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Hang Seng Bank's profit up 12% in 2011

Feb. 28, 2012 (China Knowledge) - Hang Seng Bank<0011>, 62%-owned by HSBC Holdings PLC<0005><HBC>, the biggest foreign bank in mainland China, has posted HK$16.68 billion-net profit for 2011, reflecting a year-on-year increase of 12% from HK$14.92 billion, according to a statement filed with the Hong Kong Stock Exchange.

The profit for last year was also more than an average forecast of HK$16.13 billion made by 19 analysts at Thomson Reuters.

Hong Kong-listed Hang Seng Bank also declared the fourth-quarter dividend of HK$1.90, bringing it total dividend for 2011 to a combined HK$5.20.

The lender's capital adequacy ratio rose from 13.6% in 2010 to 14.3% in 2011.

Net fee income of the bank slightly declined to HK$4.84 billion last year from HK$4.90 billion in 2010, due to lackluster demand for investment products in volatile equity markets.

Hang Seng Bank currently owns 220 outlets in Hong Kong with net interest income amounting to HK$15.74 billion last year, sources reported.

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