Higher Net Interest Income Underpins Hang Seng Bank's 2H Result
Hang Seng Bank posted a solid fiscal 2018 result ahead of our expectations. The key positive was stronger than expected loan growth and improvement in net interest margins, or NIMs, propelling full-year net interest income higher by 22%. Full-year NIMs of 2.18% were ahead of 2.1% in the first half, attributable to sharply higher interbank rates. As previously noted, interbank rates have declined in early 2019 but remain ahead of the first half of 2018. We continue to expect NIMs to increase in 2...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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