Read Larry Connors' blog – Short Term Trading Strategies
"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)
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
