HANG SENG BANK NET PROFIT DOWN 22.7% TO US$18.2 BLN
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HSNGY | Quote | Chart | News | PowerRating -- Hang Seng Bank (HKSE:0011),
a major Hong Kong bank, announced Monday that its net profit
stood at 14.099 billion Hong Kong dollars (US$18.192 billion)
for 2008, 22.7 per cent lower than 2007.
"Hang Seng's results for 2008 reflect the increasingly
difficult operating environment, particularly in the second
half of the year," Hang Seng vice-chairman and chief executive
Raymond Or said at a press conference Monday.
For the whole year, earnings per share stood at 7.37 Hong
Kong dollars, down 22.7 per cent as compared with the previous
year. Return on average shareholders' funds was 26 per cent,
compared with 35.4 per cent a year earlier. Return on average
total asset was 1.9 per cent, down 0.7 per cent, 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 December 31, 2008, Hang Seng Bank's
consolidated assets totalled 762.2 billion Hong Kong dollars,
up 2.2 per cent over 2007.
(XIC)
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