Hang Seng Bank’s profits up 79% in H1; HK$1.1 per share interim dividend declared

Operating profit rose 67% compared to a year earlier.

Hang Seng Bank saw its profit attributable to shareholders rise 79% to HK$9.82b in H1, the bank revealed in its 2023 interim results. This is over four billion dollars higher than the HK$5.5b in profits it logged for the first half of 2022.

The Hong Kong-headquartered bank–which celebrated its 90th anniversary this year– has declared a second interim dividend of HK$1.1 per share, with total dividends of HK$2.2 per share for the period. Earnings per share is now up 83% to HK$4.99 per share, compared to HK$2.73 per share in H1 2022, Hang Seng Bank said.

Pre-tax, Hang Seng Bank’s profit before tax rose 71% to HK$10.96b, compared to HK$6.4m for H1 2022.

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Operating profits were HK$10.85b during the period, a 67% rise from HK$6.49b for H1 2022.

Common equity tier 1 (CET1) capital ratio of 16.8%, whilst the tier 1 (T1) capital ratio is 18.5% as of 30 June. Cost efficiency ratio is 35.9% during the period, lower than the 44.2% for H1 2022.