, Hong Kong
Photo by Oberom Barbealoam Suhfai via Wikimedia Commons.

Hang Seng Bank’s profits down 27% to HK$10.16b in 2022

The bank has announced a fourth interim dividend of HK$2 per share.

Hang Seng Bank’s profit attributable to shareholders fell 27% to HK$10.16b in 2022, the banks’ latest operating results showed.

The decrease was due to Hang Seng Bank accounting for an increase in expected credit losses to reflect higher risk for borrowers of mainland China commercial real estate sector.

The bank has announced a fourth interim dividend of HK$2 per share. Total dividends in 2022 is HK$4.1 per share, compared to HK$5.1 per share in 2021. 

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Net interest income rose 22% to HK$28.98b, with net interest margin widening by 28 basis points to 1.77%.

Net operating income before change in expected credit losses and other credit impairment charges rose 2% to HK$33.97b, driven by 22% growth in net interest income. This was partly offset by the reduction in non-interest income due to “unfavorable market impacts on life insurance business investment portfolio” as well as lower investment distribution revenue, which the bank said was due to “less favorable investment sentiment.” 

Total assets were up 4% to HK$1.89b. 

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