其他不同人士受到共同控制或共同重大影響時，彼等人士亦被視為有關連人士。

Related parties are those parties, which have the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence.

於2025年及2024年，本集團與有關連人士包括本集團之控股公司、同系附屬公司、控股公司之股東或董事直接或間接控制或具有重大影響力之公司進行多項持續關連交易。本公司獨立非執行董事在檢閱本集團之綜合財務報表時，已對該等如下列註（甲）敍述及屬於持續有關連之交易進行審閱。該等董事根據其檢閱及根據向管理層之詢問，認為全部持續有關連之交易乃根據本集團之正常業務、有關協議、一般商業條款及慣例，按公平且合理及符合本公司股東整體利益進行。

During 2025 and 2024, the Group entered into various continuing connected transactions with related parties including the holding company, fellow subsidiaries of the Group, companies directly or indirectly controlled or significantly influenced by the shareholders or directors of the holding company. These, as described in Note (a) below and being continuing connected transactions, had been reviewed by the Company’s independent non-executive directors in their review of the consolidated financial statements of the Group. Based on their review and enquiry with management, the Company’s independent non-executive directors were satisfied that all of the continuing connected transactions were conducted in the ordinary and usual course of business of the Group, on normal commercial terms, and in accordance with relevant agreements on terms that are fair and reasonable and in the interests of the shareholders of the Company as a whole.

---

## 43. 有關連人士之交易（續）
## 43. RELATED-PARTY TRANSACTIONS (Continued)

與有關連人士之重大交易如下：
Details of the significant related party transactions are as follows:

### （甲）與控股公司及同系附屬公司的交易
### (a) Transactions with the holding company and fellow subsidiaries

本公司及本集團全資附屬公司於年內與控股公司及同系附屬公司簽訂之持續關連交易（定義見香港交易所證券上市規則（「上市規則」第14A.31段）收到及產生下列之收入及支出。該等交易之總值未超逾或符合根據上市規則第14A.53段及14A.54段，適用於本集團之年度上限。本公司已遵守上市規則第14A章的披露規定。

The Company and its wholly-owned subsidiaries within the Group received and incurred the following income and expense from the continuing connected transactions (within the definition of Rule 14A.31 of the Rules Governing the Listing of Securities on the SEHK (the “Listing Rules”)) entered into with the holding company and fellow subsidiaries during the year. The aggregate values of these transactions are within or consistent with the respective annual caps applicable to the Group pursuant to Rules 14A.53 and 14A.54 of the Listing Rules. The Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.

源自涉及附屬公司包括大新銀行、澳門商業銀行及另一集團附屬公司交易之收入或支出呈列如下：

Income or expense arising from transactions involving subsidiaries, namely DSB, BCM and another subsidiary of the Group are as follows:

| 2025年<br>以港幣千元位列示<br>2025<br>HK$'000 | 遵從上市規則第14A章<br>Subject to Chapter 14A of the Listing Rules | 毋須／豁免遵從上市規則第14A章<br>Excluded/exempted from Chapter 14A of the Listing Rules |
| :--- | :--- | :--- |
| 已付利息（註(i)）<br>Interest paid (Note (i)) | 不適用 N/A | (16,524) |
| 已收銀行手續費（註(i)）<br>Bank charges received (Note (i)) | 不適用 N/A | 2,455 |
| 已收租金及相關大廈管理費及開支（註(ii)）<br>Rentals and related building management fee and charges received (Note (ii)) | 不適用 N/A | 2,484 |
| 已付租金及相關大廈管理費及開支（註(iii)）<br>Rentals and related building management fee and charges paid (Note (iii)) | 不適用 N/A | (2,400) |
| 已收管理費（註(iv)）<br>Management fees received (Note (iv)) | 不適用 N/A | 15,084 |
| 已收保險佣金及轉介費（註(v)）<br>Insurance commission and referral fees received (Note (v)) | 31,680 | 不適用 N/A |
| 已付保險保費（註(vi)）<br>Insurance premiums paid (Note (vi)) | (50,413) | 不適用 N/A |

---

## 43. 有關連人士之交易 (續) 43. RELATED-PARTY TRANSACTIONS (Continued)

### (甲) 與控股公司及同系附屬公司的交易 (續) (a) Transactions with the holding company and fellow subsidiaries (Continued)

| 2024 以港幣千元位列示 / 2024 HK$'000 | 遵從上市規則第14A章 Subject to Chapter 14A of the Listing Rules | 毋須／豁免遵從上市規則第14A章 Excluded/exempted from Chapter 14A of the Listing Rules |
| :--- | :---: | :---: |
| 已付利息 (註(i))<br>Interest paid (Note (i)) | 不適用 N/A | (13,799) |
| 已收銀行手續費 (註(i))<br>Bank charges received (Note (i)) | 不適用 N/A | 1,955 |
| 已收租金及相關大廈管理費及開支 (註(ii))<br>Rentals and related building management fee and charges received (Note (ii)) | 不適用 N/A | 2,484 |
| 已付租金及相關大廈管理費及開支 (註(iii))<br>Rentals and related building management fee and charges paid (Note (iii)) | 不適用 N/A | (3,293) |
| 已收管理費 (註(iv))<br>Management fees received (Note (iv)) | 不適用 N/A | 13,081 |
| 已收保險佣金及轉介費 (註(v))<br>Insurance commission and referral fees received (Note (v)) | 29,375 | 不適用 N/A |
| 已付保險保費 (註(vi))<br>Insurance premiums paid (Note (vi)) | (40,855) | 不適用 N/A |

---

## 43. 有關連人士之交易 (續)
## 43. RELATED-PARTY TRANSACTIONS (Continued)

### (甲) 與控股公司及同系附屬公司的交易 (續)
### (a) Transactions with the holding company and fellow subsidiaries (Continued)

註：
Note:

(i) **本集團為大新金融集團旗下公司提供之銀行安排**
(i) **Banking arrangements provided by the Group for companies within the DSFH Group**

大新銀行及本集團其他成員公司向控股公司及非本集團附屬公司之同系附屬公司（統稱「大新金融集團」）提供基本銀行服務，包括支票結算、自動轉賬、支票及銀行存款賬戶、信用卡商戶設施、聯營信用卡及投資交易。

DSB and other members of the Group provide standard banking services to members of the holding company and fellow subsidiaries not being subsidiaries of the Group (collectively the “DSFH Group”) including cheque clearing, autopay, cheque and deposit bank accounts, credit card merchant facilities, co-branded credit cards and investment dealing.

有關支票結算、自動轉賬、支票及存款賬戶之銀行服務，乃按照標準開戶及其他表格以提供予本集團其他客戶之相同方式提供予大新金融集團。信用卡商戶設施及聯營信用卡安排乃根據正常商業合約並且按市場標準提供。信用卡商戶設施之標準市場慣例並無固定年期，惟銀行可以書面通知予以終止。本集團與大新金融集團之聯營信用卡安排，於生效首兩年後，可由任何一方給予不少於6個月書面通知予以終止。所有該等銀行服務就其性質一般不會按照固定年期提供。因此，本集團與大新金融集團間之銀行安排，乃按非固定年期提供。

The banking services in respect of cheque clearing, autopay, cheque and deposit accounts are provided to the DSFH Group in the same way as they are provided to other customers of the Group under standard account opening and other forms. The credit card merchant facilities and co-brand credit card arrangements are provided under normal commercial contracts and are at market standard. The standard market practice for credit card merchant facilities is not to provide for a fixed term, but allow for termination at the option of the bank by giving written notice. The co-brand credit card arrangements between the Group and the DSFH Group can be terminated after the first two years by either party giving not less than six months’ notice in writing. All such banking services, by their nature, are not normally provided for a fixed term. Accordingly, the banking arrangement between the Group and the DSFH Group are not for a fixed term.

由本公司之銀行附屬公司向大新金融集團旗下公司提供之銀行服務，為本集團向其他客戶提供之一般銀行服務及安排，且按照正常商業條款進行。本集團向大新金融集團提供該等銀行服務，令本集團可賺取與該等銀行服務性質及類型一致之合理收入。

The banking services provided by the Company’s banking subsidiaries to the companies within the DSFH Group are banking services and arrangements normally provided by the Group to its other customers and are conducted on normal commercial terms. The provision of such banking services by the Group to the DSFH Group enables the Group to earn reasonable income consistent with the nature and types of the banking services.

本集團之銀行附屬公司於一般及慣常業務過程中向其客戶提供商業銀行服務及產品。該等服務及產品包括吸納存款（包括定活期存款及通知存款）。於本集團之銀行附屬公司存放存款之客戶包括大新金融集團成員公司。就上市規則而言，大新金融集團成員公司存放存款構成上市規則第14A章所界定之持續關連交易。

The banking subsidiaries of the Group provide commercial banking services and products to their customers in the ordinary and usual course of their businesses. Such services and products include the taking of deposits (including fixed and floating term deposits and deposits at call). Customers who place deposits with the banking subsidiaries of the Group include members of the DSFH Group. For purposes of the Listing Rules, the placing of deposits provided by members of the DSFH Group constitute continuing connected transactions within the meaning of Chapter 14A of the Listing Rules.

---

### 43. 有關連人士之交易 (續)
### 43. RELATED-PARTY TRANSACTIONS (Continued)

### (甲) 與控股公司及同系附屬公司的交易 (續)
### (a) Transactions with the holding company and fellow subsidiaries (Continued)

**註：(續)**
**Note: (Continued)**

#### (i) 本集團為大新金融集團旗下公司提供之銀行安排 (續)
#### (i) Banking arrangements provided by the Group for companies within the DSFH Group (Continued)

董事確認大新金融集團成員公司存放於本集團之銀行附屬公司之存款乃按市場水平計息，並符合與提供予獨立第三方之條款相若或不優於該等條款之正常商業條款，且並無就該等財務資助以本集團資產作抵押。有鑒於此，該等持續關連交易獲豁免遵守上市規則第 14A.90 條之申報、披露及獨立股東批准之規定。其他銀行服務符合上市規則第 14A.76 條之最低豁免水平的交易，並豁免遵守上市規則第 14A 章之申報及披露。

The Directors confirm that the deposits placed by members of the DSFH Group at the banking subsidiaries of the Group are at market rates and on normal commercial terms that are comparable or no more favourable than those offered to independent third parties and that no security over the assets of the Group is granted in respect of such financial assistance. On that basis, such continuing connected transactions are exempted from complying with the reporting, disclosure and independent shareholders’ approval requirements pursuant to Rule 14A.90 of the Listing Rules. Other banking services are fall to be de minimis transaction under Rule 14A.76 and is exempted from the reporting and announcement requirement under Chapter 14A of the Listing Rules.

#### (ii) 大新保險及澳門保險和大新銀行及澳門商業銀行間之物業租賃
#### (ii) Lease of properties between DSI and MIC and DSB and BCM

大新銀行及澳門商業銀行已租賃若干自置物業予大新金融集團之成員公司，即大新保險有限公司（「大新保險」）及澳門保險股份有限公司（「澳門保險」）作其辦公室用途。大新銀行及澳門商業銀行按所產生之實際成本向大新保險及澳門保險收取租金、空調費、大廈管理費及其他公共設施費用。該項租賃符合上市規則第 14A.76 條之最低豁免水平的交易，並豁免遵守上市規則第 14A 章之申報及披露。

DSB and BCM have leased certain of their owned properties to members of the DSFH Group, namely Dah Sing Insurance Company Limited (“DSI”) and Macau Insurance Company Limited (“MIC”) as their office premises. DSB and BCM received from DSI and MIC the lease rentals, and air-conditioning charges, building management charges and other utilities charges based on the actual amount of costs incurred. The lease is fall to be de minimis transaction under Rule 14A.76 and is exempted from the reporting and announcement requirement under Chapter 14A of the Listing Rules.

#### (iii) 大新銀行向 High Standard 租用物業
#### (iii) Lease of property by DSB from HS

大新銀行與 High Standard 訂立一項新回租協議。根據協議，大新銀行按所產生之實際成本向 High Standard 支付租金、空調費、大廈管理費及其他公共設施費用。

香港財務報告準則第 16 號實施後，本集團與其同系附屬公司簽訂租賃協議，並確認為使用權資產，該項租賃被視為交易符合上市規則第 14.04(1)(a) 條中單一關聯交易（即收購資本資產）之定義。該項租賃符合上市規則第 14A.76 條之最低豁免水平的交易，並豁免遵守上市規則第 14A 章之申報及披露。

A lease back agreement has been entered into by DSB with High Standard Investment Limited (“HS”). Pursuant to which, DSB paid to HS the lease rentals, and air-conditioning charges, building management charges and other utilities charges based on the actual amount of costs incurred.

With the implementation of HKFRS16, when the Group enter into a lease transaction as a lessee with its fellow subsidiaries and recognise the right-of-use asset, the lease transaction is regarded as an one-off connected transaction (i.e. an acquisition of capital assets) under the definition of transaction set out in Rule 14.04(1)(a). The lease is fall to be de minimis transaction under Rule 14A.76 and is exempted from the reporting and announcement requirement under Chapter 14A of the Listing Rules.

---

# 43. 有關連人士之交易 (續) / 43. RELATED-PARTY TRANSACTIONS (Continued)

## (甲) 與控股公司及同系附屬公司的交易 (續) / (a) Transactions with the holding company and fellow subsidiaries (Continued)

| | |
| :--- | :--- |
| 註：（續） | Note: (Continued) |
| (iv) 與大新金融集團之電腦及行政服務協議 | (iv) Computer and Administrative Services Agreement with DSFH Group |
| 大新銀行已同意向大新金融集團成員公司提供若干電腦及行政服務。根據服務協議，大新銀行已同意向大新金融集團成員公司提供若干電腦及行政服務。該等服務主要包括下列各項（統稱「該等服務」）： | A computer and administrative services agreement has been entered into by DSB with DSFH. Pursuant to which, DSB has agreed to provide members of the DSFH Group with certain computer and administrative services. These services principally consist of the following (collectively, the “Services”): |
| • 電腦服務，包括數據處理、列印及信封印發、系統開發、技術支援、災後復原及合約管理； | - computer services including data processing, printing and enveloping, system development, technical support, disaster recovery and contract management; |
| • 行政、公司秘書、內部審核、法規、營運、風險管理、投資託管及財資營運；及 | - administrative, company secretarial, internal audit, compliance, operational, risk management, investment custodian and treasury operations; and |
| • 跟大新金融集團互相借調員工及提供服務。 | - secondment of, and provision of services by, staff to the DSFH Group. |
| 憑藉大新銀行過往以收回成本基準，利用本身之較龐大資源及功能性專業知識向大新金融集團旗下其他公司提供行政及電腦服務，按收費基準向大新金融集團提供該等服務，可從大新金融集團收回本集團於提供該等服務時所產生之成本外，也令本集團可繼續擴充其規模及營運效能。有鑒於此，該等持續關連交易獲豁免遵守上市規則第14A.98條之申報、披露及獨立股東批准之規定。電腦及行政服務獲豁免遵守上市規則第14A章之申報及披露。 | With the stronger pool of resources and functional expertise of DSB which historically has been operating to provide administrative and computer services to other companies within the DSFH Group on a cost-recovery basis, the provision of the Services to the DSFH Group at a fee enables the Group to continue to expand its scale and operational capabilities while costs incurred by the Group in providing the Services are recovered from the DSFH Group. On that basis, such continuing connected transactions are exempted from complying with the reporting, disclosure and independent shareholders’ approval requirements pursuant to Rule 14A.98 of the Listing Rules. Computer and administrative services are exempted from the reporting and announcement requirement under Chapter 14A of the Listing Rules. |

---

# 43. 有關連人士之交易 (續)
# 43. RELATED-PARTY TRANSACTIONS (Continued)

## (甲) 與控股公司及同系附屬公司的交易 (續)
## (a) Transactions with the holding company and fellow subsidiaries (Continued)

### 註：(續)
### Note: (Continued)

(v) 分銷及代理協議及其他業務轉介服務
(v) Distribution and Agency Agreements and other business referral services

(甲) 與大新保險、大新保險代理及澳門保險訂立之分銷及代理協議
(a) Distribution and Agency Agreements with DSI, DSIA and MIC

於2019年12月31日，
On 31 December 2019,

(i) 大新保險與大新銀行訂立分銷協議與相關代理協議，透過大新銀行之分行網絡推廣及分銷一般保險產品，固定年期為三年，自2020年1月1日起生效，至2022年12月31日終止；
(i) DSI entered into the distribution agreement and underlying agency agreement with DSB for the marketing and distribution of general insurance products through the branch network of DSB for a fixed term of three years with effect from 1 January 2020 and ending on 31 December 2022;

(ii) 大新保險代理有限公司（「大新保險代理」）與大新銀行訂立分銷協議與相關代理協議，透過大新銀行之分行網絡推廣及分銷一般保險產品，固定年期為三年，自2020年1月1日起生效，至2022年12月31日終止；及
(ii) Dah Sing Insurance Agency Limited (“DSIA”) entered into the distribution agreement and underlying agency agreements with DSB for the marketing and distribution of general insurance products through the branch network of DSB for a fixed term of three years with effect from 1 January 2020 and ending on 31 December 2022; and

(iii) 澳門保險與澳門商業銀行訂立分銷協議與相關代理協議，透過澳門商業銀行之分行網絡推廣及分銷一般保險產品，固定年期為三年，自2020年1月1日起生效，至2022年12月31日終止。
(iii) MIC entered into the distribution agreement and underlying agency agreement with BCM for the marketing and distribution of general insurance products through BCM's branch network for a fixed term of three years with effect from 1 January 2020 and ending on 31 December 2022.

為了持續本集團成員公司與大新金融成員公司之分銷及代理安排，於2022年12月30日，
To continue the distribution and agency arrangement between members of the Group with members of DSFH Group, on 30 December 2022,

(i) 大新保險與大新銀行訂立新分銷協議與相關代理協議，透過大新銀行之分行網絡推廣及分銷一般保險產品，固定年期為三年，自2023年1月1日起生效，至2025年12月31日終止；
(i) DSI entered into the new distribution agreement and underlying agency agreement with DSB for the marketing and distribution of general insurance products through the branch network of DSB for a fixed term of three years with effect from 1 January 2023 and ending on 31 December 2025;

(ii) 大新保險代理與大新銀行訂立新分銷協議與相關代理協議，透過大新銀行之分行網絡推廣及分銷一般保險產品，固定年期為三年，自2023年1月1日起生效，至2025年12月31日終止；及
(ii) DSIA entered into the new distribution agreement and underlying agency agreement with DSB for the marketing and distribution of general insurance products through the branch network of DSB for a fixed term of three years with effect from 1 January 2023 and ending on 31 December 2025; and

(iii) 澳門保險與澳門商業銀行訂立新分銷協議與相關代理協議，透過澳門商業銀行之分行網絡推廣及分銷一般保險產品，固定年期為三年，自2023年1月1日起生效，至2025年12月31日終止。
(iii) MIC entered into the new distribution agreement and underlying agency agreement with BCM for the marketing and distribution of general insurance products through branch network of BCM for a fixed term of three years with effect from 1 January 2023 and ending on 31 December 2025.

---

| 43. 有關連人士之交易 (續) | 43. RELATED-PARTY TRANSACTIONS (Continued) |
| :--- | :--- |
| **(甲) 與控股公司及同系附屬公司的交易 (續)** | **(a) Transactions with the holding company and fellow subsidiaries (Continued)** |
| 註：(續) | Note: (Continued) |
| (v) 分銷及代理協議及其他業務轉介服務（續） | (v) Distribution and Agency Agreements and other business referral services (Continued) |
| （甲） 與大新保險、大新保險代理及澳門保險 訂立之分銷及代理協議（續） | (a) Distribution and Agency Agreements with DSI, DSIA and MIC (Continued) |
| 根據大新保險與大新銀行訂立之新分銷協議（「新訂大新保險分銷協議」），大新銀行將會透過其分行及其他分銷網絡，就訂約雙方不時之協定為大新金融集團推廣及分銷一般保險產品。 | Pursuant to the new distribution agreement entered into by DSI with DSB (the “New DSI Distribution Agreement”), DSB will market and distribute such general insurance products as agreed between the parties from time to time for the DSFH Group through its branch and other distribution networks. |
| 根據新訂大新保險分銷協議，大新銀行與大新保險已就銷售若干一般保險產品訂立新代理協議（「新訂大新保險代理協議」），換取訂約雙方不時協定之佣金款項。根據新訂大新保險代理協議之條款，大新保險就新保單或續保保單向大新銀行應付之佣金最初為每年收取保費介乎20%至55%之間（須視乎產品類別而定），但可由訂約雙方不時更改。 | Pursuant to the New DSI Distribution Agreement, DSB entered into a new agency agreement with DSI (the “New DSI Agency Agreement”) in respect of the sale of certain general insurance products in return for commission payments, as agreed between the parties from time to time. Under the terms of the New DSI Agency Agreement, the commission payable by DSI to DSB shall, initially, be between 20% and 55% (depending on the product type) of each year's premium received in respect of a new or renewal policy, but which may vary between the parties from time to time. |
| 根據大新保險代理與大新銀行訂立之新分銷協議（「新訂大新保險代理分銷協議」），大新銀行將會透過其分行及其他分銷網絡，就訂約雙方不時之協定推廣及分銷一般保險產品。 | Pursuant to the new distribution agreement entered into by DSIA with DSB (the “New DSIA Distribution Agreement”), DSB markets and distributes such general insurance products as agreed between the parties from time to time through its branch and other distribution networks. |
| 根據新訂大新保險代理分銷協議，大新銀行與大新保險代理已就銷售若干一般保險產品訂立新代理協議（「新訂大新保險代理代理協議」），換取訂約雙方不時協定之佣金款項。根據新訂大新保險代理代理協議之條款，大新保險代理向大新銀行應付之佣金為大新保險代理獲取佣金之50%或訂約雙方不時協定之比率。 | Pursuant to the New DSIA Distribution Agreements, DSB entered into a new agency agreement with DSIA (the “New DSIA Agency Agreements”) in respect of the sale of certain general insurance products in return for commission payments, as agreed between the parties from time to time. Under the terms of the New DSIA Agency Agreement, the commission payable by DSIA to DSB shall be 50% of the commission earned by DSIA or at such rate as agreed by both parties from time to time. |
| 根據澳門保險與澳門商業銀行訂立之新分銷協議（「新訂澳門保險分銷協議」），澳門商業銀行將會透過其分行及其他分銷網絡，就訂約雙方不時之協定為澳門保險推廣及分銷一般保險產品。 | Pursuant to the new distribution agreement entered into by MIC with BCM (the “New MIC Distribution Agreement”), BCM markets and distributes such general insurance products of MIC as agreed between the parties from time to time through its branch and other distribution networks. |

---

# 43. 有關連人士之交易（續）
# 43. RELATED-PARTY TRANSACTIONS (Continued)

## (甲) 與控股公司及同系附屬公司的交易（續）
## (a) Transactions with the holding company and fellow subsidiaries (Continued)

註：（續）
Note: (Continued)

### (v) 分銷及代理協議及其他業務轉介服務（續）
### (v) Distribution and Agency Agreements and other business referral services (Continued)

#### (甲) 與大新保險、大新保險代理及澳門保險訂立之分銷及代理協議（續）
#### (a) Distribution and Agency Agreements with DSI, DSIA and MIC (Continued)

根據新訂澳門保險分銷協議，澳門商業銀行與澳門保險已就銷售若干一般保險產品訂立新代理協議（「新訂澳門保險代理協議」），換取訂約雙方不時協定之佣金款項。根據新訂澳門保險代理協議之條款，澳門保險就一般保險產品向澳門商業銀行應付之佣金最初為新保單或續保保單之每年收取保費的介乎10%至50%之間（須視乎產品類別而定），但可由訂約雙方不時更改。

Pursuant to the new MIC Distribution Agreement, BCM entered into a new agency agreement with MIC (the “New MIC Agency Agreement”) in respect of the sale of certain general insurance products in return for commission payments, as agreed between the parties from time to time. Under the terms of the New MIC Agency Agreement, the commission payable by MIC to BCM in respect of general insurance products shall, initially, be between 10% and 50% (depending on the product type) of each yearʼs premium received in respect of new or renewal policies, but which may vary between the parties from time to time.

就新訂大新保險、大新保險代理及澳門保險分銷協議（統稱「新訂分銷協議」）而言，大新保險及大新保險代理須各自代大新銀行，而澳門保險須代澳門商業銀行償付或支付之協定開支，包括就銀行職員銷售保險之牌照登記費、銷售獎勵、市場推廣費用及有關履行新訂分銷協議之其他成本及開支。

In respect of each of the New DSI, DSIA and MIC Distribution Agreements (collectively the “New Distribution Agreements”), DSI and DSIA shall each reimburse or pay on behalf of DSB, and MIC shall reimburse or pay on behalf of BCM, agreed expenses including the registration fees for licences for the bank staff to sell insurance, sales incentives, marketing expenses and other costs and expenses related to the performance of the New Distribution Agreements.

各項新訂分銷協議將按相互非獨家基準進行，固定年期為三年，自2023年1月1日起生效，至2025年12月31日終止。新訂大新保險、大新保險代理及澳門保險代理協議（統稱「新訂代理協議」）各自將按相互非獨家基準進行，固定年期為三年，自2023年1月1日起生效，至2025年12月31日終止，惟有關尚未清繳續保保費之條文仍然有效，直至悉數收取為止。

Each of the New Distribution Agreements is on a mutually non-exclusive basis and will be for a three-year fixed term with effect from 1 January 2023 and ending on 31 December 2025. Each of the new DSI, DSIA and MIC Agency Agreements (collectively the “New Agency Agreements”) is on a mutually non-exclusive basis for a three-year fixed term with effect from 1 January 2023 and ending on 31 December 2025, save that the provisions relating to the payment of outstanding renewal premiums shall remain in force until payment is received in full.

上述新訂分銷及新訂代理協議（包括多項該等協議內所載列之佣金收費）合乎香港及澳門市場銀行及其他保險代理與保險公司間之一般正常安排，亦可為本集團銀行附屬公司客戶提供保險產品及服務。透過大新銀行及澳門商業銀行之各自銀行分行及其他分銷網絡分銷不同類別之保險產品以換取大新金融集團支付之佣金收入將帶來費用收入，對本集團有利。

The New Distribution Agreements and the New Agency Agreements described above, including the commission rates set out in the various sets of such Agreements, are consistent with normal arrangements between banks or other insurance agents and insurance companies in the Hong Kong and Macau markets, and will provide the Group with insurance products and services to be offered to the customers of the banking subsidiaries of the Group. The distribution of different types of insurance products through the respective bank branches and other distribution networks of DSB and BCM in return for a commission income to be paid by the DSFH Group will also produce fee income which will be of benefit to the Group.

---

### 43. 有關連人士之交易 (續) / 43. RELATED-PARTY TRANSACTIONS (Continued)

| | |
| :--- | :--- |
| **(甲) 與控股公司及同系附屬公司的交易 (續)** | **(a) Transactions with the holding company and fellow subsidiaries (Continued)** |
| 註：(續) | Note: (Continued) |
| (v) 分銷及代理協議及其他業務轉介服務 (續) | (v) Distribution and Agency Agreements and other business referral services (Continued) |
| (乙) 業務轉介服務 | (b) Business referral services |
| 於2019年12月31日，本公司與大新金融訂立新合作協議。合作協議是基於相互非獨家基準且固定年期將為三年，自2020年1月1日起生效，至2022年12月31日終止。於2022年12月30日，大新銀行集團與本公司訂立新合作協議（「新訂業務轉介服務協議」），固定年期為三年，自2023年1月1日起生效，至2025年12月31日終止。根據新業務轉介服務協議，本公司將提供及促使本集團成員公司可直接或透過彼等唯一代理（如有）向大新金融集團成員公司提供業務轉介及保險經紀服務以取得大新金融集團成員公司所承保一般保險單的申請。本集團任何成員公司並無承擔義務向大新金融集團任何成員公司轉介該等交易之任何最低或最高數目及／或金額。倘有關各方落實轉介交易，提供該業務轉介服務之條款及條件將於必要時落實為個別書面協議。新訂業務轉介服務協議或根據該協議訂立之個別書面協議下之款項，須於期末以支票或其他付款方式支付。 | On 31 December 2019, the Company entered into a cooperation agreement with DSFH. The cooperation agreement will be on a mutually non-exclusive basis and for a fixed term of three-year with effect from 1 January 2020 and ending on 31 December 2022. On 30 December 2022, the Company entered into a new cooperation agreement with DSFH (the “New Business Referral Services Agreement”), for a fixed term of three years with effect from 1 January 2023 and ending on 31 December 2025. Pursuant to the New Business Referral Services Agreement, the Company shall provide and shall procure members of the Group to, either directly or via their sole agents (if any), provide members of the DSFH Group with business referral and insurance brokerage services in relation to obtaining applications for general insurance policies to be underwritten by members of the DSFH Group. There is no commitment on any member of the Group to refer to member(s) of DSFH Group such transactions of any minimum or maximum number and/or amount. Where concluded between the relevant parties, the terms and conditions for the provision of such business referral services shall be, if required, reduced into individual written agreement(s). Payment under the New Business Referral Services Agreement or the individual written agreements made thereunder shall be made by cheque(s) or other payment means in arrears. |
| 根據合作協議，實際收取之費用收入須基於一般商業條款，或倘若並無充分可予比較交易以判斷是否屬一般商業條款，則基於對本集團相關成員公司而言不遜於從獨立第三方所獲得之條款。費用收入於每月期末以支票支付。 | Pursuant to the cooperation agreement, the fee income actually received shall either on normal commercial terms or, if there are not sufficient comparable transactions to judge whether they are normal commercial terms, on terms no less favourable to relevant member(s) of the Group than terms available from independent third parties. The fee income is payable by cheque(s) monthly in arrears. |

---

### 43. 有關連人士之交易 (續)
### 43. RELATED-PARTY TRANSACTIONS (Continued)

### (甲) 與控股公司及同系附屬公司的交易 (續)
### (a) Transactions with the holding company and fellow subsidiaries (Continued)

註：(續)
Note: (Continued)

(vi) 大新保險及澳門保險所提供之保險服務
(vi) Insurance services provided by DSI and MIC

於2019年12月31日，本公司與大新金融訂立一項合作協議（「合作協議」），於2020年1月1日起生效至2022年12月31日止（包括首尾兩日），固定年期為三年。於2022年12月30日，大新銀行集團與本公司訂立一項新合作協議（「新合作協議」），固定年期為三年，於2023年1月1日起至2025年12月31日（包括首尾兩日）生效。

On 31 December 2019, the Company entered into a cooperation agreement (the “Cooperation Agreement”) with DSFH for a fixed term of three years with effect from 1 January 2020 and ended on 31 December 2022 (both days inclusive). On 30 December 2022, the Company and DSFH entered into a new cooperation agreement (the “New Cooperation Agreement”) for a fixed term of three years with effect from 1 January 2023 and ended on 31 December 2025 (both days inclusive).

大新保險及澳門保險以本集團成員公司及彼等各自之客戶名義作為受益人承保一般保單。

The general insurance policies underwritten by DSI and MIC are in the name, and for the benefit, of members of the Group and their respective customers.

大新保險以本集團其他成員公司及彼等各自之客戶名義作為受益人承保之一般保單包括汽車保險、財產全保、公眾責任、金錢、電子設備、醫療、僱員賠償及團體／個人意外保險。若干保單須每年更新。

DSI underwrites general insurance policies in the name, and for the benefit, of members of the Group and their respective customers including policies covering vehicle, property all risks, public liability, money, electronic equipment, medical, employeesʼ compensation and group/ personal accident. Certain policies are subject to renewal annually.

澳門保險以澳門商業銀行及其客戶名義作為受益人承保之一般保單包括醫療、個人意外、僱員賠償、汽車、財產、民事責任及金錢。若干保單須每年更新。

MIC underwrites general insurance policies in the name, and for the benefit, of BCM and its customers including policies covering medical, personal accident, employeesʼ compensation, vehicle, properties, civil liability and money. Certain policies are subject to renewal annually.

相關保單之保費以每月、每年或其他基礎，在期末支付。

The premiums payable under such insurance policies are payable in arrears on a monthly, yearly or other basis, depending on the type of insurance policy.

該等保單乃由本集團安排達成，使本公司若干附屬公司（大新銀行及澳門商業銀行）遵守降低本集團資產、業務及營運所承擔風險之有關監管規定及／或為本集團客戶提供額外服務。此外，董事認為大新保險及澳門保險所提供之保險服務切實有效，而且大新保險及澳門保險分別建議之收費足可與市場內其他保險公司之收費相較。

The insurance policies are procured by the Group to enable certain of the Companyʼs subsidiaries, namely DSB and BCM, to comply with relevant regulatory requirements in reducing risks to the Groupʼs assets, businesses and operations and/or to provide additional services to the Groupʼs customers. In addition, the Directors consider that the insurance services provided by DSI and MIC are effective and the fees proposed by DSI and MIC respectively are comparable to those offered by other insurance companies in the market.

根據新訂合作協議，協議任何一訂約方可通過向另一訂約方發出一個月之事先通知以終止協議，而無需支付罰款。

Under the New Cooperation Agreement, either party to the agreement may terminate the agreement by giving one month notice in advance to the other party without having to incur a penalty.

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# 43. 有關連人士之交易 (續) 43. RELATED-PARTY TRANSACTIONS (Continued)

## (乙) 主要管理人員 (b) Key management personnel

### (i) 與董事及主要管理人員之重大交易及結餘 (i) Material transactions and balances with directors and key management personnel

本集團向本集團主要管理人員，其近親及其或彼等近親所控制之企業提供信貸服務及收取存款。截至12月31日止年度，未償還之結餘如下：

The Group provides credit facilities to, and takes deposits from the Groupʼs key management personnel, their close family members and entities controlled by them. For the year ended 31 December, the following balances were outstanding:

| 以港幣千元位列示 | HK$'000 | **2025** | 2024 |
| :--- | :--- | :---: | :---: |
| 貸款及墊款 | Loans and advances | **279** | 634 |
| 存款 | Deposits | **828,147** | 522,480 |
| 未取用之貸款承諾 | Undrawn commitments | **3,820** | 3,335 |
| 擔保 | Guarantee | **–** | – |

### (ii) 主要管理人員酬金 (ii) Remuneration of key management personnel

本公司主要管理人員為董事，其報酬已包括在及呈列於附註12。

Key management personnel of the Company are directors and their remunerations are included under Note 12.

## (丙) 與聯營公司及共同控制實體之交易及結餘 (c) Transactions and balances with associate and jointly controlled entities

年內，本集團收到由聯營公司重慶銀行207,306,000港元（2024年：287,558,000港元）股息收入。於2025年12月31日，年內，本集團取得共同控制實體之存款，而其於2025年12月31日存款結餘為342,898,000港元（2024年：303,041,000港元）。年內，本集團收到由共同控制實體23,800,000港元（2024年：24,980,000港元）股息收入。這些交易及結餘均按日常業務運作及一般商業條款按市場利率所產生。

During the year, the Group received from BOCQ, an associate, dividend income of HK$207,306,000 (2024: HK$287,558,000). During the year, the Group took deposits from jointly controlled entities and the balance of deposit as at 31 December 2025 was HK$342,898,000 (2024: HK$303,041,000). During the year, the Group received from a jointly controlled entity dividend income of HK$23,800,000 (2024: HK$24,980,000). The transactions and balances were provided in the ordinary course of business and on normal commercial terms and conditions and at market rates.

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# 44. 以股份為基礎報酬計劃 44. SHARE-BASED COMPENSATION PLANS

本集團提供以股權支付及以現金支付以股份為基礎報酬計劃。有關董事之以股份為基礎報酬之細節呈列於附註12。

The Group operates equity-settled and cash-settled share-based compensation plans. Details of the share-based compensation paid to directors under these plans are disclosed in Note 12.

## (甲) 以股權支付以股份為基礎報酬計劃 (A) Equity-settled share-based compensation plans

### (甲) 以股權支付認股權計劃 (a) Equity-settled share option scheme

本集團透過本公司之認股權計劃（「大新銀行集團認股權計劃」）及其控股公司大新金融集團有限公司之認股權計劃（「大新金融認股權計劃」）提供以股權支付以股份為基礎的報酬予其董事及高級行政人員。

Pursuant to the Company's Share Option Scheme (the "DSBG Share Option Scheme") and the Share Option Scheme of its holding company, Dah Sing Financial Holdings Limited (the "DSFH Share Option Scheme"), equity-settled share-based compensation is available to directors and senior executives of the Group.

#### (1) 大新銀行集團認股權計劃 (1) DSBG Share Option Scheme

於2024年5月31日，本公司股東通過批准採納認股權計劃（「大新銀行集團認股權計劃」）。

On 31 May 2024, the shareholders of the Company approved the adoption of a share option scheme (the "DSBG Share Option Scheme").

自採納日起至2025年12月31日止，並無認股權根據大新銀行集團認股權計劃授出。

No share options had been granted under the DSBG Share Option Scheme from the date of its adoption to 31 December 2025.

#### (2) 大新金融認股權計劃 (2) DSFH Share Option Scheme

於2024年5月31日，大新金融股東通過批准採納認股權計劃（「大新金融認股權計劃」）。

On 31 May 2024, the shareholders of DSFH approved the adoption of a share option scheme (the "DSFH Share Option Scheme").

自採納日起至2025年12月31日止，並無任何認股權根據大新金融認股權計劃授出。

No share options had been granted under the DSFH Share Option Scheme from the date of its adoption to 31 December 2025.

截至2025年12月31日止年度，綜合收益賬中並無確認以股權支付以股份為基礎報酬的支出（2024年：無）。

There is no equity-settled share-based compensation charged to consolidated income statement for the year ended 31 December 2025 (2024: Nil).

截至2025年12月31日，大新銀行集團認股權計劃下並無尚未行使之認股權（2024年：無）。就本集團董事及高級管理人員而言，截至2025年12月31日，概無尚未行使之大新金融認股權（2024年：無）。

There is no share options outstanding under the DSBG Share Option Scheme as of 31 December 2025 (2024: Nil). In respect of directors and senior executives of the Group, there is no DSFH's share option outstanding as of 31 December 2025 (2024: Nil).

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# 44. 以股份為基礎報酬計劃 (續) 44. SHARE-BASED COMPENSATION PLANS (Continued)

## (甲) 以股權支付以股份為基礎報酬計劃 (續) (A) Equity-settled share-based compensation plans (Continued)

### (乙) 股份獎勵計劃 (b) Share award scheme

本公司與大新金融各自採納股份獎勵計劃（分別為「大新銀行集團股份獎勵計劃」及「大新金融股份獎勵計劃」），以表揚若干僱員或董事之貢獻或價值，並激勵及獎勵彼等促進本集團長期業務目標。有關計劃詳情如下：

The Company and DSFH have each established a share award scheme (hereinafter referred to as the “DSBG Share Award Scheme” and the “DSFH Share Award Scheme” respectively) as another long-term incentive plan to recognise the contribution or value of certain employees or directors, and to motivate and incentivise them in furtherance of the long-term business objectives of the Group. Details of the schemes are as follows:

(i) 兩項計劃均於2021年9月9日生效，期限為10年。
(i) Both schemes were adopted on 9 September 2021 for a term of 10 years.

(ii) 本公司或本集團之任何僱員或董事（包括執行董事，非執行董事及獨立非執行董事）均有資格參與此計劃。
(ii) Any employee or director (including executive director, non-executive director and independent non-executive director) of the Company or any other member of the Group is eligible to participate in the Scheme.

(iii) 董事局或其授權者有權決定歸屬日程、歸屬條件及獎勵信件列明的其他準則。
(iii) The Board or its Delegate shall determine the vesting schedule, vesting criteria and other conditions in the Award Letter.

(iv) 授出股份應通過股票市場購入，與／或通過發行新股獲得。
(iv) The Award Shares should be acquired via on-market purchase and/or issue of new shares.

### (1) 大新金融股份獎勵計劃 (1) DSFH Share Award Scheme

計劃於2021年9月9日採納（於2022年3月30日修訂及於2024年5月31日進一步修訂和重列）。自採納日起至2025年12月31日止，授予的股份如下：

The scheme was adopted on 9 September 2021 (updated and amended on 30 March 2022 and further amended and restated on 31 May 2024). Award shares granted under the scheme since the date of its adoption till 31 December 2025 are as follows:

| 授予日<br>Date of grant | 授予獎勵股份數目<br>Number of award shares granted | 歸屬期間<br>Vesting period | 每股公平值<br>(港元)<br>Fair value per share<br>(HK$) |
| :--- | :--- | :--- | :--- |
| 2022年12月6日<br>6 December 2022 | 358,100 | 2022年12月6日至2027年12月6日<br>6 December 2022- 6 December 2027 | 18.34 |
| 2023年4月3日<br>3 April 2023 | 848,782 | 2023年4月3日至2026年4月3日<br>3 April 2023- 3 April 2026 | 20.15 |
| 2024年4月3日<br>3 April 2024 | 1,132,790 | 2024年4月3日至2027年4月3日<br>3 April 2024- 3 April 2027 | 19.34 |
| 2025年4月3日<br>3 April 2025 | 692,263 | 2025年4月3日至2028年4月3日<br>3 April 2025- 3 April 2028 | 28.70 |

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# 44. 以股份為基礎報酬計劃 (續) 44. SHARE-BASED COMPENSATION PLANS (Continued)

## (甲) 以股權支付以股份為基礎報酬計劃 (續) (A) Equity-settled share-based compensation plans (Continued)

### (乙) 股份獎勵計劃 (續) (b) Share award scheme (Continued)

#### (1) 大新金融股份獎勵計劃 (續) (1) DSFH Share Award Scheme (Continued)

於綜合收益賬內確認之股份獎勵支出如下：  
Share award expense charged to consolidated income statement is as follows:

| 以港幣千元位列示 HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- |
| 股份獎勵支出 Share award expense | **21,204** | 19,795 |

授予股份獎勵數目之變動如下：  
Movements in the number of award shares granted as follows:

| | 大新金融股份獎勵計劃 DSFH Share Award Scheme | 大新金融股份獎勵計劃 DSFH Share Award Scheme | 大新銀行集團股份獎勵計劃 DSBG Share Award Scheme | 大新銀行集團股份獎勵計劃 DSBG Share Award Scheme |
| :--- | :--- | :--- | :--- | :--- |
| | **2025** | 2024 | **2025** | 2024 |
| | 大新金融 股份數目 **Number of DSFH shares** | 大新金融 股份數目 Number of DSFH shares | 大新銀行集團 股份數目 **Number of DSBG shares** | 大新銀行集團 股份數目 Number of DSBG shares |
| 1月1日 At 1 January | **1,911,470** | 1,133,022 | **–** | – |
| 授予 Granted | **692,263** | 1,132,790 | **–** | – |
| 歸屬 Vested | **(724,226)** | (353,862) | **–** | – |
| 已沒收 Forfeited | **(2,640)** | (480) | **–** | – |
| 12月31日 At 31 December | **1,876,867** | 1,911,470 | **–** | – |
| 每股之公平值 Fair value per share | **HK$22.84** | HK$19.47 | **–** | – |

---

# 44. 以股份為基礎報酬計劃 (續) 44. SHARE-BASED COMPENSATION PLANS (Continued)

## (甲) 以股權支付以股份為基礎報酬計劃 (續) (A) Equity-settled share-based compensation plans (Continued)

### (乙) 股份獎勵計劃 (續) (b) Share award scheme (Continued)

#### (1) 大新金融股份獎勵計劃 (續) (1) DSFH Share Award Scheme (Continued)

股份獎勵計劃剩餘歸屬期間：
Remaining vesting periods of award shares outstanding:

| | | **2025年12月31日 At 31 December 2025** | | **2024年12月31日 At 31 December 2024** | |
| :--- | :--- | :--- | :--- | :--- | :--- |
| **股份授予日** | **Shares granted in** | **剩餘歸屬期間 Remaining vesting period** | **股份數目 Number of shares** | **剩餘歸屬期間 Remaining vesting period** | **股份數目 Number of shares** |
| 2022年12月6日 | 6 December 2022 | 1.93年<br>1.93 years | 140,840 | 2.93年<br>2.93 years | 212,820 |
| 2023年4月3日 | 3 April 2023 | 0.25年<br>0.25 years | 285,295 | 1.25年<br>1.25 years | 565,860 |
| 2024年4月3日 | 3 April 2024 | 1.25年<br>1.25 years | 758,469 | 2.25年<br>2.25 years | 1,132,790 |
| 2025年4月3日 | 3 April 2025 | 2.25年<br>2.25 years | 692,263 | – | – |

作為給予若干合資格員工以認可其於截至2025年12月31日止年度作出的貢獻。2025年度的表現花紅已於2026年3月27日發放予包括董事的合資格員工。本集團的若干員工及董事（「高級行政人員」）於2025年的表現花紅將按照過往年度以遞延支出方式發放，於2022年的考核年度開始，高級行政人員的部份應付遞延酬金將以大新金融股份獎勵計劃發放遞延酬金。支付2025年表現花紅予高級行政人員的安排，包括以遞延發放方式發放股份，已於2026年3月27日於大新銀行董事會及大新金融的董事會通過。給予高級行政人員作為2025年表現花紅的遞延酬金支付之授予遞延股份，若合乎發放予高級管理層的股份獎勵計劃信件內列明的歸屬條件及其他狀況，將於三年期間內分三個批次歸屬。

As a reward to eligible employees to recognise their contribution for the year ended 31 December 2025, 2025 performance bonus was advised to or paid to eligible employees including directors of the Group as of 27 March 2026. For certain employees and directors (“Senior Management”) of the Group, their 2025 performance bonus was granted in the form of deferred remuneration similar to prior years, and starting from 2022 performance year, a portion of the deferred remuneration payable to the Senior Management is in the form of deferred shares granted under the DSFH Share Award Scheme. The arrangement of the payment of 2025 performance bonus to Senior Management, including granting to them deferred shares, was approved by the Board of DSB and the Board of DSFH on 27 March 2026. The deferred shares granted as a portion of the deferred remuneration to the Senior Management as their 2025 performance bonus will be vested in three equal tranches over a three-year period, subject to vesting and satisfying other conditions per the bonus and share award letter given to the Senior Management.

---

# 44. 以股份為基礎報酬計劃（續） / 44. SHARE-BASED COMPENSATION PLANS (Continued)

## (甲) 以股權支付以股份為基礎報酬計劃（續） / (A) Equity-settled share-based compensation plans (Continued)

### (乙) 股份獎勵計劃（續） / (b) Share award scheme (Continued)

#### (2) 大新銀行集團股份獎勵計劃 / (2) DSBG Share Award Scheme

計劃於2021年9月9日採納（於2024年5月31日修訂和重列）。截至2025年12月31日及2024年12月31日，並無獎勵股份根據大新銀行集團股份獎勵計劃授出。

The scheme was adopted on 9 September 2021 (amended and restated on 31 May 2024). By the end of 31 December 2025 and 31 December 2024, no award share was granted under DSBG Share Award Scheme.

## (乙) 以現金支付以股份作為基礎報酬計劃 / (B) Cash-settled share-based compensation plans

本公司與大新金融各設立一項以現金支付以股份作為基礎之獎勵權利計劃（分別為「大新銀行集團獎勵權利計劃」及「大新金融獎勵權利計劃」），作為獎勵僱員的長期獎勵計劃。

The Company and DSFH have each adopted cash-settled share-based incentive option schemes (hereinafter referred to as the “DSBG Incentive Option Schemes” and the “DSFH Incentive Option Schemes” respectively) as a long-term incentive plan to incentivise employees.

### (甲) 大新銀行集團獎勵權利計劃 / (a) DSBG Incentive Option Schemes

於2023年12月5日，本公司批准採納新獎勵權利計劃（「大新銀行集團新獎勵權利計劃」），並與此同時終止本公司於2018年3月20日採納之獎勵權利計劃（「大新銀行集團舊獎勵權利計劃」）。大新銀行集團新獎勵權利計劃於2025年12月9日修訂和重列。

On 5 December 2023, the Company approved the adoption of a new incentive option scheme (the “New DSBG Incentive Option Scheme”) and, at the same time, the termination of the incentive option scheme adopted by the Company on 20 March 2018 (the “Old DSBG Incentive Option Scheme”). The New DSBG Incentive Option Scheme was amended and restated on 9 December 2025.

大新銀行集團舊獎勵權利計劃終止後，不得據此計劃進一步授出獎勵權利，惟大新銀行集團舊獎勵權利計劃之條文就於大新銀行集團舊獎勵權利計劃終止前已授出但於終止時仍未行使獎勵權利而言，仍具十足效力及作用。

No further incentive options can be offered under the Old DSBG Incentive Option Scheme after its termination, but the provisions of the Old DSBG Incentive Option Scheme remain in full force and effect to the extent necessary to give effect to allow grantees to exercise incentive options granted prior to the termination of the Old DSBG Incentive Option Scheme but not yet exercised at the time of termination.

大新銀行集團新獎勵權利計劃於2025年12月9日修訂和重列，與此同時，自該計劃採納日起至2025年12月31日期間，已根據大新銀行集團新獎勵權利計劃授予新獎勵權利。

On 9 December 2025, the New DSBG Incentive Option Scheme is amended and restated and, at the same time, new incentive options had been granted under the New DSBG Incentive Option Scheme from the date of its adoption to 31 December 2025.

---

## 44. SHARE-BASED COMPENSATION PLANS (Continued)
## 44. 以股份為基礎報酬計劃 (續)

### (B) Cash-settled share-based compensation plans (Continued)
### (乙) 以現金支付以股份作為基礎報酬計劃 (續)

#### (a) DSBG Incentive Option Schemes (Continued)
#### (甲) 大新銀行集團獎勵權利計劃 (續)

Incentive options granted under the Old DSBG Incentive Option Scheme since the date of its adoption to the date of its termination are as follows:

自採納日起至其終止日，按照大新銀行集團舊獎勵權利計劃授予之權利如下：

| 授予日<br>Date of grant | 類別<br>Type | 歸屬期間<br>Vesting period | 行使期<br>Exercise period | 每股行使價 (港元)<br>Exercise price per share (HK$) |
| :--- | :--- | :--- | :--- | :--- |
| 2018年4月26日<br><br>26 April 2018 | 以現金支付<br><br>Cash-settled | 2018年4月26日至<br>2023年4月26日<br>26 April 2018 –<br>26 April 2023 | 2019年4月26日至<br>2024年4月26日<br>26 April 2019 –<br>26 April 2024 | 18.24 |
| 2019年6月5日<br><br>5 June 2019 | 以現金支付<br><br>Cash-settled | 2019年6月5日至<br>2024年6月5日<br>5 June 2019 –<br>5 June 2024 | 2020年6月5日至<br>2025年6月5日<br>5 June 2020 –<br>5 June 2025 | 13.66 |
| 2020年7月22日<br><br>22 July 2020 | 以現金支付<br><br>Cash-settled | 2020年7月22日至<br>2025年7月22日<br>22 July 2020 –<br>22 July 2025 | 2021年7月22日至<br>2026年7月22日<br>22 July 2021 –<br>22 July 2026 | 7.33 |
| 2020年8月28日<br><br>28 August 2020 | 以現金支付<br><br>Cash-settled | 2020年8月28日至<br>2025年8月28日<br>28 August 2020 –<br>28 August 2025 | 2021年8月28日至<br>2026年8月28日<br>28 August 2021 –<br>28 August 2026 | 7.44 |
| 2021年10月29日<br><br>29 October 2021 | 以現金支付<br><br>Cash-settled | 2021年10月29日至<br>2026年10月29日<br>29 October 2021 –<br>29 October 2026 | 2022年10月29日至<br>2027年10月29日<br>29 October 2022 –<br>29 October 2027 | 7.46 |

Incentive options granted under the New DSBG Incentive Option Scheme since the date of its adoption to 31 December 2025 are as follows:

自採納日起至2025年12月31日止按照大新銀行集團新獎勵權利計劃授予之權利如下：

| 授予日<br>Date of grant | 類別<br>Type | 歸屬期間<br>Vesting period | 行使期<br>Exercise period | 每股行使價 (港元)<br>Exercise price per share (HK$) |
| :--- | :--- | :--- | :--- | :--- |
| 2025年12月9日<br><br>9 December 2025 | 以現金支付<br><br>Cash-settled | 2025年12月9日至<br>2030年12月9日<br>9 December 2025 –<br>9 December 2030 | 2026年12月9日至<br>2031年12月9日<br>9 December 2026 –<br>9 December 2031 | 11.05 |

---

# 44. 以股份為基礎報酬計劃 (續) 44. SHARE-BASED COMPENSATION PLANS (Continued)

## (乙) 以現金支付以股份作為基礎報酬計劃 (續) (B) Cash-settled share-based compensation plans (Continued)

### (乙) 大新金融獎勵權利計劃 (b) DSFH Incentive Option Schemes

於2023年12月5日，大新金融批准採納新獎勵權利計劃（「大新金融新獎勵權利計劃」），並與此同時，終止大新金融2018年3月20日採納之舊獎勵權利計劃（「大新金融舊獎勵權利計劃」）。大新金融新獎勵權利計劃於2025年12月9日修訂和重列。

On 5 December 2023, DSFH approved the adoption of a new incentive option scheme (the “New DSFH Incentive Option Scheme”) and, at the same time, the termination of the incentive option scheme adopted by DSFH on 20 March 2018 (the “Old DSFH Incentive Option Scheme”). The New DSFH Incentive Option Scheme was amended and restated on 9 December 2025.

大新金融舊獎勵權利計劃終止後，不得據此計劃進一步授出獎勵權利，惟大新金融舊獎勵權利計劃之條文就於大新金融舊獎勵權利計劃終止前已授出但於終止時仍未行使獎勵權利而言，仍具十足效力及作用。

No further incentive options can be offered under the Old DSFH Incentive Option Scheme after its termination, but the provisions of the Old DSFH Incentive Option Scheme remain in full force and effect to the extent necessary to give effect to allow grantees to exercise incentive options granted prior to the termination of the Old DSFH Incentive Option Scheme but not yet exercised at the time of termination.

大新金融新獎勵權利計劃於2025年12月9日修訂和重列，與此同時，自該計劃採納日起至2025年12月31日期間，已根據大新金融新獎勵權利計劃授予新獎勵權利。

On 9 December 2025, the New DSFH Incentive Option Scheme is amended and restated and, at the same time, no incentive options had been granted under the New DSFH Incentive Option Scheme from the date of its adoption to 31 December 2025.

自採納日起至其終止日，按照大新金融舊獎勵權利計劃下授予集團僱員之權利如下：

Incentive options granted under the Old DSFH Incentive Option Scheme since the date of its adoption to the date of its termination which are related to employees of the Group are as follows:

| 授予日<br>Date of grant | 類別<br>Type | 歸屬期間<br>Vesting period | 行使期<br>Exercise period | 每股行使價<br>（港元）<br>Exercise price<br>per share (HK$) |
| :--- | :--- | :--- | :--- | :--- |
| 2020年9月28日 | 以現金支付 | 2020年9月28日至<br>2025年9月28日 | 2021年9月28日至<br>2026年9月28日 | 19.89 |
| 28 September 2020 | Cash-settled | 28 September 2020 –<br>28 September 2025 | 28 September 2021 –<br>28 September 2026 | |

---

## 44. 以股份為基礎報酬計劃 (續) / 44. SHARE-BASED COMPENSATION PLANS (Continued)

### (乙) 以現金支付以股份作為基礎報酬計劃 (續) / (B) Cash-settled share-based compensation plans (Continued)

#### (乙) 大新金融獎勵權利計劃 (續) / (b) DSFH Incentive Option Schemes (Continued)

該等權利乃按大新銀行集團舊獎勵權利計劃、大新銀行集團新獎勵權利計劃及大新金融舊獎勵權利計劃內之條款及條件所授予。每份權利之行使價乃由提名及薪酬委員會代表大新銀行集團及大新金融董事會以不得寬鬆於香港交易所上市規則第17.03E條規定下，按不低於以下2項中之較高者作釐定：(i)大新銀行集團／大新金融股份在授予日於香港交易所買賣之收市價；及(ii)大新銀行集團／大新金融股份在緊接授予日前5個營業日於香港交易所買賣之平均收市價。

The incentive options were granted in accordance with the terms and conditions of the Old DSBG Incentive Option Scheme, the New DSBG Incentive Option Scheme and the Old DSFH Incentive Option Scheme. The exercise prices per incentive option were concluded by the NRC on behalf of the respective Boards of DSBG and DSFH on the basis no less exacting than the requirement set out in Rule 17.03E of the Rules Governing the Listing of Securities on the SEHK and were determined as no less than the higher of (i) the closing price of DSBG's/DSFH’s shares traded on the SEHK on the date of grant; and (ii) the average closing price of DSBG's/DSFH’s shares traded on the SEHK for the five business days immediately preceding the date of grant.

大新銀行集團舊獎勵權利計劃、大新銀行集團新獎勵權利計劃及大新金融舊獎勵權利計劃授予的權利，於授予日起計第1個周年分批平均歸屬並可予以行使。在滿意表現評估因素的前提下，承授人可行使其歸屬的權利。大新銀行集團舊獎勵權利計劃、大新銀行集團新獎勵權利計劃及大新金融舊獎勵權利計劃是一項將承授人的表現與本公司或大新金融股價掛鈎的遞延現金獎勵計劃，並不會向承授人發行任何本公司及大新金融股份。

The rights granted under the Old DSBG Incentive Option Scheme, the New DSBG Incentive Option Scheme and the Old DSFH Incentive Option Scheme shall be exercisable upon vesting in 5 equal tranches commencing from the first anniversary of the date of grant. Subject to the fulfilment of the vesting conditions set out in the option award letter, the grantees may exercise their vested options. No shares of the Company or DSFH will be issued to the grantees of the options under the Old DSBG Incentive Option Scheme, the New DSBG Incentive Option Scheme and the Old DSFH Incentive Option Scheme which are essentially deferred cash incentive schemes linked to the performance of the grantees and the share price of the Company and DSFH.

於綜合收益賬內確認之以現金支付以股份作為基礎報酬之支出如下：
Cash-settled share-based compensation charged to consolidated income statement is as follows:

| 以港幣千元位列示 / HK$'000 | 2025 | 2024 |
| :--- | :---: | :---: |
| 以現金支付之權利 / Cash-settled options | 40,000 | — |

---

# 44. 以股份為基礎報酬計劃 (續) 44. SHARE-BASED COMPENSATION PLANS (Continued)

## (乙) 以現金支付以股份作為基礎報酬計劃 (續) (B) Cash-settled share-based compensation plans (Continued)

### 以現金支付之權利 Cash-settled options

授予之權利數目及其加權平均行使價之變動如下：
Movements in the number of options granted and their related weighted average exercise prices are as follows:

| | 大新銀行集團舊獎勵權利計劃<br>Old DSBG Incentive Option Scheme | | | | 大新金融舊獎勵權利計劃<br>Old DSFH Incentive Option Scheme | | | |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| | **2025** | | 2024 | | **2025** | | 2024 | |
| | 授予可購買<br>大新銀行<br>集團權利<br>中股份數目<br>**Number of<br>DSBG<br>shares in<br>options<br>granted** | 加權平均<br>行使價<br>（港元）<br>**Weighted<br>average<br>exercise<br>price<br>(HK$)** | 授予可購買<br>大新銀行<br>集團權利<br>中股份數目<br>Number of<br>DSBG<br>shares in<br>options<br>granted | 加權平均<br>行使價<br>（港元）<br>Weighted<br>average<br>exercise<br>price<br>(HK$) | 授予可購買<br>大新金融<br>權利<br>中股份數目<br>**Number of<br>DSFH<br>shares in<br>options<br>granted** | 加權平均<br>行使價<br>（港元）<br>**Weighted<br>average<br>exercise<br>price<br>(HK$)** | 授予可購買<br>大新金融<br>權利<br>中股份數目<br>Number of<br>DSFH<br>shares in<br>options<br>granted | 加權平均<br>行使價<br>（港元）<br>Weighted<br>average<br>exercise<br>price<br>(HK$) |
| 1月1日 At 1 January | **9,100,000** | **9.71** | 13,550,000 | 12.39 | **400,000** | **19.89** | 400,000 | 19.89 |
| 授予 Granted | **–** | **–** | – | – | **–** | **–** | – | – |
| 已過期 Expired | **(3,400,000)** | **13.66** | (4,300,000) | 18.24 | **–** | **–** | – | – |
| 已行使 Exercised | **(2,890,000)** | **7.34** | – | – | **(240,000)** | **19.89** | – | – |
| 已沒收 Forfeited | **(250,000)** | **7.38** | (150,000) | 7.44 | **–** | **–** | – | – |
| 12月31日 At 31 December | **2,560,000** | **7.38** | 9,100,000 | 9.71 | **160,000** | **19.89** | 400,000 | 19.89 |
| 12月31日可行使 Exercisable at 31 December | **2,490,000** | **7.38** | 7,870,000 | 10.08 | **160,000** | **19.89** | 320,000 | 19.89 |

<br>

| | 大新銀行集團新獎勵權利計劃<br>New DSBG Incentive Option Scheme | | | | 大新金融新獎勵權利計劃<br>New DSFH Incentive Option Scheme | | | |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| | **2025** | | 2024 | | **2025** | | 2024 | |
| | 授予可購買<br>大新銀行<br>集團權利<br>中股份數目<br>**Number of<br>DSBG<br>shares in<br>options<br>granted** | 加權平均<br>行使價<br>（港元）<br>**Weighted<br>average<br>exercise<br>price<br>(HK$)** | 授予可購買<br>大新銀行<br>集團權利<br>中股份數目<br>Number of<br>DSBG<br>shares in<br>options<br>granted | 加權平均<br>行使價<br>（港元）<br>Weighted<br>average<br>exercise<br>price<br>(HK$) | 授予可購買<br>大新金融<br>權利<br>中股份數目<br>**Number of<br>DSFH<br>shares in<br>options<br>granted** | 加權平均<br>行使價<br>（港元）<br>**Weighted<br>average<br>exercise<br>price<br>(HK$)** | 授予可購買<br>大新金融<br>權利<br>中股份數目<br>Number of<br>DSFH<br>shares in<br>options<br>granted | 加權平均<br>行使價<br>（港元）<br>Weighted<br>average<br>exercise<br>price<br>(HK$) |
| 1月1日 At 1 January | **–** | **–** | – | – | **–** | **–** | – | – |
| 授予 Granted | **6,700,000** | **11.05** | – | – | **–** | **–** | – | – |
| 已過期 Expired | **–** | **–** | – | – | **–** | **–** | – | – |
| 已行使 Exercised | **–** | **–** | – | – | **–** | **–** | – | – |
| 已沒收 Forfeited | **–** | **–** | – | – | **–** | **–** | – | – |
| 12月31日 At 31 December | **6,700,000** | **11.05** | – | – | **–** | **–** | – | – |
| 12月31日可行使 Exercisable at 31 December | **–** | **–** | – | – | **–** | **–** | – | – |

---

### 44. 以股份為基礎報酬計劃（續）
### 44. SHARE-BASED COMPENSATION PLANS (Continued)

#### （乙）以現金支付以股份作為基礎報酬計劃（續）
#### (B) Cash-settled share-based compensation plans (Continued)

**以現金支付之權利（續）**
**Cash-settled options (Continued)**

就已授予之以現金支付之權利，本集團於呈報日參考期權公平值的已入賬負債為43,867,000港元（2024年：12,000,000港元）。

In relation to the cash-settled options granted, the Group has recorded liabilities of HK$43,867,000 (2024: HK$12,000,000) with reference to the fair value of the options at the reporting date.

關於本集團董事及高級行政人員可適用之大新銀行集團舊獎勵權利計劃、大新銀行集團新獎勵權利計劃及大新金融舊獎勵權利計劃，於2025年12月31日未行使之以現金支付之權利的行使價分別為介乎7.33港元至7.46港元（2024年：7.33港元至13.66港元），11.05港元及19.89港元（2024年：19.89港元），及其加權平均剩餘歸屬期分別為0.83年（2024年：0.67年），4.94年（2024年：無）及0年（2024年：0.74年）。

As at 31 December 2025, the outstanding cash-settled options under the Old DSBG Incentive Option Scheme, the New DSBG Incentive Option Scheme and the Old DSFH Incentive Option Scheme related to directors and senior executives of the Group have exercise price in the range of HK$7.33 to HK$7.46 (2024: HK$7.33 to HK$13.66), at HK$11.05 and at HK$19.89 (2024: HK$19.89) respectively, and a weighted average remaining vesting period of 0.83 year (2024: 0.67 year), 4.94 years (2024: Nil) and 0 year (2024: 0.74 year) respectively.

### 45. 金融資產與負債的對銷
### 45. OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

倘若有法律上強制性執行的權利可對銷金融資產及負債之已確認金額，以及有意以淨額基準對其結算或同時變現資產及清償負債，則可將金融資產及負債相互對銷。

Financial assets and liabilities are presented net when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle them on a net basis, or realise the asset and settle the liability simultaneously.

#### （甲）依淨額結算協議處理並已在綜合財務狀況表內對銷之金融資產及負債
#### (a) Financial assets and liabilities subject to netting agreement and offset on the consolidated statement of financial position

本集團通過在香港中央結算有限公司（「香港中央結算」）開設之賬戶為客戶進行股票買賣交易。

The Group maintains an account with the Hong Kong Securities Clearing Company Limited (“HKSCC”) through which it conducts securities trading transactions for its customers.

---

# 45. 金融資產與負債的對銷 (續)
# 45. OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Continued)

## (甲) 依淨額結算協議處理並已在綜合財務狀況表內對銷之金融資產及負債 (續)
## (a) Financial assets and liabilities subject to netting agreement and offset on the consolidated statement of financial position (Continued)

本集團於呈列應收及應付香港中央結算之金額時已抵銷對香港中央結算之應收款項總額及應付款項總額。於2025年12月31日，該淨額為應付款項及包含於「其他賬目及預提」賬項內，及於2024年12月31日，該淨額為應收款項及包含於附註30中之「應收款項及預付項目」賬項內。抵銷之金額載於下文。

In presenting the amounts due from and to HKSCC, the Group has offset the gross amount of the accounts receivable from and the gross amount of the accounts payable to HKSCC. As at 31 December 2025, the net amount was a payable and was included in “Other accounts and accruals”, and 31 December 2024, the net amount was a receivable and was included in “Accounts receivable and prepayments” in Note 30. The amounts offset are shown below.

| 以港幣千元位列示 | HK$'000 | 2025 | 2024 |
| :--- | :--- | :--- | :--- |
| 應收香港中央結算之款項總額 | Gross amount of accounts receivable from HKSCC | **43,868** | 62,098 |
| 應付香港中央結算之款項總額 | Gross amount of accounts payable to HKSCC | **(71,651)** | (5,122) |
| （應付）／應收香港中央結算淨額 | Net amount due (to)/from HKSCC | **(27,783)** | 56,976 |

## (乙) 受淨額結算安排但沒有在綜合財務狀況表內對銷之金融資產及負債
## (b) Financial assets and liabilities subject to netting agreement but not offset on the consolidated statement of financial position

### 總體淨額結算安排
### Master netting arrangements

本集團會盡可能與交易對手訂立總體淨額結算安排，以減低信貸風險。淨額結算協議規定，一旦出現違約事件，所有涉及交易對手之未完成交易均會終止，而所有結欠款項將拼合按淨額結算。如非發生違約事件，所有與對手之交易會以總額結算及一般不會在綜合財務狀況表中對銷資產及負債。

To mitigate credit risks, the Group enters into master netting arrangements with counterparties whenever possible. Netting agreements provide that, if an event of default occurs, all outstanding transactions with the counterparty will be terminated and all amounts outstanding will be settled on a net basis. Except for the event of default, all outstanding transactions with the counterparty are settled on a gross basis and generally do not result in offsetting the assets and liabilities in the consolidated statement of financial position.

---

# 45. 金融資產與負債的對銷（續）
# 45. OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Continued)

## (乙) 受淨額結算安排但沒有在綜合財務狀況表內對銷之金融資產及負債（續）
## (b) Financial assets and liabilities subject to netting agreement but not offset on the consolidated statement of financial position (Continued)

### 總體淨額結算安排（續）
### Master netting arrangements (Continued)

下表列示受對銷、具法律效力之總體淨額結算安排及類同協議所約束的金融工具詳情。
The following tables present details of financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements.

| 2025年12月31日 以港幣千元位列示 At 31 December 2025 HK$'000 | 已確認金融資產總額 Gross amounts of recognised financial assets | 於綜合財務狀況表內對銷之已確認金融負債總額 Gross amounts of recognised financial liabilities set off in the consolidated statement of financial position | 於綜合財務狀況表內列示之金融資產淨額 Net amounts of financial assets presented in the consolidated statement of financial position | 並無在綜合財務狀況表內對銷之相關金額：金融工具（包括非現金抵押品） Related amounts not set off in the consolidated statement of financial position: Financial instruments (including non-cash collateral) | 並無在綜合財務狀況表內對銷之相關金額：已收現金抵押 Related amounts not set off in the consolidated statement of financial position: Cash collateral received | 淨額 Net amount | 不涉及可依法強制執行之淨額計算協議之金額 Amounts not subject to enforceable netting agreements | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **金融資產 Financial assets** | | | | | | | | |
| 衍生金融工具 Derivative financial instruments | 2,018,531 | – | 2,018,531 | (839,144) | (371,543) | 807,844 | 505,090 | 2,523,621 |

| 2025年12月31日 以港幣千元位列示 At 31 December 2025 HK$'000 | 已確認金融負債總額 Gross amounts of recognised financial liabilities | 於綜合財務狀況表內對銷之已確認金融資產總額 Gross amounts of recognised financial assets set off in the consolidated statement of financial position | 於綜合財務狀況表內列示之金融負債淨額 Net amounts of financial liabilities presented in the consolidated statement of financial position | 並無在綜合財務狀況表內對銷之相關金額：金融工具（包括非現金抵押品） Related amounts not set off in the consolidated statement of financial position: Financial instruments (including non-cash collateral) | 並無在綜合財務狀況表內對銷之相關金額：已質押現金抵押 Related amounts not set off in the consolidated statement of financial position: Cash collateral placed out | 淨額 Net amount | 不涉及可依法強制執行之淨額計算協議之金額 Amounts not subject to enforceable netting agreements | 合計 Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **金融負債 Financial liabilities** | | | | | | | | |
| 銀行存款 Deposits from banks | 63,275 | – | 63,275 | (63,275) | – | – | 221,558 | 284,833 |
| 衍生金融工具 Derivative financial instruments | 1,247,532 | – | 1,247,532 | (839,144) | (318,740) | 89,648 | 147,200 | 1,394,732 |
| 持作交易用途的負債 Trading liabilities | 1,348,191 | – | 1,348,191 | (1,348,191) | – | – | – | 1,348,191 |
| 其他賬目及預提 Other accounts and accruals | 600,164 | – | 600,164 | (600,164) | – | – | 7,486,218 | 8,086,382 |

---

# 45. 金融資產與負債的對銷（續）
# 45. OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Continued)

## (乙) 受淨額結算安排但沒有在綜合財務狀況表內對銷之金融資產及負債（續）
## (b) Financial assets and liabilities subject to netting agreement but not offset on the consolidated statement of financial position (Continued)

### 總體淨額結算安排（續）
### Master netting arrangements (Continued)

| 2024年12月31日<br>以港幣千元位列示<br>At 31 December 2024<br>HK$'000 | 已確認金融資產總額<br>Gross amounts of recognised financial assets | 於綜合財務狀況表內對銷之已確認金融負債總額<br>Gross amounts of recognised financial liabilities set off in the consolidated statement of financial position | 於綜合財務狀況表內列示之金融資產淨額<br>Net amounts of financial assets presented in the consolidated statement of financial position | 並無在綜合財務狀況表內對銷之相關金額: 金融工具（包括非現金抵押品）<br>Related amounts not set off in the consolidated statement of financial position: Financial instruments (including non-cash collateral) | 並無在綜合財務狀況表內對銷之相關金額: 已收現金抵押<br>Related amounts not set off in the consolidated statement of financial position: Cash collateral received | 淨額<br>Net amount | 不涉及可依法強制執行之淨額計算協議之金額<br>Amounts not subject to enforceable netting agreements | 合計<br>Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **金融資產**<br>**Financial assets** | | | | | | | | |
| 衍生金融工具<br>Derivative financial instruments | 3,451,052 | – | 3,451,052 | (1,119,536) | (1,592,696) | 738,820 | 632,679 | 4,083,731 |

<br>

| 2024年12月31日<br>以港幣千元位列示<br>At 31 December 2024<br>HK$'000 | 已確認金融負債總額<br>Gross amounts of recognised financial liabilities | 於綜合財務狀況表內對銷之已確認金融資產總額<br>Gross amounts of recognised financial assets set off in the consolidated statement of financial position | 於綜合財務狀況表內列示之金融負債淨額<br>Net amounts of financial liabilities presented in the consolidated statement of financial position | 並無在綜合財務狀況表內對銷之相關金額: 金融工具（包括非現金抵押品）<br>Related amounts not set off in the consolidated statement of financial position: Financial instruments (including non-cash collateral) | 並無在綜合財務狀況表內對銷之相關金額: 已質押現金抵押<br>Related amounts not set off in the consolidated statement of financial position: Cash collateral placed out | 淨額<br>Net amount | 不涉及可依法強制執行之淨額計算協議之金額<br>Amounts not subject to enforceable netting agreements | 合計<br>Total |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: | :---: | :---: |
| **金融負債**<br>**Financial liabilities** | | | | | | | | |
| 銀行存款<br>Deposits from banks | 360,314 | – | 360,314 | (360,314) | – | – | 1,575,922 | 1,936,236 |
| 衍生金融工具<br>Derivative financial instruments | 1,469,460 | – | 1,469,460 | (1,119,536) | (305,543) | 44,381 | 370,455 | 1,839,915 |
| 持作交易用途的負債<br>Trading liabilities | 498,069 | – | 498,069 | (498,069) | – | – | – | 498,069 |
| 其他賬目及預提<br>Other accounts and accruals | 371,826 | – | 371,826 | (371,826) | – | – | 7,421,606 | 7,793,432 |

---

# UNAUDITED SUPPLEMENTARY FINANCIAL INFORMATION
# 未經審核補充財務資料

The following information relates to the Group and is disclosed as part of the accompanying information to the consolidated financial statements and does not form part of the audited consolidated financial statements.

下列為有關本集團之資料作為綜合財務報表之部份附加資料，但並非經審計綜合財務報表之一部份。

## 1. CAPITAL ADEQUACY RATIO
## 1. 資本充足比率

| | 2025年<br>12月31日<br>As at<br>31 Dec 2025 | 2024年<br>12月31日<br>As at<br>31 Dec 2024 |
| :--- | :---: | :---: |
| Capital adequacy ratio 資本充足比率 | | |
| — Common Equity Tier 1 － 普通股權一級 | 18.8% | 16.9% |
| — Tier 1 － 一級 | 19.5% | 17.6% |
| — Total － 整體 | 23.1% | 21.0% |

The capital adequacy ratio as at 31 December 2025 and 31 December 2024 represents the consolidated position of DSB (covering BCM and DSB China) computed on Basel III basis in accordance with the Banking (Capital) Rules. This capital adequacy ratio takes into account market risk and operational risk.

2025年12月31日及2024年12月31日之資本充足比率乃大新銀行的綜合狀況（包括澳門商業銀行及大新銀行（中國））根據《銀行業（資本）規則》的巴塞爾協定III基礎所計算。該資本充足比率的計算已考慮到市場風險和操作風險。

DSB as a locally incorporated bank in Hong Kong is subject to the minimum capital adequacy ratio requirement under the Hong Kong Banking Ordinance. BCM is subject to Macau banking regulations and DSB China is subject to the Mainland banking regulations.

根據香港銀行業條例，大新銀行為香港註冊銀行須遵守資本充足比率最低要求。澳門商業銀行須遵守有關澳門銀行業監管的規定及大新銀行（中國）須遵守有關中國銀行業監管的規定。

## 2. LEVERAGE RATIO
## 2. 槓桿比率

| | 2025年<br>12月31日<br>As at<br>31 Dec 2025 | 2024年<br>12月31日<br>As at<br>31 Dec 2024 |
| :--- | :---: | :---: |
| Leverage ratio 槓桿比率 | 12.2% | 11.6% |

The above ratios represent the consolidated position of DSB and are computed on the same consolidated basis as the capital adequacy ratio.

上述乃大新銀行之綜合狀況之比率及按資本充足比率之相同綜合基礎計算。

---

### 3. 流動性維持比率 3. LIQUIDITY MAINTENANCE RATIO

| | 2025 | 2024 |
| :--- | :---: | :---: |
| 流動性維持比率 Liquidity maintenance ratio | **60.8%** | 64.2% |

流動性維持比率乃大新銀行（包括澳門商業銀行及大新銀行（中國））於財政年度每個曆月的平均綜合流動性維持比率的簡單平均數。流動性維持比率乃根據《銀行業（流動性）規則》計算。

大新銀行為香港註冊銀行須根據香港銀行業條例遵守流動性資金要求。澳門商業銀行須遵守有關澳門銀行業監管的規定及大新銀行（中國）須遵守有關中國銀行業監管的規定。

The LMR is calculated as the simple average of each calendar month’s average consolidated LMR of DSB (covering BCM and DSB China) for the financial year. The LMR is computed in accordance with the Banking (Liquidity) Rules.

DSB as a locally incorporated bank in Hong Kong is subject to the liquidity requirement under the Hong Kong Banking Ordinance. BCM is subject to Macau banking regulations and DSB China is subject to the Mainland banking regulations.

### 4. 外匯風險 4. CURRENCY CONCENTRATIONS

下列為在2025年12月31日之美元和其它個別貨幣之外匯淨額（有關之外匯淨額超逾所有外匯淨額10%），及其相應之比較額。

於2025年12月31日及2024年12月31日，本集團並無任何結構性外幣持盤淨額。期權倉淨額乃根據所有外匯期權合約之得爾塔加權持倉為基礎計算。

The following sets out the net foreign exchange position in USD and other individual currency that constitutes more than 10% of the total net position in all foreign currencies as at 31 December 2025 and the corresponding comparative balances.

The Group did not have any structural foreign exchange position as at 31 December 2025 and 2024. The net position is calculated in the basis of the delta-weighted position of all foreign currency option contracts.

| 2025年12月31日 相等於百萬港元 | At 31 December 2025 Equivalent in HK$ millions | 美元 US dollars | 歐元 Euro | 人民幣 Renminbi | 澳門幣 Macau Pataca | 其他外幣 Other foreign currencies | 外幣合計 Total foreign currencies |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| 現貨資產 | Spot assets | **90,589** | **1,169** | **17,004** | **8,499** | **12,436** | **129,697** |
| 現貨負債 | Spot liabilities | **(70,883)** | **(1,938)** | **(15,847)** | **(9,980)** | **(7,650)** | **(106,298)** |
| 遠期買入 | Forward purchases | **219,928** | **2,525** | **53,217** | **–** | **11,505** | **287,175** |
| 遠期賣出 | Forward sales | **(237,510)** | **(1,777)** | **(54,273)** | **–** | **(16,279)** | **(309,839)** |
| 期權淨額 | Net options position | **469** | **(348)** | **(5)** | **–** | **8** | **124** |
| 長／（短）盤淨額 | Net long/(short) position | **2,593** | **(369)** | **96** | **(1,481)** | **20** | **859** |

| 2024年12月31日 相等於百萬港元 | At 31 December 2024 Equivalent in HK$ millions | 美元 US dollars | 人民幣 Renminbi | 澳門幣 Macau Pataca | 其他外幣 Other foreign currencies | 外幣合計 Total foreign currencies |
| :--- | :--- | :---: | :---: | :---: | :---: | :---: |
| 現貨資產 | Spot assets | 86,544 | 16,024 | 9,382 | 9,705 | 121,655 |
| 現貨負債 | Spot liabilities | (62,076) | (15,871) | (10,013) | (10,501) | (98,461) |
| 遠期買入 | Forward purchases | 219,156 | 61,169 | – | 24,289 | 304,614 |
| 遠期賣出 | Forward sales | (240,063) | (63,041) | – | (23,499) | (326,603) |
| 期權淨額 | Net options position | (1,323) | 1,516 | – | 58 | 251 |
| 長／（短）盤淨額 | Net long/(short) position | 2,238 | (203) | (631) | 52 | 1,456 |

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# 5. 債權及餘額之額外分析 ADDITIONAL ANALYSIS ON CLAIMS AND EXPOSURES

## (甲) 按行業分類之客戶貸款及墊款總額（以貸款用途分類及以受抵押品保障的百分比分析） (a) Gross loans and advances to customers by industry sector classified according to the usage of loans and analysed by percentage covered by collateral

以港幣千元位列示 HK$'000

| | 2025年12月31日 At 31 December 2025 | 2025年12月31日 At 31 December 2025 | 2024年12月31日 At 31 December 2024 | 2024年12月31日 At 31 December 2024 |
| :--- | :---: | :---: | :---: | :---: |
| | **未償還結餘 Outstanding balance** | **貸款及墊款總額受抵押品保障之百分比 % of gross loans and advances covered by collateral** | **未償還結餘 Outstanding balance** | **貸款及墊款總額受抵押品保障之百分比 % of gross loans and advances covered by collateral** |
| **在香港使用的貸款 Loans for use in Hong Kong** | | | | |
| 工商金融 Industrial, commercial and financial | | | | |
| －物業發展 – Property development | **5,741,066** | **55.8** | 6,425,975 | 60.6 |
| －物業投資 – Property investment | **21,258,210** | **87.7** | 23,066,021 | 91.0 |
| －金融企業 – Financial concerns | **6,617,174** | **3.4** | 5,154,554 | 4.8 |
| －股票經紀 – Stockbrokers | **713,378** | **93.0** | 1,441,956 | 62.8 |
| －批發與零售業 – Wholesale and retail trade | **3,556,059** | **77.9** | 4,298,542 | 82.6 |
| －製造業 – Manufacturing | **1,380,031** | **51.7** | 1,400,285 | 63.2 |
| －運輸及運輸設備 – Transport and transport equipment | **2,344,458** | **79.5** | 2,883,028 | 77.0 |
| －康樂活動 – Recreational activities | **10,837** | **62.9** | 48,882 | 94.3 |
| －資訊科技 – Information technology | **648,907** | **5.0** | 48,392 | 43.1 |
| －其他 – Others | **5,898,147** | **60.6** | 5,665,507 | 67.4 |
| | **48,168,267** | **65.8** | 50,433,142 | 72.5 |
| | | | | |
| 個人 Individuals | | | | |
| －購買「居者有其屋計劃」、「私人參建居屋計劃」及「租者置其屋計劃」樓宇貸款 – Loans for the purchase of flats in Home Ownership Scheme, Private Sector Participation Scheme and Tenants Purchase Scheme | **288,885** | **99.3** | 414,186 | 98.5 |
| －購買其他住宅物業貸款 – Loans for the purchase of other residential properties | **32,583,511** | **99.8** | 33,561,360 | 99.8 |
| －信用卡貸款 – Credit card advances | **3,683,218** | **–** | 3,645,014 | – |
| －其他 – Others | **18,161,622** | **63.4** | 13,998,682 | 53.7 |
| | **54,717,236** | **81.0** | 51,619,242 | 80.2 |
| | | | | |
| **在香港使用的貸款 Loans for use in Hong Kong** | **102,885,503** | **73.9** | 102,052,384 | 76.4 |
| 貿易融資（註 (1)） Trade finance (Note (1)) | **4,662,539** | **68.3** | 4,902,455 | 65.7 |
| 在香港以外使用的貸款（註 (2)） Loans for use outside Hong Kong (Note (2)) | **32,610,192** | **55.6** | 31,419,446 | 58.5 |
| | **140,158,234** | **69.5** | 138,374,285 | 72.0 |

**註： Note:**

(1) 上述列示之貿易融資為參考香港金管局發出之相關指引而分類為香港進口、出口和轉口的融資，以及商品貿易融資等之貸款。 Trade finance shown above represents loans covering finance of imports to Hong Kong, exports and re-exports from Hong Kong and merchandising trade classified with reference to the relevant guidelines issued by the HKMA.

(2) 「在香港以外使用的貸款」包括授予香港客戶但在香港以外使用之貸款。 Loans for use outside Hong Kong include loans extended to customers located in Hong Kong with the finance used outside Hong Kong.

---

### 5. 債權及餘額之額外分析（續）
### 5. ADDITIONAL ANALYSIS ON CLAIMS AND EXPOSURES (Continued)

#### （甲）按行業分類之客戶貸款及墊款總額（以貸款用途分類及以受抵押品保障的百分比分析）（續）
#### (a) Gross loans and advances to customers by industry sector classified according to the usage of loans and analysed by percentage covered by collateral (Continued)

上述分析中各構成客戶貸款及墊款總額10%或以上的行業，其應佔減值貸款額、逾期貸款額、階段3、及階段1及階段2減值準備如下：

For each industry sector reported above with loan balance constituting 10% or more of the total balance of loans and advances to customers, the attributable amount of impaired loans, overdue loans, Stage 3, and Stage 1 and Stage 2 impairment allowances are as follows:

| 2025年12月31日 以港幣千元位列示 At 31 December 2025 HK$'000 | 未償還結餘 Outstanding balance | 減值貸款 (階段3) Impaired loans (Stage 3) | 貸款及墊款總額逾期未償還超過3個月 Gross loans and advances overdue for over 3 months | 階段3減值準備 Stage 3 impairment allowances | 階段1及階段2減值準備 Stage 1 and Stage 2 impairment allowances |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 在香港使用的貸款 Loans for use in Hong Kong | | | | | |
| 工商金融 Industrial, commercial and financial －物業投資 - Property investment | **21,258,210** | **1,882,098** | **1,721,863** | **269,834** | **471,860** |
| 個人 Individuals －購買其他住宅物業貸款 - Loans for the purchase of other residential properties | **32,583,511** | **287,240** | **270,738** | **60,300** | **16,029** |
| －其他 - Others | **18,161,622** | **282,370** | **34,411** | **140,127** | **261,410** |
| 在香港以外使用的貸款 Loans for use outside Hong Kong | **32,610,192** | **887,628** | **507,754** | **104,922** | **425,199** |

| 2024年12月31日 以港幣千元位列示 At 31 December 2024 HK$'000 | 未償還結餘 Outstanding balance | 減值貸款 (階段3) Impaired loans (Stage 3) | 貸款及墊款總額逾期未償還超過3個月 Gross loans and advances overdue for over 3 months | 階段3減值準備 Stage 3 impairment allowances | 階段1及階段2減值準備 Stage 1 and Stage 2 impairment allowances |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 在香港使用的貸款 Loans for use in Hong Kong | | | | | |
| 工商金融 Industrial, commercial and financial －物業投資 - Property investment | 23,066,021 | 2,070,468 | 1,861,213 | 229,563 | 93,597 |
| 個人 Individuals －購買其他住宅物業貸款 - Loans for the purchase of other residential properties | 33,561,360 | 288,477 | 257,041 | 83,063 | 21,261 |
| 在香港以外使用的貸款 Loans for use outside Hong Kong | 31,419,446 | 708,103 | 704,815 | 178,072 | 137,442 |

---

### 5. ADDITIONAL ANALYSIS ON CLAIMS AND EXPOSURES (Continued)
### 5. 債權及餘額之額外分析（續）

#### (b) Mainland activities exposures
#### （乙）對中國大陸業務的餘額

根據香港金管局《銀行業（披露）規則》，以下對中國大陸業務的餘額之分析乃參照香港金管局對中國大陸業務申報表中所列之非銀行類交易對手類別及直接貸款總額種類以分類，其中只包括大新銀行及其內地銀行附屬公司授予之中國大陸業務的餘額。

The analysis of Mainland activities exposures is based on the categories of non-bank counterparties and the type of direct exposures defined by the HKMA under the Banking (Disclosure) Rules with reference to the HKMA Return of Mainland Activities, which includes the Mainland activities exposures extended by DSB and its Mainland subsidiary bank only.

| 2025年 以港幣千元位列示 | 2025 HK$'000 | 資產負債表內的餘額 On-balance sheet exposure | 資產負債表外的餘額 Off-balance sheet exposure | 總餘額 Total exposures |
| :--- | :--- | :---: | :---: | :---: |
| 1. 中央政府，中央政府擁有的機構及其附屬公司和合營公司（「合營公司」） | 1. Central government, central government - owned entities and their subsidiaries and joint ventures (“JV”s) | 4,859,609 | 42,566 | 4,902,175 |
| 2. 地方政府，地方政府擁有的機構及其附屬公司和合營公司 | 2. Local governments, local government-owned entities and their subsidiaries and JVs | 1,352,541 | 22,296 | 1,374,837 |
| 3. 居住在中國內地之國民或在中國內地成立的其他機構及其附屬公司和合營公司 | 3. PRC nationals residing in Chinese Mainland or other entities incorporated in Chinese Mainland and their subsidiaries and JVs | 9,031,117 | 1,032,446 | 10,063,563 |
| 4. 未有在上述第一項呈報之中央政府的其他機構 | 4. Other entities of central government not reported in item 1 above | 3,857,145 | 240,854 | 4,097,999 |
| 5. 未有在上述第二項呈報之地方政府的其他機構 | 5. Other entities of local governments not reported in item 2 above | 639,050 | – | 639,050 |
| 6. 居住在中國內地以外之國民或在中國內地以外成立的機構，而涉及的貸款於中國內地使用 | 6. PRC nationals residing outside Chinese Mainland or entities incorporated outside Chinese Mainland where the credits are granted for use in Chinese Mainland | 8,859,174 | 205,861 | 9,065,035 |
| 7. 其他交易對手，其餘額被視作對中國大陸非銀行類客戶的餘額 | 7. Other counterparties where the exposures are considered to be non-bank Chinese Mainland exposures | 437,255 | 1,277 | 438,532 |
| | | **29,035,891** | **1,545,300** | **30,581,191** |
| 大新銀行及其內地銀行附屬公司之扣除撥備後之資產合計 | Total assets of DSB and its Mainland subsidiary bank after provision | **244,124,613** | | |
| 資產負債表內的餘額佔資產合計百分比 | On-balance sheet exposures as percentage of total assets | **11.89%** | | |

註：上述呈報餘額包括客戶貸款總額及其他對客戶索償之金額。
Note: The balances of exposures reported above include gross loans and advances and other balances of claims on the customers.

---

# 5. ADDITIONAL ANALYSIS ON CLAIMS AND EXPOSURES (Continued)

### (b) Mainland activities exposures (Continued)

| 2024年 以港幣千元位列示 | 2024 HK$'000 | 資產負債表內的餘額 On-balance sheet exposure | 資產負債表外的餘額 Off-balance sheet exposure | 總餘額 Total exposures |
| :--- | :--- | :---: | :---: | :---: |
| 1. 中央政府，中央政府擁有的機構及其附屬公司和合營公司 | 1. Central government, central government-owned entities and their subsidiaries and JVs | 5,198,753 | – | 5,198,753 |
| 2. 地方政府，地方政府擁有的機構及其附屬公司和合營公司 | 2. Local governments, local government-owned entities and their subsidiaries and JVs | 1,170,713 | 367,215 | 1,537,928 |
| 3. 居住在中國內地之國民或在中國內地成立的其他機構及其附屬公司和合營公司 | 3. PRC nationals residing in Chinese Mainland or other entities incorporated in Chinese Mainland and their subsidiaries and JVs | 7,657,826 | 559,311 | 8,217,137 |
| 4. 未有在上述第一項呈報之中央政府的其他機構 | 4. Other entities of central government not reported in item 1 above | 4,128,734 | 57,523 | 4,186,257 |
| 5. 未有在上述第二項呈報之地方政府的其他機構 | 5. Other entities of local governments not reported in item 2 above | 857,213 | – | 857,213 |
| 6. 居住在中國內地以外之國民或在中國內地以外成立的機構，而涉及的貸款於中國內地使用 | 6. PRC nationals residing outside Chinese Mainland or entities incorporated outside Chinese Mainland where the credits are granted for use in Chinese Mainland | 8,738,887 | 435,408 | 9,174,295 |
| 7. 其他交易對手，其餘額被視作對中國大陸非銀行類客戶的餘額 | 7. Other counterparties where the exposures are considered to be non-bank Chinese Mainland exposures | 462,266 | 1,677 | 463,943 |
| | | **28,214,392** | **1,421,134** | **29,635,526** |

| | | |
| :--- | :--- | :---: |
| 大新銀行及其內地銀行附屬公司之扣除撥備後之資產合計 | Total assets of DSB and its Mainland subsidiary bank after provision | **238,964,613** |
| 資產負債表內的餘額佔資產合計百分比 | On-balance sheet exposures as percentage of total assets | **11.81%** |

---

# 5. ADDITIONAL ANALYSIS ON CLAIMS AND EXPOSURES (Continued)
# 5. 債權及餘額之額外分析（續）

### (c) Analysis of gross loans and advances to customers and overdue loans by geographical area
### （丙）按區域分析之客戶貸款及墊款總額及逾期貸款

客戶貸款及墊款之區域分析乃根據已考慮風險轉移後之交易對手所在地分類。一般而言，當貸款的擔保方位處與交易對手不同之區域時，風險將被轉移。

Loans and advances to customers by geographical area are classified according to the location of the counterparties after taking into account the transfer of risk. In general, risk transfer applies when an advance is guaranteed by a party located in an area which is different from that of the counterparty.

下表為客戶貸款及墊款總額、減值客戶貸款及墊款（階段3）、逾期客戶貸款及墊款、階段3、及階段1及階段2減值準備按區域分析。

The following table analyses gross loans and advances to customers, impaired loans and advances to customers (Stage 3), overdue loans and advances to customers, Stage 3, and Stage 1 and Stage 2 impairment allowances by geographical area.

| **2025年12月31日**<br>**At 31 December 2025**<br>以港幣千元位列示 HK$'000 | 客戶貸款及墊款總額<br>Gross loans and advances to customers | 減值客戶貸款及墊款（階段3）<br>Impaired loans and advances to customers (Stage 3) | 逾期客戶貸款及墊款<br>Overdue loans and advances to customers | 階段3減值準備<br>Stage 3 impairment allowances | 階段1及階段2減值準備<br>Stage 1 and Stage 2 impairment allowances |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 香港 Hong Kong | 108,438,283 | 3,471,371 | 2,889,676 | 753,696 | 1,092,422 |
| 中國內地 Chinese Mainland | 16,983,157 | 646,912 | 267,415 | 77,231 | 156,543 |
| 澳門 Macau | 12,012,614 | 261,401 | 261,402 | 41,428 | 80,283 |
| 其他 Others | 2,724,180 | – | – | – | 26,235 |
| | **140,158,234** | **4,379,684** | **3,418,493** | **872,355** | **1,355,483** |

<br>

| **2024年12月31日**<br>**At 31 December 2024**<br>以港幣千元位列示 HK$'000 | 客戶貸款及墊款總額<br>Gross loans and advances to customers | 減值客戶貸款及墊款（階段3）<br>Impaired loans and advances to customers (Stage 3) | 逾期客戶貸款及墊款<br>Overdue loans and advances to customers | 階段3減值準備<br>Stage 3 impairment allowances | 階段1及階段2減值準備<br>Stage 1 and Stage 2 impairment allowances |
| :--- | :--- | :--- | :--- | :--- | :--- |
| 香港 Hong Kong | 108,718,160 | 4,018,261 | 3,391,470 | 753,706 | 537,887 |
| 中國內地 Chinese Mainland | 13,729,341 | 221,449 | 219,787 | 69,748 | 73,190 |
| 澳門 Macau | 13,527,103 | 197,973 | 197,973 | 49,535 | 35,765 |
| 其他 Others | 2,399,681 | – | – | – | 12,514 |
| | **138,374,285** | **4,437,683** | **3,809,230** | **872,989** | **659,356** |

---

# 5. ADDITIONAL ANALYSIS ON CLAIMS AND EXPOSURES (Continued)
# 5. 債權及餘額之額外分析（續）

### (d) Loan exposure to Hong Kong commercial real estate
### (丁) 香港商業房地產貸款餘額

本集團向企業客戶發放用於香港的香港商業房地產貸款（「香港商業房地產貸款」）為其已興建或未完成的香港物業投資，以及其在香港的物業開發提供融資，這包含了建築及施工貸款。

The Group’s loans to Hong Kong commercial real estate (“HKCRE loans”) are granted to corporate customers for use in Hong Kong to finance their investments in completed and uncompleted properties in Hong Kong as well as their property developments in Hong Kong, including loans for building and construction.

香港商業房地產貸款是指在香港使用的貸款中，屬於物業投資及物業發展行業項下的貸款總額，但不包括向非主要從事物業投資或發展的企業客戶發放的貸款，以及向由個人零售及私人銀行客戶所擁有╱或控制以物業投資為目的的公司所發放的貸款。

HKCRE loans are the aggregate of loans reported within the industry sectors of property investment and property development under Loans for use in Hong Kong after excluding loans granted to corporate customers which are not primarily engaged in property investment or development and companies which are owned and/ or controlled by individual retail and private banking customers for property investment purpose.

詳細分析呈列如下：
Further analysis is set out below:

| 百萬港元 In millions of HK$ | 2025年12月31日 As at 31 Dec 2025 未償還結餘 Outstanding balance | 2025年12月31日 As at 31 Dec 2025 減值貸款 Impaired loans | 2025年6月30日 As at 30 Jun 2025 未償還結餘 Outstanding balance | 2025年6月30日 As at 30 Jun 2025 減值貸款 Impaired loans | 2024年12月31日 As at 31 Dec 2024 未償還結餘 Outstanding balance | 2024年12月31日 As at 31 Dec 2024 減值貸款 Impaired loans |
| :--- | :---: | :---: | :---: | :---: | :---: | :---: |
| **在香港使用的貸款 Loans for use in Hong Kong** | | | | | | |
| **工商金融 Industrial, commercial and financial** | | | | | | |
| －物業發展 – Property development | 5,741 | 147 | 6,906 | 150 | 6,426 | 155 |
| －物業投資 – Property investment | 21,258 | 1,882 | 21,252 | 2,033 | 23,066 | 2,070 |
| | **26,999** | **2,029** | 28,158 | 2,183 | 29,492 | 2,225 |
| | | | | | | |
| **其中：香港商業房地產貸款呈報於： Of which: HKCRE loans reported within** | | | | | | |
| －物業發展 – Property development | 5,741 | 147 | 6,906 | 150 | 6,426 | 155 |
| －物業投資 – Property investment | 17,734 | 1,874 | 17,563 | 2,027 | 19,355 | 2,059 |
| | **23,475** | **2,021** | 24,469 | 2,177 | 25,781 | 2,214 |

---

# 5. 債權及餘額之額外分析（續）
# 5. ADDITIONAL ANALYSIS ON CLAIMS AND EXPOSURES (Continued)

## （丁）國際債權
## (e) International claims

國際債權資料是在考慮風險的轉移後，根據交易對手的所在地而披露對外地交易對手最終面對的風險。一般而言，若交易對手的債權是由在不同國家的另一方擔保，或履行債權是一間銀行的海外分行，而其總部是處於不同的國家，才會確認風險由一國家轉移至另一國家。經計及任何認可之風險轉移後，只有構成國際債權總額10%或以上之區域方作出披露。

The information of international claims discloses exposures to foreign counterparties on which the ultimate risk lies, and is derived according to the location of the counterparties after taking into account any transfer of risk. In general, transfer of risk from one country to another is recognised if the claims against a counterparty are guaranteed by another party in a different country or if the claims are on an overseas branch of a bank whose head office is located in a different country. Only regions constituting 10% or more of the aggregate international claims after taking into account any recognised risk transfer are disclosed.

| 2025年12月31日 百萬港元 | At 31 December 2025 In millions of HK$ | 銀行 Banks | 官方機構 Official sector | 非銀行私人機構 Non-bank private sector 非銀行金融機構 Non-bank financial institutions | 非銀行私人機構 Non-bank private sector 非金融私人機構 Non-financial private sector | 債權總額 Total claims |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 離岸中心 | Offshore centres | 2,845 | 8,686 | 7,579 | 144,185 | 163,295 |
| －其中：香港 | - of which: Hong Kong | 2,099 | 7,752 | 7,119 | 129,204 | 146,174 |
| 發展中亞太區 | Developing Asia and Pacific | 29,452 | 1,367 | 4,913 | 22,872 | 58,604 |
| －其中：中國內地 | - of which: Chinese Mainland | 15,449 | 869 | 4,913 | 17,355 | 38,586 |

| 2024年12月31日 百萬港元 | At 31 December 2024 In millions of HK$ | 銀行 Banks | 官方機構 Official sector | 非銀行私人機構 Non-bank private sector 非銀行金融機構 Non-bank financial institutions | 非銀行私人機構 Non-bank private sector 非金融私人機構 Non-financial private sector | 債權總額 Total claims |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 離岸中心 | Offshore centres | 2,460 | 9,445 | 7,544 | 144,685 | 164,134 |
| －其中：香港 | - of which: Hong Kong | 1,923 | 8,240 | 7,268 | 128,335 | 145,766 |
| 發展中亞太區 | Developing Asia and Pacific | 30,642 | 1,314 | 4,502 | 21,870 | 58,328 |
| －其中：中國內地 | - of which: Chinese Mainland | 18,724 | 879 | 4,341 | 15,065 | 39,009 |

---

# 獨立核數師報告 INDEPENDENT AUDITOR’S REPORT

致大新銀行集團有限公司股東  
（於香港註冊成立的有限公司）

TO THE SHAREHOLDERS OF DAH SING BANKING GROUP LIMITED  
(Incorporated in Hong Kong with limited liability)

## 意見 OPINION

### 我們已審計的內容 What we have audited

大新銀行集團有限公司（以下簡稱「貴公司」）及其附屬公司（以下統稱「貴集團」）列載於第113至318頁的綜合財務報表，包括：

*   於2025年12月31日的綜合財務狀況表；
*   截至該日止年度的綜合收益表；
*   截至該日止年度的綜合全面收益表；
*   截至該日止年度的綜合權益變動表；
*   截至該日止年度的綜合現金流量結算表；及
*   綜合財務報表附註，包括重大會計政策信息及其他解釋信息。

The consolidated financial statements of Dah Sing Banking Group Limited (the “Company”) and its subsidiaries (the “Group”), which are set out on pages 113 to 318, comprise:

*   the consolidated statement of financial position as at 31 December 2025;
*   the consolidated income statement for the year then ended;
*   the consolidated statement of comprehensive income for the year then ended;
*   the consolidated statement of changes in equity for the year then ended;
*   the consolidated statement of cash flows for the year then ended; and
*   the notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information.

### 我們的意見 Our opinion

我們認為，該等綜合財務報表已根據香港會計師公會頒布的《香港財務報告會計準則》真實而中肯地反映了貴集團於2025年12月31日的綜合財務狀況及其截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港《公司條例》妥為擬備。

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with HKFRS Accounting Standards as issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance.

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### 意見的基礎

我們已根據香港會計師公會頒布的《香港審計準則》進行審計。我們在該等準則下承擔的責任已在本報告「核數師就審計綜合財務報表承擔的責任」部分中作進一步闡述。

我們相信，我們所獲得的審計憑證能充足及適當地為我們的審計意見提供基礎。

### BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) as issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

### 獨立性

根據香港會計師公會頒布的《專業會計師道德守則》（以下簡稱「守則」）中適用於公眾利益實體財務報表審計的相關要求，我們獨立於貴集團，我們亦已履行守則中的其他專業道德責任。

### Independence

We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with the Code.

### 關鍵審計事項

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在我們審計整體綜合財務報表及出具意見時進行處理的。我們不會對這些事項提供單獨的意見。

我們在審計中識別的關鍵審計事項為客戶貸款的減值準備（「預期信用損失」）有關。

### KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

The key audit matter identified in our audit is related to impairment allowances (“ECL”) on advances to customers.

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# KEY AUDIT MATTERS (Continued) 關鍵審計事項（續）

| 關鍵審計事項 | 我們的審計如何處理關鍵審計事項 | Key Audit Matter | How our audit addressed the Key Audit Matter |
| :--- | :--- | :--- | :--- |
| **客戶貸款的減值準備（「預期信用損失」）** | | **Impairment allowances (“ECL”) on advances to customers** | |
| 請參閱綜合財務報表附註4（甲）及附註21。 | 我們了解並評估了管理層針對預期信用損失的計量的內部控制。 | Refer to notes 4(a) and 21 to the consolidated financial statements. | We understood and evaluated management’s internal controls for the measurement of impairment allowances on advances to customers. |
| 於2025年12月31日，貴集團就客戶貸款計提減值準備港幣2,227,838千元。<br><br>減值準備的釐定涉及複雜的方法及重大管理層判斷。年內，香港及中國內地經濟環境的不確定性，包括但不限於中國房地產行業的動態形勢，持續影響估計減值準備時的固有風險和估計不確定性。 | 我們評估了重大錯報的固有風險，包括考慮估計的不確定性程度和其他固有風險因素的水平，如所用估計模型的複雜性，重大管理層判斷和假設的主觀性，以及管理層偏向影響的敏感性。 | As at 31 December 2025, the Group recorded impairment allowances of HK$2,227,838 thousand in respect of its advances to customers.<br><br>The determination of the impairment allowances involves complex methodologies and significant management judgement. During the year, the uncertainties in economic environments in Hong Kong and Mainland China, including but not limited to the dynamic situation in the real estate sector, have continued to impact the inherent risk and estimation uncertainty involved in estimating impairment allowances. | We assessed the inherent risk of material misstatement by considering the degree of estimation uncertainty and level of other inherent risk factors such as the complexity of estimation models used, the subjectivity of significant management judgements and assumptions, and susceptibility to management bias. |
| 就預期信用損失計量所作的關鍵判斷及估計如下： | 我們執行了以下程序：<br><br>• 我們測試了對預期信用損失模型方法的選擇和組合的劃分，關鍵計量參數及假設（例如內部信用評級、階段、宏觀經濟的預測及其相關概率加權）的釐定和批准實施的關鍵控制； | Key judgements and estimates in respect of the measurement of ECL include: | We have performed the following procedures:<br><br>• We tested the key controls over selection of ECL model methodologies and segmentation of portfolios, determination and approval of key measurement parameters and assumptions such as internal credit rating, staging, macro-economic forecasts and their related probability weightings; |
| • 將具有類似信用風險特徵的貸款劃入同一個組合，選擇恰當的模型方法論，並確定計量相關的關鍵計量參數及假設； | • 我們在我們的信用風險專家協助下評估預期信用損失計量所使用的模型方法，包括組合劃分、關鍵計量參數及假設； | • Segmentation of portfolios based on credit risk characteristics, selection of appropriate model methodologies and determination of key measurement parameters and assumptions; | • We involved our credit risk experts in evaluating the model methodologies for ECL measurement including segmentation of portfolios, key measurement parameters and assumptions; |
| • 釐定信用風險顯著增加或違約的標準； | • 我們測試了對已發生信用減值之客戶貸款作出的及時識別、評估及報告實施的控制； | • Criteria for determining whether or not there was a significant increase in credit risk (“SICR”), or a default; | • We tested the key controls over timely identification, assessment and reporting of credit-impaired advances to customers; |
| • 宏觀經濟預測的釐定，及經濟情景和權重的應用；及 | • 我們測試了對第三階段客戶貸款的預計未來現金流量以及現值計算實施的關鍵控制； | • Determination of macro-economic forecasts, and the application of economic scenarios and weightings; and | • We tested the key controls over estimated future cash flows and calculation of present values with respect to advances to customers in Stage 3; |
| • 第三階段客戶貸款及墊款的預計未來現金流量。 | • 我們採用抽樣方式，並根據借款人的財務和非財務資訊、以及管理層提供的其他證據，評估了內部信用評級，以及管理層釐定信用風險顯著增加和識別已發生信用減值之客戶貸款時所作判斷的適當性； | • The estimated future cash flows for loans and advances to customers in Stage 3. | • On a sampling basis, we assessed the appropriateness of the internal credit ratings, management’s judgements used in determining significant increases in credit risk and identification of credit-impaired advances to customers based on the borrowers’ financial and non-financial information and other evidence provided by management; |
| 我們確定預期信用損失為關鍵審計事項，是由於固有風險高，其計量具有估計不確定性、使用了複雜的模型、涉及重大管理層判斷和假設。 | | Impairment allowances on advances to customers is an audit focus due to the high inherent risk given the uncertainty of estimates, adoption of complex models, involvement of significant management judgements and assumptions. | |

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## 關鍵審計事項 (續) KEY AUDIT MATTERS (Continued)

| 關鍵審計事項 <br> Key Audit Matter | 我們的審計如何處理關鍵審計事項 <br> How our audit addressed the Key Audit Matter |
| :--- | :--- |
| **客戶貸款的減值準備 (「預期信用損失」) (續)** <br><br> **Impairment allowances (“ECL”) on advances to customers (Continued)** | • 我們評估了管理層選取的宏觀經濟預測、經濟情景及所分配的權重。我們通過將此等宏觀經濟預測與公開所得的資料進行比較，並考慮當前其他宏觀經濟狀況，評估了宏觀經濟預測的合理性； <br><br> • We evaluated management’s selection of macro-economic forecasts, economic scenarios and weightings assigned. We independently assessed the reasonableness of the macro-economic forecasts by comparing them to available public information, and other current macro-economic conditions; <br><br> • 對於處於第三階段的客戶貸款選取樣本，我們評估了預期信用損失計算中所使用的關鍵參數、管理層判斷和估計的合理性，例如估計可從借款人取得的未來現金流量、抵押品估值、以及各種情景和情景權重；及 <br><br> • For a sample of advances to customers in Stage 3, we assessed the reasonableness of key inputs, management judgements and estimates used in the ECL calculation such as estimated future cash flow from borrowers, collateral valuations, range of scenarios and scenarios weightings; and <br><br> • 我們核查並評估了與客戶貸款的減值準備計量相關的財務報表披露。 <br><br> • We checked and evaluated the financial statements disclosures in relation to the measurement of impairment allowances on advances to customers. <br><br> 基於我們所執行的程序，已獲取的證據能夠支持管理層在評估預期信用損失時所使用的模型、重大判斷和假設及關鍵參數。 <br><br> Based on the procedures performed, we considered that the models, significant judgements and assumptions, as well as key parameters used by management in measuring impairment allowances on advances to customers were supported by available evidence. |

---

### 其他信息
### OTHER INFORMATION

貴公司董事須對其他信息負責。其他信息包括年報內的所有信息，但不包括綜合財務報表及我們的核數師報告。
The directors of the Company are responsible for the other information. The other information comprises all of the information included in the annual report other than the consolidated financial statements and our auditor’s report thereon.

我們對綜合財務報表的意見並不涵蓋其他信息，我們亦不對該等其他信息發表任何形式的鑒證結論。
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

結合我們對綜合財務報表的審計，我們的責任是閱讀其他信息，在此過程中，考慮其他信息是否與綜合財務報表或我們在審計過程中所了解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

基於我們已執行的工作，如果我們認為其他信息存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

### 董事及審計委員會就綜合財務報表須承擔的責任
### RESPONSIBILITIES OF DIRECTORS AND THE AUDIT COMMITTEE FOR THE CONSOLIDATED FINANCIAL STATEMENTS

貴公司董事須負責根據香港會計師公會頒布的《香港財務報告會計準則》及香港《公司條例》擬備真實而中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控制負責。
The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRS Accounting Standards as issued by the HKICPA and the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

在擬備綜合財務報表時，董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營為會計基礎，除非董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案。
In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

審計委員會須負責監督貴集團的財務報告過程。
The Audit Committee is responsible for overseeing the Group’s financial reporting process.

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### 核數師就審計綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具包括我們意見的核數師報告。我們僅按照香港《公司條例》第405條向 閣下（作為整體）報告我們的意見，除此之外本報告別無其他目的。我們不會就本報告的內容向任何其他人士負上或承擔任何責任。合理保證是高水平的保證，但不能保證按照《香港審計準則》進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或滙總起來可能影響綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。

在根據《香港審計準則》進行審計的過程中，我們運用了專業判斷，保持了專業懷疑態度。我們亦：

- 識別和評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險，設計及執行審計程序以應對這些風險，以及獲取充足和適當的審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部控制之上，因此未能發現因欺詐而導致的重大錯誤陳述的風險高於未能發現因錯誤而導致的重大錯誤陳述的風險。
- 了解與審計相關的內部控制，以設計適當的審計程序，但目的並非對貴集團內部控制的有效性發表意見。
- 評價董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。

### AUDITORʼS RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. We report our opinion solely to you, as a body, in accordance with Section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupʼs internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

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### 核數師就審計綜合財務報表承擔的責任 (續)
### AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

| 核數師就審計綜合財務報表承擔的責任 (續) | AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) |
| :--- | :--- |
| • 對董事採用持續經營會計基礎的恰當性作出結論。根據所獲取的審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報表中的相關披露。假若有關的披露不足，則我們應當發表非無保留意見。我們的結論是基於核數師報告日止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。 | • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. |
| • 評價綜合財務報表的整體列報方式、結構和內容，包括披露，以及綜合財務報表是否中肯反映交易和事項。 | • Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
| • 計劃和執行集團審計，以獲取關於貴集團內實體或業務單位財務信息的充足和適當的審計憑證，以對綜合財務報表形成審計意見提供基礎。我們負責指導、監督和覆核為集團審計而執行的審計工作。我們為審計意見承擔總體責任。 | • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. |
| 除其他事項外，我們與審計委員會溝通了計劃的審計範圍、時間安排、重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。 | We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
| 我們還向審計委員會提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，用以消除對獨立性產生威脅的行動或採取的防範措施。 | We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. |

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### 核數師就審計綜合財務報表承擔的責任（續）
### AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

從與審計委員會溝通的事項中，我們確定哪些事項對本期綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中溝通某事項造成的負面後果超過產生的公眾利益，我們決定不應在報告中溝通該事項。

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

出具本獨立核數師報告的審計項目合夥人是林虹（執業證書編號：P04867）。

The engagement partner on the audit resulting in this independent auditor’s report is Lam Hung (practising certificate number: P04867).

**羅兵咸永道會計師事務所**
執業會計師

**PricewaterhouseCoopers**
Certified Public Accountants

香港，2026年3月30日
Hong Kong, 30 March 2026

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# 主要附屬銀行 － 分行分布表
# MAJOR BANKING SUBSIDIARIES – LISTS OF BRANCHES

## 大新銀行有限公司
## Dah Sing Bank, Limited

### 香港島分行
### Hong Kong Island Branches

| 分行 Branch | 地址 Address | 電話 Tel | 傳真 Fax |
| :--- | :--- | :--- | :--- |
| 香港仔分行<br>**Aberdeen** | 香港仔中心商場第三期一號舖及地庫<br>Shop 1, G/F and Portion of the Basement of Site 3, Aberdeen Centre | 2554 5463 | 2554 0843 |
| 金鐘海富中心分行<br>**Admiralty Centre** | 夏慤道18號海富中心商場一樓10號舖<br>Shop No. 10, 1st Floor of the Podium, Admiralty Centre,<br>No. 18 Harcourt Road | 2529 1338 | 3110 2818 |
| 銅鑼灣分行<br>**Causeway Bay** | 銅鑼灣軒尼詩道482號泰港大廈地下AA號舖及地庫A號舖<br>Flat A on Basement and Portion AA on Ground Floor,<br>Thai Kong Building, 482 Hennessy Road, Causeway Bay | 2891 2201 | 2591 6037 |
| 中區分行<br>**Central** | 德輔道中19號環球大廈地下A號舖<br>Shop A, G/F, Worldwide House, 19 Des Voeux Road Central | 2521 8134 | 2526 9427 |
| 炮台山分行<br>**Fortress Hill** | 北角英皇道293-299號璇宮大廈地下15-22號舖及地庫 (註)<br>Shop No.15-22, G/F and basement, Empire Apartments,<br>Nos. 293-299 Kingʼs Road (Note) | 2922 3389 | 2887 7604 |
| 跑馬地分行<br>**Happy Valley** | 跑馬地毓秀街13號金毓大廈地下A號舖<br>Shop A, G/F, Kam Yuk Mansion, 13 Yuk Sau Street, Happy Valley | 2572 0708 | 2572 0718 |
| 杏花邨分行<br>**Heng Fa Chuen** | 柴灣盛泰道100號杏花邨杏花新城2樓234-235號舖<br>Shop Units 234-235, 2/F, Heng Fa Chuen Paradise Mall,<br>100 Shing Tai Road, Chai Wan | 2558 7485 | 2889 2520 |
| 莊士敦道分行<br>**Johnston Road** | 灣仔莊士敦道164號<br>164 Johnston Road, Wan Chai | 2572 8849 | 2891 3743 |
| 北角分行<br>**North Point** | 英皇道433-437號珠璣大廈地下<br>Chu Kee Building, 433-437 Kingʼs Road | 2561 8241 | 2811 4474 |
| 皇后大道東分行<br>**Queenʼs Road East** | 灣仔皇后大道東248號大新金融中心地下G7, G7A及G8號舖<br>Shop No. G7, G7A & G8, Ground Floor, Dah Sing Financial Centre,<br>248 Queenʼs Road East, Wan Chai | 2321 8912 | 2598 5300 |
| 筲箕灣分行<br>**Shaukiwan** | 筲箕灣道57-87號太安樓地下G8號舖<br>Shop G8, G/F, Tai On Building, 57-87 Shaukiwan Road | 2568 5271 | 2567 5904 |
| 石塘咀分行<br>**Shek Tong Tsui** | 皇后大道西443-453號地下15-16號舖<br>Shop No. 15-16, G/F, 443-453 Queenʼs Road West | 2857 7473 | 2108 4539 |
| 上環分行<br>**Sheung Wan** | 上環德輔道中288號易通商業大廈地下B2號舖連一樓B室<br>G/F & 1/F, No. 288 Des Voeux Road Central, Sheung Wan | 2851 6281 | 2581 2216 |
| 太古城分行<br>**Taikoo Shing** | 港島東太古城太裕路1號安盛台地下501號舖<br>Shop No. G501, On Shing Terrace, No. 28 Taikoo Shing Road &<br>No. 1-9 Tai Yue Avenue, Taikoo Shing | 2884 4802 | 2884 3151 |

註： 自2026年4月20日起，炮台山分行將遷往英皇道125號月明樓地下A號舖
Note: With effect from 20 April 2026, Fortress Hill Branch will be relocated to Shop A, Ground Floor, Yuet Ming Building, 125 King's Road

---

| 分行 Branch | 地址 Address | 電話 Tel | 傳真 Fax |
| :--- | :--- | :--- | :--- |
| **大新銀行有限公司**<br>**Dah Sing Bank, Limited** | | | |
| **九龍區分行**<br>**Kowloon Branches** | | | |
| 長沙灣分行<br>**Cheung Sha Wan** | 長沙灣道889號華創中心地下1號舖<br>Shop 1, G/F, CRE Centre, 889 Cheung Sha Wan Road | 2361 0951 | 2958 0985 |
| 創業街分行<br>**Chong Yip Street** | 觀塘創業街19號萬泰利廣場地下A號舖<br>Shop A, G/F., Montery Plaza, 19 Chong Yip Street, Kwun Tong | 2389 3911 | 2389 8239 |
| 紅磡分行<br>**Hunghom** | 紅磡蕪湖街28號昌隆閣地下3及4號舖，1樓2號舖及2樓3號舖<br>Shop No. 3 and 4 on G/F, Shop No. 2 on 1/F and Shop No. 3 on 2/F, Cheron Court, 28 Wuhu Street, Hunghom | 2365 8110 | 2363 5917 |
| 佐敦分行<br>**Jordan** | 佐敦彌敦道335號<br>335 Nathan Road, Jordan | 2385 0161 | 2782 0993 |
| 美孚新邨分行<br>**Mei Foo Sun Chuen** | 美孚新邨五期蘭秀道10A地下N26E及F號舖<br>Shop No. N26E & F, G/F, 10A Nassau Street, Stage V, Mei Foo Sun Chuen | 2370 2660 | 2370 2006 |
| 旺角分行<br>**Mongkok** | 旺角彌敦道697號<br>697 Nathan Road, Mongkok | 2394 4261 | 2391 9104 |
| 成業街分行<br>**Shing Yip Street** | 觀塘成業街10號地下A號舖<br>Shop A, G/F, 10 Shing Yip Street, Kwun Tong | 2191 8103 | 2191 8723 |
| 德福花園分行<br>**Telford Gardens** | 九龍灣德福廣場一期二樓F5A-F6A號<br>Units F5A-F6A, Level 2, Telford Plaza I, Kowloon Bay | 2927 4130 | 2755 4967 |
| 尖沙咀分行<br>**Tsimshatsui** | 尖沙咀彌敦道66-70號金冠大廈<br>Golden Crown Court, 66-70 Nathan Road, Tsimshatsui | 2366 9121 | 2311 1491 |
| 黃大仙分行<br>**Wong Tai Sin** | 黃大仙黃大仙中心南館地下G3C號舖<br>Shop No. G3C, Ground Floor, Temple Mall South, Wong Tai Sin | 2326 5165 | 2350 0894 |
| 油麻地分行<br>**Yaumatei** | 油麻地彌敦道561號<br>561 Nathan Road, Yaumatei | 2782 1339 | 2385 9285 |
| **新界區分行**<br>**New Territories Branches** | | | |
| 粉嶺分行<br>**Fanling** | 粉嶺百和路88號花都廣場地下A11-A14及110-112號舖<br>Shop Nos. A11-A14 and 110-112, Ground Floor, Flora Plaza, 88 Pak Wo Road, Fanling | 2677 8830 | 2669 9950 |
| 葵芳分行<br>**Kwai Fong** | 葵芳興芳路178號豐寓地下2號舖<br>Shop 2, G/F, Edition 178, 178 Hing Fong Road, Kwai Fong | 2487 8033 | 2489 1253 |
| 康城分行<br>**LOHAS Park** | 將軍澳康城路1號The LOHAS康城4樓414號舖<br>Shop Unit 414, Level 4, The LOHAS, 1 Lohas Park Road, Tseung Kwan O | 2838 2023 | 2719 6373 |

---

# Dah Sing Bank, Limited

## New Territories Branches

| 分行 Branch | 地址 Address | 電話 Tel | 傳真 Fax |
| :--- | :--- | :--- | :--- |
| 馬鞍山廣場分行<br>**Ma On Shan Plaza** | 馬鞍山西沙路608號馬鞍山廣場三樓335號舖<br>Shop 335 on Level 3, Ma On Shan Plaza, 608 Sai Sha Road, Ma On Shan | 2929 4137 | 2633 3432 |
| 青衣城分行<br>**Maritime Square** | 青衣青敬路33號青衣城108 D-E號舖<br>Shop 108 D-E, Maritime Square, 33 Tsing King Road, Tsing Yi | 2435 1368 | 2435 1582 |
| 海趣坊分行<br>**Ocean Walk** | 屯門湖翠路168-236號海趣坊11及93-95號舖<br>Shop 11 and 93-95, Ocean Walk, 168-236 Wu Chui Road, Tuen Mun | 2404 6931 | 2404 7130 |
| 沙咀道分行<br>**Sha Tsui Road** | 荃灣沙咀道286-288號地下<br>G/F, Nos. 286-288 Sha Tsui Road, Tsuen Wan | 2615 1510 | 2615 1099 |
| 沙田分行<br>**Shatin** | 沙田好運中心地下9號舖<br>Shop 9, G/F, Lucky Plaza, Shatin | 2606 3533 | 2601 2413 |
| 上水分行<br>**Sheung Shui** | 上水新豐路55-59號兆啟樓地下B號舖<br>Shop B, G/F, Siu Kai House, 55-59 San Fung Avenue, Sheung Shui | 2671 5030 | 2672 1533 |
| 大埔分行<br>**Tai Po** | 大埔安泰路1號大埔廣場地下53號及54號舖<br>Units 53-54 on Level 1, Tai Po Plaza, On Tai Road, Tai Po | 2667 2588 | 2664 3637 |
| 大圍分行<br>**Tai Wai** | 沙田大圍道55-56號積輝街14-18號金禧花園地下1及2號舖<br>Shops 1 and 2 on Ground Floor, Grandeur Garden, 14-18 Chik Fai Street, 55-56 Tai Wai Road, Shatin | 2691 1272 | 2606 1531 |
| 天水圍分行<br>**Tin Shui Wai** | 天水圍天靖街3號天盛苑天盛商場1樓L120號舖<br>Shop No. L120, First Floor, Tin Shing Shopping Centre, Tin Shing Court, 3 Tin Ching Street, Tin Shui Wai | 2448 9008 | 2448 9112 |
| 將軍澳新都城中心分行<br>**Tseung Kwan O Metro City Plaza** | 將軍澳MCP Discovery 1樓127號舖<br>Shop 127, Level 1, MCP Discovery, Tseung Kwan O | 2927 2101 | 2702 2305 |
| 荃灣分行<br>**Tsuen Wan** | 荃灣大河道14-16號登發大廈<br>Dang Fat Mansion, 14-16 Tai Ho Road, Tsuen Wan | 2492 8102 | 2415 0984 |
| 屯門分行<br>**Tuen Mun** | 屯門鄉事會道52-62號萬祥樓地下4號及5號舖<br>Shops 4 and 5 on G/F, Man Cheung Mansion, 52-62 Tuen Mun Heung Sze Wui Road | 2441 6218 | 2441 6613 |
| 東涌分行<br>**Tung Chung** | 大嶼山東涌慶東街1號東堤灣畔地下23號舖<br>Shop 23, G/F, Tung Chung Crescent, 1 Hing Tung Street, Tung Chung, Lantau Island | 2109 3484 | 2109 4353 |
| 元朗青山道分行<br>**Yuen Long Castle Peak Road** | 元朗青山公路元朗段162-168號聯昇樓地下C號舖<br>Shop C, G/F, Len Shing Mansion, 162-168 Castle Peak Road, Yuen Long | 2479 4555 | 2479 4522 |

## Shenzhen Branch

| 分行 Branch | 地址 Address | 電話 Tel | 傳真 Fax |
| :--- | :--- | :--- | :--- |
| 深圳分行<br>**Shenzhen** | 中國深圳市南山區南山街道前海前海嘉里商務中心四期2棟2301及2304-b (郵編 : 518000)<br>Unit 2301 & 2304-b, Phase 4, Tower 2, Qianhai Kerry Centre, Qianhai, Nanshan District, Shenzhen, China (Postcode: 518000) | (86-755) 2939 2323 | (86-755) 2883 9871 |

---

| 分行 Branch | 地址 Address | 電話 Tel |
| :--- | :--- | :--- |
| **澳門商業銀行股份有限公司**<br>**Banco Comercial de Macau, S.A.** | | |
| **澳門分行**<br>**Macau Branches** | | |
| 南灣總行<br>Main Branch | 南灣大馬路572號<br>Avenida da Praia Grande, No. 572 | (853) 8791 0000 |
| 提督分行<br>Almirante Lacerda | 罅些喇提督大馬路43-B號<br>Avenida Do Almirante Lacerda, No. 43-B | (853) 2831 6191 |
| 黑沙環分行<br>Areia Preta | 黑沙環海邊馬路13-19號保利達工業大廈地下E座<br>Estrada Marginal da Areia Preta no.13-19, Centro Polytex, R/C E | (853) 2845 0759 |
| 營地街分行<br>Mercadores | 營地大街40號地下A座<br>Rua dos Mercadores No. 40 R/C A | (853) 2857 2610 |
| 皇朝分行<br>Nape | 宋玉生廣場363號獲多利中心地下O座<br>Alameda Dr. Carlos DʼAssumpção, No. 363,<br>Edifício Hot Line, R/C O | (853) 2872 2515 |
| 賣草地分行<br>Palha | 賣草地街4號地下A座<br>Rua da Palha, No. 4, R/C A | (853) 2837 3762 |
| 高地烏街分行<br>Pedro Coutinho | 高地烏街25-D號金鑾閣地下B座<br>Rua de Pedro Coutinho No. 25D, Queens Court, R/C B | (853) 2821 6523 |
| 台山分行<br>Toi San | 台山巴波沙坊第十一街新城市花園第18座地下CC座<br>Rua Onze Bairro Tamagnini Barbosa, S/N,<br>Jardim Cidade Nova, Bloco 18, R/C CC | (853) 2823 8483 |
| **氹仔區分行**<br>**Taipa Branch** | | |
| 氹仔太子花城分行<br>Prince Flower City<br>Taipa | 氹仔埃武拉街太子花城－麗新閣地下I座<br>Rua de Évora, Prince Flower City, Lai San Kok, R/C I, Taipa | (853) 2884 2788 |
| **路環區分行**<br>**Coloane Branch** | | |
| 路環分行<br>Coloane | 路環屠場前地7號地下D座<br>Largo do Matadouro No. 7, R/C D, Coloane | (853) 2888 2374 |

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### 大新銀行（中國）有限公司
### Dah Sing Bank (China) Limited

| 分行 Branch | 地址 Address | 電話 Tel |
| :--- | :--- | :--- |
| **總行**<br>**Head Office** | 深圳市深南東路5016號京基100大廈A座15樓<br>15/F, Tower A, Kingkey100 Building, 5016 Shennan Road East, Shenzhen | (86-755) 2519 9033 |
| **深圳南山支行**<br>**Shenzhen Nanshan Sub-Branch** | 深圳市南山區蛇口工業七路卓越維港名苑（北區）4-7棟裙樓123舖<br>Shop 123, Building 4-7, Zhuo Yue Wei Gang (North), Industrial Road 7, Shekou, Nan Shan District, Shenzhen | (86-755) 2519 9069 |
| **廣州分行**<br>**Guangzhou** | 廣東省廣州市越秀區人民北路604號大新銀行大樓1層<br>1/F, Dah Sing Bank Building, 604 North Renmin Road, Yue Xiu District, Guangzhou, Guangdong | (86-20) 8116 0888 |
| **上海分行**<br>**Shanghai** | 上海市虹口區東大名路501號上海白玉蘭廣場15層06, 07單元<br>Room 06 & 07, 15th Floor, Sinar Mas Plaza, No. 501 Dong Da Ming Road, Hongkou District, Shanghai | (86-21) 5551 2808 |
| **南昌分行**<br>**Nanchang** | 江西省南昌市東湖區疊山路136號1-2層<br>1/F-2/F, 136 Dieshan Road, East Lake District, Nanchang, Jiangxi | (86-791) 8688 7333 |
| **鎮江分行**<br>**Zhenjiang** | 江蘇省鎮江市京口區解放路59號<br>59 Jiefang Road, Jing Kou District, Zhenjiang, Jiangsu | (86-511) 8880 9996 |
| **佛山支行**<br>**Foshan Sub-Branch** | 廣東省佛山市順德區佛山新城文華南路8號保利商務中心1座第31層<br>31/F, Building T1, Poly Business Center, 8 Wenhua South Road, Foshan New City, Shunde District, Foshan, Guangdong | (86-757) 8513 3555 |

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## Dah Sing Banking Group Limited 大新銀行集團有限公司

26th Floor, Dah Sing Financial Centre, 248 Queen's Road East, Wan Chai, Hong Kong
香港灣仔皇后大道東248號大新金融中心26樓
Telephone 電話 : (852) 2507 8866
Facsimile 傳真 : (852) 2598 5052
Website 網址 : www.dahsing.com