Wing Hang Bank posts record profit of HK$2.187.1m in 2013

Here's what boosted this growth.

According to a release, Wing Hang Bank achieved record profit in 2013 with satisfactory growth across all business divisions. Profit attributable to shareholders rose by 21.3 percent to HK$2,187.1 million for the year ended
31st December 2013 compared to HK$1,802.4 million in 2012.

Earnings were boosted by an increase in net interest income as well as capital gains on disposals of properties and financial assets. Earnings per share increased by 19.5 percent to HK$7.17. The Board has recommended a final dividend of HK$1.62 per share.

Together with the interim dividend of HK$0.46 paid on 9thOctober, 2013 the year’s total distribution amounts to HK$2.08 per share.

Hong Kong’s economy grew moderately during the first three quarters of 2013. Real GDP growth in the third quarter was 2.9 percent higher than the same period in 2012. The economy was underpinned by exports and stable labor market conditions.

By the end of the year the unemployment rate stood at just 3.2 percent. Merchandise imports and exports staged a recovery on the back of stronger economic growth in the United States and a modest pick-up in Europe. Meanwhile underlying inflation trended down to 4.0 percent in 2013 from 4.7 percent previously as a result of slower residential rental growth.