Market Overview

Hang Seng Bank Posts 12% Surge In 2011 Net Profit, Names New CEO


Hang Seng Bank Ltd (OTC: HSNGY) posted a 12% rise in its net profit in 2011.

Hang Seng Bank's net profit for the period climbed to HK$16.68 billion, from HK$14.92 billion in 2010. However, analysts were expecting a net profit of HK$16.13 billion.

Net interest income at Hang Seng Bank's core lending business surged 10% to HK$15.74 billion from HK$14.30 billion.

The bank declared a Q4 dividend of HK$1.90 per share.

Hang Seng Bank appointed Rose Lee to succeed Margaret Leung as CEO and vice chairman.

Hang Seng Bank shares closed at $13.26 on Friday.


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