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2005 Annual Report

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2005 Annual Report CONTENTS OUR PERFORMANCE OUR PEOPLE 4 Results in Brief 66 Biographical Details of 5 Five-year Financial Summary Directors 6 Major Events 2005 70 Biographical Details of 8 Major Awards and Ratings Senior Management 72 Report of the Directors OUR VISION FINANCIAL STATEMENTS 12 Chairman’s Statement 79 2005 Financial Statements 186 Auditors’ Report 187 Analysis of Shareholders OUR STRATEGY 188 Subsidiaries 16 Chief Executive’s Report 189 Corporate Information 26 Business Operations and Calendar – Business in Hong Kong – Business on the Mainland 34 Corporate Governance and Other Information 44 Corporate Social Responsibility 48 Financial Review ANNUAL REPORT 2005 1 OUR PERFORMANCE CORPORATE PROFILE Founded in 1933, Hang Seng Bank is Hong Kong’s largest locally incorporated bank in terms of market capitalisation (HK$193.5 billion at 31 December 2005). In Hong Kong, we operate over 150 branches and automated banking centres, serving more than one third of the local population. We have a network of 12 outlets in mainland China, including six branches (in Beijing, Shanghai, Guangzhou, Shenzhen, Fuzhou and Nanjing), four sub-branches (three in Shanghai and one in Shenzhen) and two representative offices (in Xiamen and Dongguan). We also have a branch in Macau and a representative office in Taipei. Hang Seng is a principal member of the HSBC Group, which is among the world’s largest banking and financial services organisations. 2 HANG SENG BANK ANNUAL REPORT 2005 3 OUR PERFORMANCE RESULTS IN BRIEF 2005 2004 restated* Change For the year HK$m HK$m % Operating profit excluding loan impairment charges and other credit risk provisions 11,686 11,821 -1.1 Operating profit 11,068 12,598 -12.1 Profit before tax 13,358 13,283 0.6 Profit attributable to shareholders 11,342 11,364 - 0.2 Per share HK$ HK$ % Earnings per share 5.93 5.94 -0.2 Dividends per share 5.20 5.20 – At year-end HK$m HK$m % Shareholders’ funds 42,571 40,929 4.0 Total assets 580,820 546,947 6.2 HK$ HK$ % Net asset value per share 22.87 21.85 4.7 Ratios % % For the year Return on average shareholders’ funds 27.5 28.5 Cost efficiency ratio 28.0 26.4 Average liquidity ratio 45.1 47.2 At year-end Total capital ratio** 12.8 12.0 Tier 1 capital ratio** 10.4 10.8 * Comparative figures have been restated to reflect the adoption of a number of new and revised Hong Kong Financial Reporting Standards and Hong Kong Accounting Standards, details of which are set out in note 4 “Changes in accounting policies”. ** The capital ratios take into account market risks in accordance with the relevant Hong Kong Monetary Authority guideline under the Supervisory Policy Manual. 4 HANG SENG BANK FIVE-YEAR FINANCIAL SUMMARY 2001 2002 2003 2004 2005 restated For the year HK$bn HK$bn HK$bn HK$bn HK$bn Operating profit 11.1 10.7 10.7 12.6 11 .1 Profit before tax 11.5 11.2 11.1 13.3 13.4 Profit attributable to shareholders 10.1 9.9 9.5 11.4 11.3 At year-end HK$bn HK$bn HK$bn HK$bn HK$bn Shareholders’ funds 45.1 43.1 39.6 40.9 42.6 Issued and paid up capital 9.6 9.6 9.6 9.6 9.6 Total assets 474.8 474.7 503.0 546.9 580.8 Per share HK$ HK$ HK$ HK$ HK$ Earnings per share 5.29 5.19 4.99 5.94 5.93 Dividends per share 4.90 5.40# 4.90 5.20 5.20 Ratios %%%%% Post-tax return on average shareholders’ funds 23.0 23.1 23.4 28.5 27.5 Post-tax return on average total assets 2.1 2.1 2.0 2.2 2.0 Capital ratios – Total ratio* 15.3 14.2 13.2 12.0 12.8 – Tier 1 ratio* 12.3 11.9 11.3 10.8 10.4 Cost efficiency ratio 26.325.425.426.428.0 # Including special interim dividend of HK$0.50 per share for 2002. * The capital ratios take into account market risks in accordance with the relevant Hong Kong Monetary Authority guideline under the Supervisory Policy Manual. RESULTS TOTAL ASSETS AND SHAREHOLDERS’ FUNDS PER SHARE EARNINGS AND DIVIDENDS HK$bn HK$bn In Percentage HK$ 14 600 30 10.00 12 500 25 8.00 10 400 20 8 6.00 300 15 6 4.00 200 10 4 2.00 2 100 5 0 00 0.00 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 Profit Attributable to Shareholders Total Assets Dividends Per Share Operating Profit Shareholders’ Funds Special Interim Dividend Per Share Post-tax Return on Average Earnings Per Share Shareholders’ Funds ANNUAL REPORT 2005 5 OUR PERFORMANCE MAJOR EVENTS 2005 MAY APR Hang Seng announces a first interim Hang Seng’s Fuzhou branch dividend of HK$1.10 per share. relocates to larger premises to capitalise on growing business opportunities in Fujian Province. FEB Hang Seng and Japan Airlines Hang Seng and Industrial Bank 1 jointly launch a credit card. jointly establish a credit card centre on the Mainland. JAN 2 FEB 5 3 4 MAY 6 MAR APR JUN JAN Hang Seng becomes the first JUN Hong Kong financial institution MAR Hang Seng makes its debut subordinated to receive ISO 14001 notes issue with a HK$2.5 billion offering, certification for its sound Hang Seng Insurance Company the largest-ever outstanding Hong Kong environmental practices. Limited and Hang Seng Life dollar subordinated notes issue. Limited respectively celebrate their 40th and 10th anniversaries. To further tap the business potential of the The Hang Seng FTSE / Xinhua China 25 Pearl River Delta region, Hang Seng opens Index Exchange-traded Fund is launched and its first Shenzhen sub-branch. listed on the Stock Exchange of Hong Kong. Hang Seng begins offering Hong Kong dollar withdrawal services via its Hong Kong ATM network to China UnionPay cardholders from mainland China. Hang Seng launches two new Capital- Hang Seng extends the combined age of Hang Seng begins offering guaranteed China Equity Funds. the property and mortgage loan tenor from mortgage services for residential 40 to 60 years for key residential estates properties that have been Hang Seng extends its 95% “Top Up” and extends its 95% “Top Up” Mortgage rehabilitated under the Urban Mortgage Plan to Government Home Plan to secondary market properties. Renewal Authority and Hong Ownership Scheme flats that are eligible Kong Housing Society schemes. for sale on the open market. Hang Seng expands its personal loan services with the launch of an e-Loan Centre. 6 HANG SENG BANK SEP Hang Seng opens a Beijing branch to build on opportunities created by the NOV further liberalisation of financial markets Hang Seng announces a on the Mainland. third interim dividend of HK$1.10 per share. Hang Seng launches two Capital- JUL guaranteed MidCap Funds. Hang Seng is among the Hang Seng launches a first group of banks to Commercial Card for small Hang Seng’s investment quota under its launch retail RMB non- and medium-sized Mainland QFII securities investment business deliverable forward enterprise (SME) customers. permit is doubled to US$100 million. contracts in Hong Kong. Hang Seng launches an RMB forward foreign exchange contracts service at its Shanghai, Guangzhou, Shenzhen and 8 Fuzhou branches. 12 7 AUG DEC JUL 11 NOV AUG 9 SEP Hang Seng opens a Dongguan 10 representative office, further OCT DEC strengthening the Bank’s presence in Hang Seng offers business the Pearl River Delta region. customers RMB deposit accounts. OCT Hang Seng’s Fuzhou branch The number of Hang Seng outlets in receives approval to expand its Shanghai increases to four with the services to domestic enterprises opening of Xujiahui sub-branch. and Mainland residents. Hang Seng announces a second interim dividend of HK$1.10 per share. Hang Seng expands its Cash Dollars Credit Card Reward scheme to better meet Hang Seng announces an expanded customer needs. range of products and services designed specifically for SMEs. ANNUAL REPORT 2005 7 OUR PERFORMANCE MAJOR AWARDS AND RATINGS Named Best Highly Commended in the categories Fitch affirmed Hang Seng’s Domestic Bank in of Best Annual Report and Other individual rating of A/B and Hong Kong by The Corporate Literature; Best support rating of 1. Asset for the sixth Corporate Governance; and Best consecutive year. Website at Investor Relations Standard & Poor’s affirmed Hang Magazine’s Hong Kong & Taiwan Seng Insurance Co Ltd’s and Ranked as the Strongest Awards 2005. Hang Seng Life Ltd's A+ insurer Bank in Asia in The Asian Banker 300. financial strength and Awarded a Certificate of Merit counterparty credit rating. Named Best Hong Kong Company in for Outstanding Achievements terms of Commitment to Strong and Performance in Customer A.M. Best affirmed Hang Seng Dividend Policy by FinanceAsia in its Service at the 2005 Hong Kong Insurance Co Ltd’s and Hang Seng Asia’s Best Companies 2005 poll. Awards for Industries. Life Ltd’s A+ (Superior) financial strength rating. Ranked as the 220th Largest Listed Moody’s Investors Service affirmed Company in the World in terms of Hang Seng’s A1 long-term and FTSE affirmed Hang Seng’s Market Capitalisation in the 2005 FT Prime 1 short-term foreign status as a constituent Global 500. currency deposit ratings and Aa3 company of the long-term and Prime 1 short-term FTSE4Good Index Series, local currency deposit ratings, as Won the Excellence in Wealth designed to recognise well as its bank financial strength Management Award at The Asian companies that meet global corporate rating of B – the highest rating among Banker’s Excellence in Retail Financial responsibility standards.
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