Mox Bank hit HK$170m operating income in 2022

The bank remains dedicated to reaching break-even in 2024, CEO Barbaros Uygun said.

Mox Bank has increased its total operating income to HK$170m in 2022, from a negative HK$7.7m in 2021, according to the bank’s recently released annual report.

Mox Bank attributed the higher operating income to “strong business growth momentum” as well as the bank’s reported success in expanding its card and digital lending services.

Total customer deposits rose 56% year-on-year to HK$8.4b.

Total customer loans and advances jumped sixfold to HK$5b.

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Customer base also doubled during 2022, to over 400,000. More than 1 in 5 Hong Kongers aged between 20 to 30 now bank with Mox, the bank said.

The bank’s card business recorded over 20 million transactions, doubling from 2021. On average, each Mox customer made 50 transactions on their Mox Card during the year.

Mox Bank CEO Barbaros Uygun said that they remain dedicated to reaching break-even in 2024.

"All indicators demonstrate that we are on the right track, earning the trust and love of our customers. We will continue to double down on our strengths, especially customer-centricity and innovation, as we become the city's most preferred main banking experience," Barbaros said.