Hang Seng Bank books net profit of HK$18.2 bln

Hang Seng Bank<11>, a Hong Kong-based lender controlled by HSBC Holdings<5>, has realized net profit attributable to shareholders of over HK$18.2 billion, with an increase of 51.5% over the previous year, according to its yearly report to Hong Kong Stock Exchange.

Net profit per share has increased by 51.4% year-on-year to HK$9.54 in 2007. Operating profit jumped 41.5% to HK$17.8 billion, as net interest income grew 25.9% to HK$14.8 billion. The bank's net interest margin has increased by 21 basis points to 2.23%, due to the improved deposit and treasury spreads.

Hang Seng Bank, established in 1933, is one of the largest listed Hong Kong lenders by market value. By the end of 2007, the lender's market value has amounted to HK$370.8 billion. Currently, it operates nearly 150 outlets in Kong Kong and 23 outlets on the Chinese mainland. It also has branches in Singapore and Macao.