ZA Bank reports HK$548m net revenue and narrows losses by 42%

Net interest income is 86% higher in 2024.

ZA Bank said that it has narrowed its losses by 42% year-on-year (YoY) in 2024, with a net revenue of HK$548m.

This is an improvement of HK$167, the Hong Kong digital bank said in a statement.

Net interest income rose 86% to HK$489m.

Loans and advances rose by 5.7% to HK$5.6b, whilst its net interest margin (NIM) expanded 47 basis points to 2.41%.

Operating expenses were reduced by HK$48m, whilst total assets rotate 60% to exceed HK$22b.

ZA Bank has 800,000 users as of 2024, according to CEO Calvin Ng.

“Our ambition is clear: to surpass one million users by 2025 and establish ourselves as the preferred wealth management platform for Hongkongers,” he said in a statement.

Business customers doubled to over 3,000 companies.

The bank said that it now serves over 200 Web3 companies in Hong Kong, including major virtual asset trading platforms in the city.