恒生银行(00011) - 2023 - 年度业绩

Financial Performance - Shareholder profit increased by 58% to HKD 17.848 billion, with earnings per share rising by 62% to HKD 8.97[3] - The bank's profit before tax increased by 57% year-on-year to HKD 20.1 billion, with return on equity rising by 4.1 percentage points to 11.3%[11] - Operating profit grew by 55%, amounting to HKD 19.946 billion, while profit before tax increased by 57% to HKD 20.105 billion[22] - The total comprehensive income for the year ended December 31, 2023, was HKD 19,053 million, compared to HKD 8,956 million for the previous year[49] - The net profit for the year was HKD 17,838 million, an increase from HKD 11,272 million in the previous year[49] Income and Revenue - Net interest income grew by 26% to HKD 32.295 billion, with net interest margin widening by 55 basis points to 2.30%[3] - Wealth management and personal banking business operating income before expected credit loss changes increased by 26% to HKD 23.64 billion[15] - The bank's new insurance annual premium income surged by 157% to HKD 5.6 billion, exceeding pre-pandemic levels[11] - The bank's investment services and insurance business revenue rose by 17%, driven by strong performance in structured investment products, while new annualized premiums for insurance increased by 174% compared to the previous year[42] - The total operating income before expected credit loss changes was HKD 40,822 million, with HKD 38,248 million generated from Hong Kong[66] Cost Management - The cost-to-income ratio improved to 35.8% from 40.1% in the previous year[3] - The bank's cost-to-income ratio improved by 4.3 percentage points to 35.8% due to strict cost control measures[11] - Operating expenses increased by HKD 0.829 billion, or 6%, to HKD 14.624 billion, mainly due to ongoing technology investment costs[28] Capital and Liquidity - The Common Equity Tier 1 capital ratio was 18.1%, up from 15.2% in the previous year[3] - The liquidity coverage ratio as of December 31, 2023, was 260.7%, down from 281.3% in 2022, but still well above the regulatory requirement of 100%[36] - The capital base as of December 31, 2023, was HKD 144.233 billion, an increase from HKD 138.676 billion as of December 31, 2022[80] - The total capital ratio rose to 21.4% as of December 31, 2023, from 18.1% as of December 31, 2022[82] Customer and Market Activity - Non-Hong Kong resident account openings increased by 342% year-on-year, driven by the bank's focus on expanding its Greater Bay Area business[11] - The number of affluent clients grew by 17%, with new private banking account openings rising by 116%[15] - Monthly active users of mobile wealth management services increased by 16% year-over-year, and retail transactions conducted digitally surged by 115%[43] - The bank opened six cross-border wealth management centers in major cities in the Greater Bay Area, with plans to open a seventh center in Guangzhou in January 2024[41] Sustainable Development - The bank aims to achieve net-zero carbon emissions by 2030 and has received a gold certification from the International WELL Building Institute[7] - The bank launched sustainable financing products to assist clients in enhancing their social and environmental performance[7] - The bank has actively provided sustainable development-linked loans to assist clients in transitioning to a low-carbon economy[46] Regulatory and Governance - The bank has fully complied with the corporate governance principles and codes as per the Hong Kong Stock Exchange's listing rules for the year 2023[107] - The board of directors includes independent non-executive directors and non-executive directors, ensuring a diverse governance structure[108] - The bank has established a regulatory disclosure section on its website to comply with banking disclosure regulations[110] Credit and Risk Management - The expected credit loss decreased by HKD 1.446 billion to HKD 6.248 billion, indicating a net reversal of HKD 1.071 billion in the first two phases of risk[22] - Total impaired loans increased from HKD 24.2 billion at the end of 2022 to HKD 24.7 billion at the end of 2023, reflecting downgrades in certain impaired corporate loans[28] - The total expected credit loss provisions for the year included a net remeasurement of expected credit losses of HKD 13.568 million[71] Future Outlook - The bank plans to continue investing in technology and data analytics to enhance service standards and customer experience[21] - Forward-looking statements may involve significant assumptions and uncertainties, and actual results may differ materially from those projected[111] - The bank does not undertake any obligation to update or revise forward-looking statements based on changes in management's beliefs or expectations[111]