Hang Seng Bank Limited 2014 Interim Results - highlights

  • Operating profit up 6% to HK$9,496m (HK$8,934m for the first half of 2013).
  • Operating profit excluding loan impairment charges and other credit risk provisions up 8% to HK$9,833m (HK$9,132m for the first half of 2013).
  • Attributable profit down 54% to HK$8,468m (HK$18,468m for the first half of 2013). Excluding the Industrial Bank reclassification in the first half of 2013, attributable profit down 5%.
  • Profit before tax down 47% to HK$9,877m (HK$18,773m for the first half of 2013). Excluding the Industrial Bank reclassification in the first half of 2013, profit before tax down 4%.
  • Return on average shareholders’ funds of 15.9% (35.9% for the first half of 2013). Excluding the Industrial Bank reclassification in the first half of 2013, return on average shareholders’ funds of 16.6% (19.0% for the first half of 2013).
  • Earnings per share down 54% to HK$4.43 per share (HK$9.66 per share for the first half of 2013). Excluding the Industrial Bank reclassification in the first half of 2013, earnings per share down 5%.
  • Second interim dividend of HK$1.10 per share; total dividends of HK$2.20 per share for the first half of 2014 (HK$2.20 per share for the first half of 2013).
  • Total capital ratio of 14.2%, both common equity tier 1 (‘CET1’) and tier 1 (‘T1’) capital ratios of 11.8% at 30 June 2014; (total capital ratio of 15.8%, both CET1 and T1 capital ratios of 13.8% at 31 December 2013).
  • Cost efficiency ratio of 32.1% (32.2% for the first half of 2013).

Industrial Bank Co., Ltd. (‘Industrial Bank’) reclassification in 2013

Reported results for the first half of 2013 include a non-distributable accounting gain on the reclassification of Industrial Bank from an associate to a financial investment of HK$8,454m before tax (HK$9,517m attributable profit). Figures quoted as ‘excluding the Industrial Bank reclassification’ have been adjusted for the above items.

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