Page 149 - Urban Renewal Authority 2023-24 Annual Report
P. 149
12. Cash and bank balances
2024 2023
$’000 $’000
Bank deposits
Original maturities of 3 months or less 1,361,698 1,495,202
Original maturities of more than 3 months 15,094,656 19,206,414
16,456,354 20,701,616
Less: Amounts held in trust for joint development projects (1,244) (1,219)
16,455,110 20,700,397
Cash at banks and in hand 88,404 122,772
16,543,514 20,823,169
Maximum exposure to credit risk 16,543,514 20,823,169
Representing:
2024 2023
$’000 $’000
Non-current portion
– Bank deposits – 269,000
Current portion
– Cash at banks and in hand 88,404 122,772
– Bank deposits 16,455,110 20,431,397
16,543,514 20,554,169
As at 31 March 2024, cash and bank balances of the Group are denominated in Hong Kong Dollars except
for an amount of $662,547,000 and $476,477,000 (31 March 2023: $628,682,000 and $968,231,000) which
are denominated in USD and Renminbi respectively.
The average effective interest rate of time deposits with banks was 4.75% per annum (2022/23: 2.01% per
annum). These deposits have an average maturity of 103 days (2022/23: 169 days).
URA ANNUAL REPORT 2023-24 147
