Hang Seng Bank saw a 26% increase in non-interest income, a result of deliberate efforts in diversifying its revenue streams and growing the target customer base, according to a statement.
Profit before tax increased by more than HK$900m ($116m) year-on-year and operating profit increased by 8% year-on-year to HK$21,558m. Earnings per share improved by 4% while return on shareholders’ equity remained steady at 11.3% compared with 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.”
“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.”
