Annual Report 2020

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HANG SENG BANK LIMITED HANG SENG BANK ANNUAL REPORT 2020 REPORT ANNUAL 83 Des Voeux Road Central, Hong Kong www.hangseng.com Hang Seng is proud to be marking 88 years of growing and progressing with our customers and the Hong Kong community. Contents 2 Corporate Profile 88 Years, and 3 Ever-growing Supporting Customers Corporate Governance Analysis of and the Community Report 249 Shareholders 4 During the Pandemic 120 Biographical Details of 5 Results in Brief* Directors and 250 Subsidiaries 148 Senior Management Five-year Financial Report of Directors of 6 Summary 162 the Directors 251 Subsidiaries Corporate Chairman’s 2020 Financial Information and Statement* 169 Statements 252 8 Calendar Chief Executive’s Independent 12 Report* 242 Auditor’s Report Management * Where possible, percentages in this section have been rounded to the nearest percentage point to facilitate easy reading. Percentage-based indicators remain at 1 or 2 decimal places as appropriate. Discussion and 16 The abbreviations ’HK$m’ and ’HK$bn’ represent millions and billions of Hong Kong dollars Analysis respectively. 16 Our Brand Values 2020 Performance at a Glance Scan this QR Code with your smart phone or tablet to see a summary 26 Business Review* of our 2020 performance. Alternatively, visit https://www.hangseng.com/cms/fin/fld/statement/ annual-report-2020/index-eng.html 36 Financial Review* 48 Risk 115 Capital Management Corporate Profile Hang Seng Bank is celebrating its 88th anniversary this year. Founded in 1933, the Bank has continually innovated to provide best-in-class, customer-centric banking, investment and wealth management services for individuals and businesses. It is widely recognised as the leading domestic bank in Hong Kong, currently serving more than 3.5 million customers. Combining its award-winning mobile app and strong digital capabilities with a vast network of about 290 service outlets in Hong Kong, Hang Seng offers a seamless omni-channel experience for customers to take care of their banking and financial needs anytime, anywhere. Its wholly owned subsidiary, Hang Seng Bank (China) Limited, operates a strategic network of outlets in almost 20 major cities in mainland China to serve a growing base of Mainland customers locally and those with cross-boundary banking needs. The Bank also operate branches in Macau and Singapore, and a representative office in Taipei. As a homegrown financial institution, Hang Seng is closely tied to the Hong Kong community. It supports the community with a dedicated programme of social and environmental initiatives focused on future skills for the younger generation, sustainable finance and financial literacy, addressing climate change and caring for the community. Hang Seng is a principal member of the HSBC Group, one of the world’s largest banking and financial services organisations. More information on Hang Seng Bank is available at www.hangseng.com. Ratings Moody’s Standard & Poor’s Long-term Bank Deposit Long-term Issuer Credit (local and foreign currency) (local and foreign currency) Aa2 AA- Short-term Bank Deposit Short-term Issuer Credit (local and foreign currency) (local and foreign currency) Prime-1 A-1+ Outlook Outlook Negative Stable 2 HANG SENG BANK 88 Years, and Ever-growing On 3 March 1933, Hang Seng opened its doors for business for the first time. Operating initially as a money changer, Hang Seng’s assets were modest, with just 11 employees working in an 800-square-foot premises in Sheung Wan. But its principles were lofty: Hang Seng would welcome Hong Kong people from all walks of life and treat them as individuals and honoured guests. The establishment date of Hang Seng – 3/3/33 – is highly auspicious in local culture. The word for ‘3’ in Cantonese rhymes with the characters for ‘life’ or ‘grow’, and the repetition of 3s means ‘never-ending’, a sentiment that is echoed in the name ‘Hang Seng’, which means ‘ever-growing’. This year we mark another auspicious date – our 88th anniversary. The number ‘8’ rhymes with the character for ‘good fortune’ and we hope the repeating 8s will bring never-ending good luck and good fortune to our customers and the communities we serve. Throughout our history, we have remained true to our founding principles and to our name: growing together with the people of Hong Kong by continually innovating and acting to deliver customer-centric services, support livelihoods, strengthen community ties and promote sustainability. Our long history of putting people first has made us one of Hong Kong’s most trusted brands and a banking partner to more than half the adult population. Our goal is to meet the diverse banking needs of all our customers in ways that are convenient, fast, easy and secure – anytime, anywhere. Our contribution to building a better future for all includes playing an active role in addressing social and environmental issues, such as social mobility, youth development and climate change. It also encompasses a determination to make Hang Seng an employer of choice. We engage our people through a variety of well-being and professional development initiatives, and provide a dynamic workplace environment that encourages creativity, collaboration and different ways of working. As we look ahead to the next 88 years and continue to transform for the future, we aim to remain ‘ever-growing’ on all fronts: for our business and for everyone we serve. To celebrate our 88th anniversary with the local community, we commissioned ‘Colourful Journeys’, a playful series of location-specific wall illustrations, for several of our branches. The illustrations reflect the unique characteristics of different local districts and the close relationships we have built with our customers over the years. ANNUAL REPORT 2020 3 Supporting Customers and the Community During the Pandemic Our accelerated development of digital banking services allowed personal customers to enjoy uninterrupted banking services amid social distancing. e-Banking and digital transactions grew by 124% eTicketing service was rolled out at all year-on-year. 74 street-level branch outlets to shorten customer queuing times. Extra protective measures were also implemented, including the installation of acrylic screens to keep customers and staff safe. A robust technology infrastructure enabled up to We donated 85% HK$10 million of our office staff to to support underprivileged children who had to work from home. learn from home when schools closed. To support SMEs in the challenging business environment, we were the 1st bank When physical DSE mock examinations were to launch a dedicated online cancelled, our youth Instagram page GO! GingerOnion application portal for the developed an online mock examination to help Special 100% Loan Guarantee students maintain momentum. under the SME Financing It registered more than Guarantee Scheme. 300,000 engagements. 4 HANG SENG BANK Results in Brief For the Year Profit attributable to shareholders Profit before tax Operating profit 16,687 HK$m 19,414 HK$m 20,125 HK$m 2019 24,840 HK$m 2019 28,813 HK$m 2019 28,610 HK$m Net operating income before change Return on average ordinary Cost efficiency ratio in expected credit losses and other shareholders’ equity credit impairment charges 36,068 HK$m 9.6% 36.6% 2019 43,514 HK$m 2019 15.2% 2019 30.0% Earnings per share Dividends per share 8.36 HK$ 5.50 HK$ 2019 12.77 HK$ 2019 8.20 HK$ At Year-end (at 31 December) Shareholders’ equity Total assets 183,100 HK$m 1,759,787 HK$m 2019 178,810 HK$m 2019 1,676,991 HK$m Capital ratios Common Equity Tier 1 (‘CET1’) Tier 1 Capital Ratio Total Capital Ratio Capital Ratio 16.8% 18.5% 20.0% 2019 16.9% 2019 18.7% 2019 20.8% Liquidity ratios Liquidity Coverage Ratio Net Stable Funding Ratio 230.4% 152.9% 2019 205.9% 2019 149.1% ANNUAL REPORT 2020 5 Five-year Financial Summary 2016 2017 2018 2019 2020 For the Year HK$bn HK$bn HK$bn HK$bn HK$bn Operating profit 19.0 23.5 27.9 28.6 20.1 Profit before tax 19.1 23.7 28.4 28.8 19.4 Profit attributable to shareholders 16.2 20.0 24.2 24.8 16.7 At Year-end HK$bn HK$bn HK$bn HK$bn HK$bn Shareholders’ equity 140.6 152.0 162.1 178.8 183.1 Issued and paid-up capital 9.7 9.7 9.7 9.7 9.7 Total assets 1,377.2 1,478.4 1,571.3 1,677.0 1,759.8 Total liabilities 1,236.6 1,326.3 1,409.2 1,498.1 1,576.6 Per Share HK$ HK$ HK$ HK$ HK$ Earnings per share 8.30 10.30 12.48 12.77 8.36 Dividends per share – 1st to 4th interim dividends 6.10 6.70 7.50 8.20 5.50 Ratios % % % % % Return on average ordinary shareholders’ equity 12.1 14.2 16.0 15.2 9.6 Post-tax return on average total assets 1.2 1.4 1.6 1.5 1.0 Capital ratios – Common Equity Tier 1 (‘CET1’) Capital Ratio 16.6 16.5 16.6 16.9 16.8 – Tier 1 Capital Ratio 17.9 17.7 17.8 18.7 18.5 – Total Capital Ratio 20.8 20.1 20.2 20.8 20.0 Cost efficiency ratio 33.5 30.5 29.5 30.0 36.6 6 HANG SENG BANK Profit Attributable to Shareholders and Operating Profit Earnings per Share Dividends per Share HK$bn HK$bn HK$ HK$ 30 28 14 9 28 8 26 24 12 24 7 22 20 10 20 6 18 16 8 16 5 14 12 6 4 12 10 3 8 8 4 2 6 4 2 4 1 2 0 0 0 0 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 Operating profit Profit attributable to shareholders Dividends per share Earnings per share Total Assets and Shareholders’ Equity and Return on Return on Average Total Assets Average Ordinary Shareholders’ Equity Total Capital Ratio HK$bn % HK$bn % % 1,800 2.4 200 26 22 180 24 20 1,600 2.2 160 22 18 16 1,400 2.0 140 20 14 120 18 1,200 1.8 12 100 16 10 1,000 1.6 80 14 8 60 12 800 1.4 6 40 10 4 600 1.2 20 8 2 400 1.0 0 6 0 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 Total assets Shareholders’ equity Total capital ratio Return on average total assets Return on average ordinary shareholders’ equity ANNUAL REPORT 2020 7 Chairman’s Statement The COVID-19 pandemic has had far-reaching economic and social consequences around the world.
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