Summary by Futu AI
Hang Seng Bank maintained momentum of growth in the first half of 2024 and showed strong performance. Within the six-month period, net interest income grew 2% YoY to HKD 15.483 billion, and the net interest margin improved by 20 basis points to 2.29%. Non-interest income also recorded growth, with retail investment fund fee income and insurance service growing by 20% and 16%, respectively. Pre-tax profit increased by 3% YoY to HKD 11.307 billion, and the attributable profit to shareholders increased by 1% to HKD 9.893 billion. Earnings per share rose by 1% to HKD 5.04. In terms of capital ratios, the Tier 1 capital adequacy ratio was 16.6%, the Tier 1+2 capital adequacy ratio was 18.2%, and the total capital adequacy ratio was 19.7%. The liquidity coverage ratio was 262.2%, exceeding the regulatory requirement. The bank started an automatic share buyback program in April 2024, repurchasing a total of 19,002,600 common shares at a total cost of approximately HKD 1.986 billion. The board of directors of the bank announced the payment of an interim dividend of HKD 1.20 per share, which will be paid on September 5, 2024.