Hang Seng Bank 2023 Net HK$17.85B Vs. Net HK$11.29B >0011.HK [MarketWatch]
HANG SENG BANK LTD S/ADR (HSNGY)
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Source: MarketWatch
Net profit rose to 17.85 billion Hong Kong dollars (US$2.28 billion) from HK$11.29 billion in 2022, the Hong Kong-based bank said Wednesday. Advertisement Net interest income rose 26% to HK$32.295 billion, thanks to higher market interest rates, which more than offset a drop in loan portfolio. Net operating income before changes in expected credit losses and other credit impairment charges rose to HK$40.82 billion from HK$34.40 billion. "We have refocused the business and diversified our income streams amid a tough year," Chief Executive Diana Cesar said. Hang Seng Bank said business growth was limited by market concerns about volatile economic conditions and expectations of prolonged high interest rates. Still, the lender increased its net interest income through "proactive loan and deposit portfolio management." The bank said it also made good progress in derisking, reducing its exposure to China's commercial real-estate sector by 33%. Hang Seng Bank reported a cost-eff
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News
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- Hang Seng Introduces the New PayDay+: Enjoy up to 6% p.a. HKD Savings Rate on Payroll Service Transfers [Yahoo! Finance]Yahoo! Finance
- Property Developer Times China Receives Winding-Up Petition in Hong Kong [BNN Bloomberg (Canada)]BNN Bloomberg
- Hang Seng Bank Launches HKD 33 Billion SME Power Up Fund [Yahoo! Finance]Yahoo! Finance