Hang Seng Bank Limited 2014 results - highlights
- Operating profit up 6% to HK$19,450m (HK$18,410m in 2013).
- Operating profit excluding loan impairment charges up 9% to HK$20,594m (HK$18,946m in 2013).
- Attributable profit down 43% to HK$15,131m (HK$26,678m in 2013). Excluding the Industrial Bank impairment and reclassification, attributable profit up 0.4%.
- Profit before tax down 37% to HK$18,049m (HK$28,496m in 2013). Excluding the Industrial Bank impairment and reclassification, profit before tax up 0.5%.
- Return on average shareholders’ funds of 13.4% (25.4% in 2013). Excluding the Industrial Bank impairment and reclassification, return on average shareholders’ funds of 16.3% (17.6% in 2013).
- Total assets up 11% to HK$1,264.0bn (HK$1,143.7bn at 31 December 2013).
- Earnings per share down 43% to HK$7.91 per share (HK$13.95 per share in 2013). Excluding the Industrial Bank impairment and reclassification, earnings per share up 0.3% to HK$9.01 per share (HK$8.98 per share in 2013).
- Fourth interim dividend of HK$2.30 per share; total dividends of HK$5.60 per share for 2014 (HK$5.50 per share in 2013).
- Total capital ratio of 15.7%, both common equity tier 1 (‘CET1’) and tier 1 (‘T1’) capital ratios of 15.6% at 31 December 2014 (total capital ratio of 15.8%, both CET1 and T1 capital ratios of 13.8% at 31 December 2013).
- Cost efficiency ratio of 31.8% (32.4% in 2013).
Industrial Bank Co., Ltd. (‘Industrial Bank’)
Reported results for 2014 include an impairment loss of HK$2,103m on the bank’s investment in Industrial Bank. Reported results for 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 impairment and reclassification’ have been adjusted for the above items. On 13 February 2015, the group has completed the disposal of 5% of the ordinary shares of Industrial Bank and details of the transaction are shown on page 64 of the news release.
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