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PAObank Announces FY2024 Annual Results Achieves Record-Breaking Performance Amplifies Resources to Expand Retail Banking Services

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1 year ago

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Loan Assets Reach a Record High of HK$3.13 billion Customer Deposits Have Significant Growth of 74% Net Interest Income Surged 70% to over HK$130 million

  • In 2024, PAObank achieved outstanding performance across key operational indicators, with net interest income increasing significantly by 70% year-on-year to over HK$130 million.
  • Dedicated to empowering SMEs, PAObank remains committed to supporting their upgrade and transformation. In 2024, total loans and advances to customers sustained an upward trend to over HK$3.13 billion, representing a year-on-year increase of 49%.
  • PAObank became a subsidiary of Lufax Holding Ltd., embarking on a new business strategy. PAObank is further expanding its retail banking services. The Bank offers attractive deposit interest rates by passing cost savings on to individual customers, total customer deposits for the year have increased significantly by 74% to HK$4.35 billion. Following the launch of bancassurance products this year, PAObank will roll out more retail banking services to create greater value for individual customers.

HONG KONG SAR – Media OutReach Newswire – 29 April 2025 – PAO Bank Limited (“PAObank”), announced its annual results for the year ended 31 December 2024. As Hong Kong navigates a period of economic transformation, SMEs are confronted with significant funding needs to facilitate their upgrades and transitions. PAObank, as the first digital bank dedicated to SMEs in Hong Kong, has remained a steadfast presence to its clients. In 2024, PAObank achieved substantial business growth, reflected in its sustained improvements in core profitability. Net interest income for the year surged by 70% year-on-year to over HK$130 million, with a net interest margin increased to 3.17%.

Leveraging our forward-looking market strategies and solid business management, key operational indicators of PAObank in 2024 have shown significant growth. During the year, total loans and advances to customers increased by 49% year-on-year, surpassing HK$3.13 billion. Total customer deposits for the year rose by 74% to HK$4.35 billion, with loan-to-deposit ratio remaining at a stable level of 72%. In April 2024, PAObank officially became a subsidiary of Lufax Holding Limited (“Lufax”) (06623.HK, NYSE LU), embarking on the next phase of its business direction and strategy. PAObank is now focusing on expanding retail banking services while channelling more resources into product development and technology advancement. Meanwhile, the Bank passes cost savings on to individual customers in the form of attractive deposit interest rates. The related investments are reflected in the FY24 annual results.

Despite increased credit loss among SME customers due to economic instability last year, PAObank remains committed to its mission of supporting SMEs. The Bank has introduced more loan products to alleviate financial burdens of SMEs. Following the launch of the “Business Secured Loans” in the fourth quarter of 2024, which offers instalment loans and revolving loans for SMEs to facilitate their business growth and transformation, PAObank introduced “Cross-border e-Commerce Revolving Loan” in early 2025. This product targets the rapidly growing e-commerce market and supports SMEs in expanding their e-commerce business presence. Besides, PAObank proactively participated in the Government’s SME support measures and The Taskforce on SME Lending, contributing to broader efforts that support SMEs. PAObank is proactively addressing SME financing needs, our robust risk management system manages to maintain assets quality at healthy level. As of 31 December 2024, about 25%[1] of SMEs borrowing from PAObank have not obtained bank loans before, and about 8.2%[2] of start-ups operating for less than 3 years received unsecured loan, reflecting that PAObank is assisting SMEs in unlocking their full potential.

In addition, PAObank is proactively expanding its retail banking services and investing resources in products enhancement and development. In March 2025, PAObank obtained an Insurance Agency Licence and officially ventured into the insurance sector. PAObank has established strategic partnership with China Ping An Insurance (Hong Kong) Company Limited and FWD Hong Kong to provide general and life insurance respectively. By utilising cutting-edge fintech and Application Programming Interface (API) technology, PAObank integrates with the platform of insurance companies to offer seamless online bancassurance experience. PAObank will continue to broaden its range of financial services for individual customers this year by introducing more offerings beyond time deposits and insurance, and providing attractive deposit interest rates to reward customers, thereby fully advancing its retail banking business.

Looking ahead, leveraging its leading fintech advantages, PAObank is dedicated to providing more comprehensive and personalised financial solutions to both SMEs and individual customers. Amid global market volatility, PAObank will continue to closely monitor the portfolio’s credit performance and maintain robust credit quality. Staying true to the original mission of promoting financial inclusion, PAObank remains committed in delivering innovative solutions to address the service gaps in banking sectors and thus promotes the development of financial inclusion both locally and across the Greater Bay Area.

For the full report of PAObank’s 2024 financial statements, please visit www.paob.com.hk

[1] As of 31 December 2024, about 25% of SMEs borrowing from PAObank have not obtained bank loans before amongst the approved loan cases of PAObank.

[2] As of 31 December 2024, about 8.2% of SMEs were start-ups operating for less than 3 years amongst the approved loan cases of PAObank.

Hashtag: #PAObank

The issuer is solely responsible for the content of this announcement.

PAO Bank Limited

PAO Bank Limited (“PAObank”), a wholly-owned subsidiary of Lufax Holding Ltd (“Lufax”) (SEHK: 6623; NYSE: LU) and a member of Ping An Insurance (Group) Company of China, Ltd. (“Ping An”) (SEHK: 2318; SSE: 601318), is committed to fostering financial inclusion and establishing a digital banking ecosystem by leveraging its extensive experience in SME banking services and its leading financial technology advantages. PAObank was granted a banking licence by the Hong Kong Monetary Authority in May 2019 to offer banking services via virtual channels. PAObank is expanding diverse business segments including retail banking and SME banking.

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MET Group’s Climate Impact Report Confirms The Company’s Contribution to Profitable Decarbonisation

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10 hours ago

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25/06/2026

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SINGAPORE – Media OutReach Newswire – 25 June 2026 – MET Group has published its Climate Impact Report 2025, highlighting how the company continues to balance decarbonisation, security of supply, and affordability through an integrated portfolio of gas, LNG, renewables, and energy storage solutions.

Executive Summary of MET Group Climate Impact Report 2025

The report comes amid European debates about how to preserve climate ambition while also maintaining industrial competitiveness and investment attractiveness. It describes the way MET Group’s integrated gas, LNG, power, renewables, and battery storage portfolio supports Europe’s efforts to address the energy trilemma.

The Climate Impact Report reflects a year of continued progress in MET Group’s climate journey, including growth in green electricity generation, an increased share of energy transition investments in the company’s capital allocation, and the first GHG inventory subject to third-party limited assurance.

  • In 2025, the Group increased the proportion of its CAPEX directed toward renewable energy and BESS projects to 39%. Renewable generation reached 625 GWh, supported by new solar parks in Germany and Italy, including the Group’s first Agri-PV project. MET also inaugurated one of Hungary’s largest BESS facilities at Dunamenti Power Station, supporting grid flexibility and renewable integration.

  • MET Group’s average grid emission factor across its retail power markets improved from 279 to 255gCO₂e/kWh, which was primarily driven by significant portfolio growth in cleaner markets such as Spain.

  • For the first time, MET Group’s greenhouse gas inventory has been subject to limited assurance by PricewaterhouseCoopers AG, Zurich.

  • MET Group’s climate approach strives to achieve alignment with the EU Fit for 55 framework and integrates climate-related risk management into long-term strategic planning and investment decisions. The report outlines MET’s approach to managing both physical and transition risks, while reinforcing the role of diversified assets, flexible infrastructure, and integrated trading operations in supporting resilience across evolving energy markets.
In his first Climate Impact Report statement as Group CEO, Huibert Vigeveno emphasised: “Our ambition to be a European energy champion, able to provide our customers with cleaner energy, positions us to support Europe in addressing the energy transition trilemma of decarbonisation, security of supply, and affordability – advancing the transition in a way that is commercially sustainable, operationally reliable, and affordable for the customers and stakeholders we serve.”

Huibert Vigeveno added: “Europe should move beyond framing the energy transition primarily as a climate obligation and instead position it as an industrial and technological opportunity. Sustained leadership in climate action will ultimately depend on Europe’s ability to remain an attractive hub for investment, foster innovation, and enable the large-scale industrial deployment of new solutions.”

Hashtag: #METGroup #ESG #ClimateImpactReport


The issuer is solely responsible for the content of this announcement.

MET Group

MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas, LNG, power, and renewables. MET serves customers in 24 countries through subsidiaries, and is present in 33 national energy markets as well as 51 international trading hubs. The company’s 1,400+ employees represent close to 60 nationalities. MET has extensive experience operating renewable and flexible assets, thus providing the widest possible support to energy transition. In 2025, MET Group’s consolidated sales revenue amounted to EUR 28.5 billion, with a total transacted volume of natural gas amounting to 241 BCM and total traded electricity of 160 TWh.

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SCG Showcases Green Innovations and Low-Carbon Cement at Cemtech Asia 2026, Reinforcing ASEAN Leadership and Commitment to the Net Zero Pathway

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12 hours ago

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25/06/2026

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BANGKOK, THAILAND – Media OutReach Newswire – 25 June 2026 – SCG, ASEAN’s leading low-carbon cement manufacturer, co-hosted Cemtech ASIA 2026, a world-class conference and exhibition for the global cement sector held from June 14 to 17, 2026. Driven by a shared commitment to accelerating low-carbon transition and achieving Net Zero goals, industry executives and experts from across the world gathered to explore breakthrough innovations, expand business networks amidst global challenges, and navigate sustainable business transformations in response to tightening environmental regulations and resource conservation demands.

Mr. Surachai Nimlaor, President of SCG Cement and Green Solutions

At Cemtech Asia 2026, SCG demonstrated its commitment to advancing the cement industry through tangible low-carbon cement innovations. Mr. Surachai Nimlaor, President of SCG Cement and Green Solutions, stated:

“As the region’s leader in the low-carbon cement industry, SCG is dedicated to developing breakthrough innovations that minimize resource consumption and maximize eco-friendliness. By steadily reducing carbon dioxide emissions, we directly address the evolving demands and adaptation challenges of the construction industry across ASEAN and global markets.”

Alongside showcasing its cutting-edge LC3 low-carbon cement prototype at the exhibition, SCG hosted an exclusive site visit to its Ta Luang Cement Plant in Saraburi Province for global delegates. Key highlights of the showcase and tour included:

  • SCG LC3 Structural Cement: Developed from limestone, calcined clay, and specialized additives, this next-generation low-carbon cement reduces CO2 emissions by up to 30–40%. Its production process incorporates up to 40% biomass alternative fuels (such as rice husks and straw) and over 35% renewable energy. This is achieved without compromising any product performance or structural integrity, with its environmental performance independently verified through an Environmental Product Declaration (EPD).
  • Rondo Heat Battery: SCG has pioneered ASEAN’s first installation of the Rondo Heat Battery at the Ta Luang Cement Plant. Developed in collaboration with Rondo Energy, this breakthrough thermal energy storage solution converts intermittent renewable power into high-temperature thermal energy, storing it at up to 1,500°C in thermal media. With an exceptional energy recovery efficiency of up to 97% and a lifespan exceeding 40 years, the system provides a continuous 24/7 supply of clean heat, supporting the decarbonization of industrial manufacturing processes.
  • Refractory Solutions by The Siam Refractory Industry Co., Ltd. (SRIC): As a leading global refractory solutions provider, SRIC showcased its advanced technologies and innovative solutions designed to enhance operational efficiency, reliability, and sustainability, including:
    1. Anti-Hydration Brick: The world’s first Anti-Hydration brick, extending shelf life from 6 to 24 months. This breakthrough innovation helps minimize material degradation, reduce production downtime, and improve overall operational efficiency.
    2. Thermal Media for Heat Battery: Co-developed with Rondo Energy, these high-performance heat storage blocks deliver up to 97% thermal efficiency, enabling reliable 24-hour energy availability and supporting the transition toward cleaner industrial energy solutions.
      • Solar Floating: Installed at the Ta Luang Cement Plant, this floating solar array generates 16.6 million kWh of clean electricity annually, cutting greenhouse gas emissions by over 8,000 tons of CO₂ equivalent per year. By repurposing the plant’s industrial reservoirs, the system optimizes resource efficiency and highlights SCG’s integration of green energy into heavy industry.

As co-host of Cemtech ASIA 2026, SCG reaffirmed its role as a trusted industry leader on the global stage. The event served as a major catalyst for expanding business networks and facilitating high-level technology and knowledge exchanges with world-class industry players. Moving forward, SCG is dedicated to cultivating global alliances to propel Thailand’s cement industry toward a Net Zero pathway, solidifying its position as ASEAN’s cement leader.

Watch the video:

CEMTECH ASIA 2026 | SCG Driving ASEAN’s Cement Industry Towards Net Zero

https://youtu.be/wCvSYeumGLY?si=nFle1kClP8sYR9z3

Hashtag: #SCG

The issuer is solely responsible for the content of this announcement.

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Mannings Continues “Safe Disposal of Unused Medicines Programme” for the Fourth Year Partnering with Community Organisations to Expand Network to 75 Collection Points

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23 hours ago

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24/06/2026

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Free Medication Counselling Service to Prevent Misuse of Medicines and Protect Public Health

HONG KONG SAR – Media OutReach Newswire – 24 June 2026 – Mannings is launching its “Safe Disposal of Unused Medicines Programme” for the fourth consecutive year. This year, the programme further expands its collection network through collaboration with six community organisations, increasing the number of collection points across Hong Kong to 75. From 26 June to 23 July 2026, citizens can visit any of the 62 Mannings stores with pharmacies (except Elements, Landmark, Uptown Plaza, and Airport branches) or 13 designated community organisation collection points to dispose of leftover or expired medications (pills only, excluding dangerous drugs, liquid medications, and Chinese medicines) in the “Unused Medicines Collection Box.”

Mannings’ Safe Disposal of Unused Medicines Programme 2026

The participating community organisations this year include the Christian Family Service Centre, Hong Kong Christian Service, St. James’ Settlement, The Hong Kong Society for Rehabilitation, Hong Kong Family Community Pharmacy, and HKUMed Community Pharmacy. These organisations will set up “Unused Medicines Collection Boxes” at 13 designated service centres to facilitate proper disposal. Hong Kong Christian Service will also continue to collect the unused medicines and provide pharmaceutical knowledge directly to the elderly through its home care outreach services, promoting safe medication use.

All collected medicines will be handed over to a chemical waste collector licensed by the Environmental Protection Department and then properly destroyed at a chemical waste treatment centre. The programme encourages citizens to join hands with Mannings in safely disposing of unused medicines, enhancing medication knowledge, and safeguarding both the environment and community health. Please note that the disposal service is available only during the hours when Mannings pharmacists or healthcare professionals at community organisations are on duty. For more details, you can visit any Mannings pharmacy branch or consult a pharmacist on duty via WhatsApp (https://bit.ly/400s4sc).

Complimentary Medication Counselling Service to Educate the Public on Reducing Pharmaceutical Waste at Source
Mannings aims to address the issue at its source by encouraging citizens to develop the habit of regularly checking their home medicine cabinets. This helps prevent excessive storage of medicines, reduces waste, and minimises environmental pollution, while ensuring safe medication use. In addition to the Collection Boxes, Mannings registered pharmacists will enhance support in providing free medication counselling services to assist citizens with any medication-related questions. Citizens who have medication-related enquiries can bring their medicines to any Mannings pharmacy or consult a pharmacist via WhatsApp (https://bit.ly/400s4sc). Pharmacists will explain in detail whether medications overlap or interact, and guide proper usage to reduce accumulation and waste. The service requires no appointment and is completely free of charge.

Over 15 Million Tablets Collected since Programme Launched in 2023

As the first major community pharmacy chain in Hong Kong to pioneer unused medicine disposal services, Mannings has successfully collected and properly disposed of over 15 million tablets between 2023 and 2025. Mannings’ registered pharmacists also sort, tally, and analyse the collected medicines, helping to reduce environmental impact while gaining insights into and educating the public on proper medication practices. This reflects Mannings’ commitment to fulfilling its social responsibility as a community pharmacy and safeguarding public health.

Philip Chiu, Chief Pharmacist of Mannings says, “From the past few years of the programme, we observed that many households accumulate significant amounts of unused medicines, including those requiring completion of the entire course, such as antibiotics or chronic disease medications. When citizens fail to follow doctors’ instructions and complete the course, it not only delays recovery but may also increase healthcare costs in the long run. This year, we would like to further promote the idea of ‘home pharmacy checks,’ reminding citizens to regularly review their medicine cabinets to avoid expired or misused medicines, and to feel more reassured in medication use. ”

Chiu further states, “Community pharmacists play a vital role in this process. Beyond providing disposal services, they also educate and counsel citizens to establish correct medication habits. Through this programme, Mannings hopes to help the public understand that medication management and environmental protection are equally important, and that both can progress hand in hand to contribute to community health and sustainable development.”

For details on participating Mannings pharmacies and other designated community collection points for the “Mannings Safe Disposal of Unused Medicines Programme,” please visit https://bit.ly/3UuWGy5.

Hashtag: #Mannings #TrustedAdvisorForWellness #HealthandBeauty #SafeDisposalofUnusedMedicines #DFIRetailGroup

The issuer is solely responsible for the content of this announcement.

About Mannings

Mannings is Hong Kong’s largest health and beauty products chain store with over 320 outlets and over 60 in-store pharmacies operating in Hong Kong and Macau, providing a wide range of quality health care, personal care, skin care and baby products to customers. Our team of Community Health Professionals is available at many of our stores, offering expert advice and free consultations from registered Pharmacists, Dieticians, Beauty and Health Advisors. Mannings has been named by the Hong Kong Retail Management Association (HKRMA) as “Quality Service Retailer of the Year – Personal Care Products Category” for 15 consecutive years (2011 to 2025). Mannings has also been recognised as the “No.1 Most Preferred Brand” in online surveys conducted by global market research company Ipsos (2021-2024) and Nielsen (2025-2026) in Hong Kong for six consecutive years.

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