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livi Bank Growth: Accelerated Success in 2022
livi bank made great progress in 2022 in paving the way for expansion and eventual profitability with an increase in revenue demonstrating that having the right strategies and a strong team of talent is starting to pay off in the form of growth. Set out in its 2022 Annual Report published today, total operating income turned positive in 2022 and achieved HK$17 million, benefiting from the Bank’s growing portfolio of loan products.
livi FlexiLoan and the Bank’s other loan products achieved a loan balance of over HK$1.3 billion by the year end. Deposit balance did well to remain stable at HK$3 billion in the competitive interest rate environment. The loan-to-deposit ratio increased 14 times during the year, showing that the Bank is on a positive growth trajectory.
As the Bank remains in its investment and development phase, a loss of HK$715 million was recorded for the year.
livi bank Chief Executive Officer, David Sun, said, “As we progress the growth of our business, following the successful development of our comprehensive digital infrastructure and our foundation in products and services, we are increasing our emphasis on innovative revenue generating offerings. To facilitate this, we are focused on making breakthroughs in three key segments – Retail banking, SME business banking and GBA financial offerings.”
“With our customer-focused Retail banking platform well established, in 2023, our development focus is on rolling out our empowering SME banking offerings with a targeted range of services supported by our technological edge to facilitate entrepreneurial growth. Meanwhile, the exciting GBA market holds the promise of many opportunities ahead.”
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