Hang Seng Bank boosts profit to HK$8.9 billion

Up 12% year-on-year despite challenging operating environment.

Hang Seng Bank Ltd, an HSBC subsidiary, said yesterday that its operating profit rose 12% year-on-year to HK$8.9 billion (US$1.15 billion) in the first half of the year.

The bank's profit attributable to shareholders was HK$18.5 billion, twice that for the same period last year and a return on average shareholders' funds of 35.9%.

Vice Chairman and Chief Executive of Hang Seng Bank Rose Lee said that Hang Seng Bank (China) Ltd enhanced its product suite and continued to invest in service delivery infrastructure and brand building. the company's strong network in the Yangtze Delta by increasing cross-border economic integration and renminbi internationalization.

"Our wholly owned subsidiary, Hang Seng Investment Management Ltd, was the first non-mainland financial institution in Hong Kong to be granted RMB Qualified Foreign Institutional Investor status, enabling us to invest in Mainland securities with renminbi raised in Hong Kong. We expect to launch an A-share exchange- traded fund in the second half of this year," she said.