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Bank of China's Hong Kong retail/commercial banking arm and one of three note-issuing banks in Hong Kong.
Bank of China's Hong Kong retail/commercial banking arm and one of three note-issuing banks in Hong Kong.
Earns mostly from the lending spread on Hong Kong deposits and loans, plus fees from cross-border business with the mainland, where it is the clearing bank for renminbi in Hong Kong. Bank of China owns most of its shares through a holding company.
In one line: Hong Kong's HSBC-lite, BOC-owned.
Moat: narrow (regulatory licence, brand, distribution). One of only three banks licensed to issue Hong Kong banknotes, with deep Mainland-China banking links.
Headquarters: Hong Kong · Founded: 1917 · Employees: 15,585
Size Boc Hong Kong (2388.HK) is a Hong Kong Financials company (Major Banks) with a market value of $67.4B, the 28th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$50.00 on 6 Nov 2026.
Performance Over six months the shares gained 12.5%, against +6.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 8.2% over the last twelve months (peer median +1.4%); the operating margin is 53.6% (peer median 38.2%).
Valuation It trades at 1.47× book value against a peer median of 1.73× (7th cheapest of 21).
Price implies The share price implies a return on equity of about 8.1%; Boc Hong Kong delivers 11.8%, so the price asks less than the business earns today.
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$155B | HK$163B | HK$165B | HK$152B | HK$82.4B |
| Revenue growth | — | -1% | +8% | +85% | — |
| Net income | HK$41.7B | HK$40.1B | HK$38.2B | HK$32.7B | HK$25.9B |
| Free cash flow | HK$30.0B | HK$46.3B | HK$127B | HK$69.4B | HK$128B |
| Capital expenditure | HK$2.16B | HK$1.50B | HK$2.20B | HK$1.29B | HK$1.25B |
| Total debt | n/a | HK$686B | HK$660B | HK$669B | HK$630B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Boc Hong Kong 2388.HK | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% |
| Hsbc 0005.HK | $307B | -3% | -4% | 14% | 1.53× | 9.6% |
| Standard Chartered STAN.L | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% |
| Bank of East Asia 0023.HK | $6.03B | +27% | -9% | 3% | 0.44× | 5.2% |
| Dah Sing Banking 2356.HK | $2.45B | +5% | -8% | 8% | 0.53× | 5.5% |
| DBS D05.SI | $155B | +19% | -5% | 16% | 2.83× | 21.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2388.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | +1.9% | 8th lowest of 21 |
| 6-month return | +12.5% | +6.9% | 7th highest of 21 |
| Return on equity | 11.8% | 13.1% | 7th lowest of 21 |
| Price / book | 1.47× | 1.73× | 7th cheapest of 21 |
| Trailing P/E | 12.7× | 12.1× | 10th most expensive of 21 |
| ROE the price implies | 8.1% | 14.5% | 2nd least demanding of 21 |
| ROE delivered | 11.8% | 13.2% | 7th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| China CITIC Bank 601998.SS | China | $71.5B | +9% | -6% | 9% | 0.67× | 2.5% | n/a |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
| National Bank of Canada NA.TO | Canada | $59.3B | +4% | +8% | 14% | 2.62× | 20.1% | 14.3% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| Societe Generale GLE.PA | France | $52.0B | -5% | +9% | 9% | 0.78× | 10.0% | 9.5% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| Kotak Mahindra Bank KOTAKBANK.NS | India | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% | 11.8% |
| DNB Bank DNB.OL | Norway | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% | 15.1% |
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| United Overseas Bank U11.SI | Singapore | $47.6B | 0% | -10% | 10% | 1.23× | 9.2% | 9.8% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| Swedbank SWED-A.ST | Sweden | $46.0B | +25% | -5% | 14% | 2.09× | 13.2% | 14.3% |
| Axis Bank AXISBANK.NS | India | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% | 13.9% |