Hong Kong Mortgage Corporation recorded a profit after tax of 600.6 million HK dollars (77 million U.S. dollars) last year, with the return on shareholder's equity remaining strong at 13.6 percent.

In its annual report, Hong Kong Financial Secretary and Chairman of the Board of Directors of the corporation Henry Tang said notwithstanding the interest rate environment and property market conditions, the corporation achieved another year of solid financial results after the record high set in 2004, according to a government press release on Friday.

"The corporation remains very committed to its role to promote the development of the secondary mortgage market in Hong Kong, which will help to enhance the stability of the banking sector through its role as a liquidity provider to the banks, promote wider homeownership, and facilitate the growth and development of the debt market and securitization market in Hong Kong," he said.

The corporation's capital-to-assets ratio rose from 9.3 percent in 2004 to 12 percent in last year, well above the minimum requirement of 5 percent.

For the second year, the corporation declared a dividend of 250 million HK dollars (32.05 million U.S. dollars) or 0.125 HK dollars per share, representing a dividend payout ratio of 41.6 percent.

Source: Xinhua