Profit Before Tax Increases by HK$900m, Non-interest Income Jumps 26%
Dividend Per Share Up Nearly 5%
HONG KONG, Feb. 19, 2025 -- Hang Seng Bank today is pleased to report its strong full-year financial results for 2024, showing sustained growth momentum.
The Bank saw a notable 26% increase in non-interest income, a result of deliberate efforts in diversifying its revenue streams and growing the target customer base.
Despite a year of uncertainties, operating profit increased by 8% year-on-year to HK$21,558m. Profit before tax increased by more than HK$900m year-on-year. Earnings per share improved by 4% while return on shareholders' equity remained steady at 11.3% compared to 2023. Total dividend distribution for 2024 was HK$6.80 per share, an improvement of 4.6% year-on-year.
As a result of accelerating growth in the retail customer base both in Hong Kong and mainland China, the Bank reported a 75% jump in new-to-bank affluent customers and a 15% increase in affluent customer numbers. New account openings for retail mainland China customers surged 81% year-on-year as integrated banking and wealth management services enhanced cross-boundary business.
Diana Cesar, Executive Director and Chief Executive of Hang Seng Bank, said: "2024 was a challenging year with geopolitical and macro uncertainties. But Hang Seng delivered a strong financial performance by focusing on diversifying our revenue and growing our target customer base. We also took a proactive approach to de-risk our portfolio, which enabled us to keep growing, and delivered notable results for our stakeholders. Going forward, we will continue to invest in our capabilities and support our community, which will fuel growth in a sustainable manner and contribute to Hong Kong's position as an international financial centre and global super-connector."
With economic uncertainties set to persist, Hang Seng continues to adopt a prudent and forward-looking risk management approach, which will provide us with a solid foundation for future growth.
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