HSBC and its subsidiary Hang Seng Bank will announce their results today. As the biggest lender in Hong Kong and a heavyweight in benchmark Hang Seng Index, HSBC is scheduled to
Listen to the audio webcast of HSBC’s conference call scheduled at 4:15 pm Hong Kong time.
12:12 pm By Enoch Yiu
Hang Seng Bank’s 2015 results were in line with market expectation. The Hong Kong-based lender, where HSBC has a 62 per cent stake, said its net profit jumped 82 per cent to HK$27.49 billion last year, mainly due to one-off gains from the disposal of its investments in mainland lender Industrial Bank.
The results were within the estimated range of HK$26.30 billion to HK$28.86 billion.
Excluding the one-off gain, Hang Seng Bank’s net profit stood at HK$16.75 billion, up10 per cent from a year earlier.
The bank’s vice-chairman and chief executive Rose Lee Wai-mun is going to hold a press conference at 3pm with other senior executives.
12:07 pm By Liz Mak
HSBC results came in worse-than-expected. Its 2015 pretax profit reached US$ 18.9 billion, missing analyst estimates of US$21.6 billion.
12:02 pm: Enoch Yiu
HSBC, which has just decided to keep its headquarters in London rather than moving to Hong Kong, is estimated by analysts to post a pretax profit at US$21.6 billion last year, up 16.79 per cent from a year earlier.
11:40 am: Enoch Yiu
Hang Seng Bank is expected to have a strong growth of its net profit last year mainly due to one-off gains from the disposal of its investments in mainland lender Industrial Bank.
Brokers have estimated the lenders could have a profit ranging from HK$26.30 billion to HK$28.86 billion, representing an increase of 74 per cent to 91 per cent from the net profit of HK$15.13 billion in 2014.
11:25 am: Brendan Clift
HSBC shares are trading up 0.8 per cent to HK$50.65 so far this morning. Hang Seng Bank is similarly up by 0.7 per cent to HK$127.20.
Investor caution is apparent as both are slightly underperforming the Hang Seng Index, which has picked up 0.96 per cent to 19,470.32 points.
Below are the year-to-date charts of both lenders’ share prices. Click to enlarge the charts.