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Hang Seng Bank's profit up 14% in H1

Jul. 31, 2012 (China Knowledge) - Hang Seng Bank<0011>, 62% owned by HSBC Holdings PLC <0005>, the biggest foreign bank in mainland China, has posted HK$9.3 billion-net profit for the first half of 2012, reflecting a YoY increase of 14% from HK$8.16 billion, according to a statement filed with the Hong Kong Stock Exchange.

The profit for the first half of this year was also more than an average forecast of HK$8.3 billion made by 4 analysts at Dow Jones Newswires.

Hong Kong-listed Hang Seng Bank also declared the second-quarter dividend of HK$1.1, bringing its total dividend for the first half of this year to a combined HK$2.2.

In the first half of this year, the lender's net interest income from its core loan business increased by 8.5% YoY to RMB 8.29 billion. Customer lending and customer deposit reached HK$504.9 billion and HK$771.8 billion, up 5.1% and 3.8% than at the end of last year, respectively.

As of the end of Jun 30, the lender's capital adequacy ratio stood at 14%, 0.4 Percentage points lower than it realized at the end of 2011. Meanwhile its core capital adequacy ratio reached 11.7%.

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