Hang Seng result beats analysts' estimates
Source: Bloomberg News |
March 5, 2013, Tuesday
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Print Edition
Print Edition
HANG Seng Bank, the Hong Kong lender controlled by HSBC Holdings Plc, posted a 15 percent jump in 2012 profit, beating analysts' estimates as lending and fee income rose.
Net income climbed to HK$19.4 billion (US$2.5 billion), or HK$10.16 a share, from a restated HK$16.9 billion, or HK$8.83, a year earlier, the bank said in a filing to the Hong Kong stock exchange yesterday. That exceeded the HK$17.9 billion average estimate of 18 analysts surveyed by Bloomberg News.
Hang Seng, Hong Kong's second-largest lender by assets, joins smaller Bank of East Asia Ltd in reporting higher profit even as lending growth in the industry slowed. Total loans at Hong Kong retail banks grew 9.6 percent last year, about half the rate of 2011, monetary authority data show, as the economy grew 1.4 percent, the slowest pace in three years.
"Hang Seng Bank has delivered a strong set of results as its loan margin, lending business and China business all performed better than expected," said Kenny Tang, general manager of AMTD Financial Planning Ltd. "Since the economy in Hong Kong and China is better than last year, provisions are unlikely to rise and business growth won't be an issue. Hang Seng can maintain its edge over its peers."
The bank's pretax profit from Chinese mainland operations rose 30 percent to HK$5.42 billion last year, it said. The mainland operation accounted for 25 percent of the bank's pretax profit, climbing from 22 percent in 2011.
Net interest income rose 7.7 percent to HK$16.9 billion.
Net income climbed to HK$19.4 billion (US$2.5 billion), or HK$10.16 a share, from a restated HK$16.9 billion, or HK$8.83, a year earlier, the bank said in a filing to the Hong Kong stock exchange yesterday. That exceeded the HK$17.9 billion average estimate of 18 analysts surveyed by Bloomberg News.
Hang Seng, Hong Kong's second-largest lender by assets, joins smaller Bank of East Asia Ltd in reporting higher profit even as lending growth in the industry slowed. Total loans at Hong Kong retail banks grew 9.6 percent last year, about half the rate of 2011, monetary authority data show, as the economy grew 1.4 percent, the slowest pace in three years.
"Hang Seng Bank has delivered a strong set of results as its loan margin, lending business and China business all performed better than expected," said Kenny Tang, general manager of AMTD Financial Planning Ltd. "Since the economy in Hong Kong and China is better than last year, provisions are unlikely to rise and business growth won't be an issue. Hang Seng can maintain its edge over its peers."
The bank's pretax profit from Chinese mainland operations rose 30 percent to HK$5.42 billion last year, it said. The mainland operation accounted for 25 percent of the bank's pretax profit, climbing from 22 percent in 2011.
Net interest income rose 7.7 percent to HK$16.9 billion.
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