Summary by Moomoo AI
Hang Seng Bank maintains growth momentum in the first half of 2024 and shows strong performance. During the six-month period, net interest income increased by 2% year-on-year to HKD 15.483 billion, and the net interest income rate improved by 20 basis points to 2.29%. Non-interest income also recorded growth, with retail investment fund fee income and insurance services growing by 20% and 16% respectively. Before tax profit increased by 3% year-on-year to HKD 11.307 billion, while profit attributable to shareholders increased by 1% to HKD 9.893 billion. Earnings per share increased by 1% to HKD 5.04 per share. In terms of capital adequacy ratio, the Tier 1 capital adequacy ratio was 16.6%, the Tier 1 and Tier 2 capital adequacy ratio was 18.2%, and the total capital adequacy ratio was 19.7%. The liquidity coverage ratio was 262.2%, higher than the statutory requirement. The Bank launched a share repurchase plan in April 2024, repurchasing a total of 19,002,600 ordinary shares at a total price of approximately HKD 1.986 billion. The Board of Directors declared a second interim dividend of HKD 1.20 per share, which will be distributed on September 5, 2024.
