Hang Seng Bank Posts Solid Second-Half Result; Asset Quality Stabilises in the Second Half
Hang Seng Bank reported a solid second-half result in line with our expectations. Second-half net profit increased 2.5% on the first half to HKD 8.2 billion. Excluding the Industrial Bank divestment in 2015, full-year net profit fell 4% to HKD 16.2 billion. This was 5.8% below our more optimistic net profit forecast as we expected higher income from its insurance business. For the underlying banking operation, full-year net interest income of HKD 22.3 billion and net fee income of HKD 5.9 billio...Hang Seng Bank and its subsidiaries are engaged in the provision of banking and related financial services. Hong Kong and other businesses segment include: Retail Banking and Wealth Management; Commercial Banking activities; Global Banking and Markets; and Other. Co.'s Mainland China business segment comprised of the business of Hang Seng Bank (China) Limited and Co.'s share of profits from mainland associates. As of Dec 31 2014, Co. had total assets of HK$1,263,990,000,000.
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