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

Hang Seng Bank Ltd

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.