Hang Seng Bank profit surges 29% to $1.61b in H1

Earnings per share hit $6.62 per share.

Hang Seng Bank opened the financial year on stable footing as attributable profits surged 29% YoY to $1.61b (HK$12,647m) in the first six months of the year on the back of steady growth in lending and deposits, according to a statement.

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Operating profit also rose 25% YoY to $1.87b (HK$14,662m) over the same period. Net operating income hit $2.6b (HK$20,411m) whilst earnings per share clocked in at $6.62 per share.

Non-interest income from the bank's health and wealth products rose 10% as Hang Seng increasingly tapped on data analytics and customer segmentation capabilities to improve its offerings.  

"Data analytics and our customer segmentation model are strengthening client engagement. This is facilitating the provision of tailored wealth management solutions for different customer groups," Louisa Cheang, vice chairman and chief executive said in a statement, adding that the bank will continue to invest in tecnology to sustain its positive growth trajectory. 

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Hang Seng also backs the industry efforts to develop trade finance blockchain platform, HKMA's Faster Payment System and Open Banking API. 

The bank has declared a second interim dividend of $1.30 per share.