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"Hang Seng's results for 2008 reflect the increasingly difficult operating environment, particularly in the second half of the year," Raymond Or, Vice-Chairman and Chief Executive of the bank, said here at a press conference Monday.
For the whole year, earnings per share stood at 7.37 Hong Kong dollars, down 22.7 percent as compared with the previous year. Return on average shareholders' funds was 26 percent, compared with 35.4 percent a year earlier. Return on average total asset was 1.9 percent, down 0.7 percentage points, said the bank in a statement.
The Directors of the bank have declared a fourth interim dividend of 3.00 Hong Kong dollars per share, payable on March 31, 2009. This brings the total distribution for 2008 to 6.30 Hong Kong dollars, the same as in 2007.
"The international financial crisis created new challenges in 2008 and the year ahead is likely to be equally demanding," Raymond Or said the global downturn may lead to further deterioration in the bank's operating environment.
On the same day, the bank's Board of Directors announced Raymond Or will retire from his position with effect from the conclusion of the Annual General Meeting on May 6, 2009.
His position will be taken up by Margaret Leung, 56, currently Group General Manager and Global Co-Head Commercial Banking for the HSBC Group, on May 6, 2009. Leung will be appointed a non- executive Director of the bank with effect from April 1, 2009.
Hang Seng Bank is a principal member of the HSBC Group, one of the world's largest banking and financial services organizations. As at Dec. 31, 2008, Hang Seng Bank's consolidated assets totaled 762.2 billion Hong Kong dollars, up 2.2 percent over 2007. (1 U.S. dollar = 7.75 Hong Kong dollars)
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