Hong Kong’s ZA Bank achieves monthly net profitability

The bank has over 800,000 users in the city.

ZA Bank, one of Hong Kong’s digital banks, has reached monthly net profitability four years after its launch.

This makes it the first of Hong Kong’s eight virtual banks to do so, ZA Bank said in a press release.

The bank has over 800,000 users, and a 25% penetration rate amongst Gen Z consumers in the city.

In its 2024 interim financial results, ZA Bank’s net interest margin (NIM) rose to 2.21% from just 1.87% in end-2023. Net revenue is HK$255m, a 46% year-on-year growth.

ZA Bank CEO Ronald Iu said that the bank’s growth is testament to the “strength and sustainability of Hong Kong’s digital banking model.”

“What’s particularly noteworthy is that our growth and profitability have been entirely organic, driven by genuine market demand and the value we provide to our users,” Iu said, saying that their achievement “sets a new benchmark for the digital banking industry in Hong Kong and beyond.”

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