Hang Seng Bank profits up 3% to HK$18.38b in 2024

Earnings per share is HK$9.33; whilst total dividend is HK$6.8.

Hang Seng Bank saw its profit attributable to shareholders rise by 3% year-on-year (YoY) to HK$18.38b for the whole year of 2024, its latest financial results showed.

The Hong Kong-based bank has an earnings per share of HK$9.33 per share, up 4% compared to 2023.

The fourth interim dividend is HK$3.2 per share. Total dividends are up 4.6% to HK$6.8 per share for 2024, compared to HK$6.5 per share in 2023.

In a statement announcing the results, Hang Seng Bank executive director and chief executive Diana Cesar called 2024 a “challenging year” citing geopolitical and macro uncertainties.

“Hang Seng delivered a strong financial performanceby focusing on diversifying our revenue and growing our target customer base. We also took a proactiveapproach to de-risk our portfolio, which enabled us to keep growing,” Cesar said.

Operating profit rose 8% YoY to HK$21.56b. Profit before tax also rose by more than HK$900m, according to a press release.

Net interest income fell 5% YoY to HK$30.78b, with net interest margin narrowing by 10 basis points (bp) to 2.2%.

Non-interest income rose 26% to HK$10.75b.

Hang Seng Bank’s common equity tier 1 (CET1) capital ratio is 17.7%, tier 1 capital ratio is 19.4%, and total capital ratio is 20.8% as of 31 December 2024.

For 2025, Hang Seng Bank expects economic uncertainties to persist, and said that it will adopt a “prudent and forward-looking risk management approach.”