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Hang Seng Bank Limited Annual Report 2014

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Hang Seng Bank Limited Annual Report 2014 HANG SENG BANK LIMITED 言以 衷 ANNUAL REPORT 2014 CONVERSATIONS 聽以 誠 83 Des Voeux Road Central, Hong Kong www.hangseng.com Annual Report 2014 © Copyright Hang Seng Bank Limited 2015 All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of Hang Seng Bank Limited. Published by Hang Seng Bank Limited Concept, design and art direction by Lilian Tang Design Photography by Josiah Leung Photography Printed in Hong Kong by HM Too Limited Founded in 1933, Hang Seng is one of Hong Kong’s largest listed companies. Our market capitalisation as at 31 December 2014 was HK$247.0bn. With more than 10,000 employees, we serve over half the adult population of Hong Kong – more than 3 million people – through about 240 service outlets. We also maintain branches in Macau and Singapore and a representative office in Taipei. Established in 2007 and headquartered in Shanghai, our wholly owned mainland China subsidiary Hang Seng Bank (China) Limited operates a network of around 50 outlets in Beijing, Shanghai, Guangzhou, Shenzhen, Fuzhou, Nanjing, Dongguan, Hangzhou, Ningbo, Tianjin, Kunming, Xiamen, Chengdu, Foshan, Zhongshan, Huizhou, Zhuhai, Jiangmen and Shantou. Hang Seng is a principal member of the HSBC Group, one of the world’s largest banking and financial organisations. Contents 01 Corporate Profile 108 Corporate Governance and * Where possible, percentages 02 Results in Brief * Other Information in this section have been rounded to the nearest 04 Five-Year Financial Summary 128 Biographical Details of Directors percentage point to facilitate 06 Chairman’s Statement* 136 Biographical Details of Senior reading. Percentage-based 08 Chief Executive’s Report* Management indicators remain at 1 or 2 decimal places as 10 Management Discussion and Analysis 138 Report of the Directors appropriate. 12 Business in Hong Kong 145 2014 Financial Statements The abbreviations “HK$m” 20 Business on the Mainland 270 Independent Auditor’s Report and “HK$bn” represent 24 Financial Review 271 Supplementary Notes to the millions and billions of Hong 37 Risk Management Financial Statements (unaudited) Kong dollars respectively. 95 Capital Management 293 Analysis of Shareholders 102 Corporate Sustainability 294 Subsidiaries 295 Corporate Information and Calendar Results in Brief FOR THE YEAR Operating profit excluding loan Operating profit impairment charges 20,594 HK$m 19,450 HK$m 2013 : 18,946 HK$m 2013 : 18,410 HK$m Profit before tax 1 Profit attributable to shareholders1 18,049 HK$m 15,131 HK$m 2013 : 28,496 HK$m 2013 : 26,678 HK$m Return on average shareholders’ Cost efficiency ratio funds1 13.4% 31.8% 2013 : 25.4% 2013 : 32.4% Average liquidity ratio 34.7% 2013 : 34.9% Earnings per share1 Dividends per share 7.91 HK$ 5.60 HK$ 2013 : 13.95 HK$ 2013 : 5.50 HK$ 1 Industrial Bank Co., Ltd. ("Industrial Bank") impairment and reclassification Reported results for 2014 include an impairment loss of HK$2.1bn on the Bank’s investment in Industrial Bank. Reported results for 2013 include a non-distributable accounting gain on the reclassification of Industrial Bank from an associate to a financial investment of HK$8.5bn before tax (HK$9.5bn attributable profit). Figures quoted as “excluding the Industrial Bank impairment and reclassification” have been adjusted for the above items. Excluding the Industrial Bank impairment and reclassification, key financial results and performance metrics are set out below for comparison purpose: 2014 2013 Profit before tax (HK$m) 20,152 20,042 Profit attributable to shareholders (HK$m) 17,234 17,161 Earnings per share (HK$) 9.01 8.98 Return on average shareholders’ funds (%) 16.3 17.6 02 HANG SENG BANK RATINGS AT YEAR-END (AT 31 DECEMBER) HANG SENG BANK Shareholders’ funds Moody’s Long-term Bank Deposit Aa2 (local and foreign currency) 139,193 HK$m 2013 : 107,778 HK$m Short-term Bank Deposit Prime -1 (local and foreign currency) Total assets Bank Financial Strength B 1,263,990 HK$m Outlook Stable 2013 : 1,143,730 HK$m Standard & Poor’s Long-term AA- Counterparty Credit (local and foreign currency) Capital ratios Short-term A-1+ Counterparty Credit under Basel III (local and foreign currency) Common Equity Tier 1 (“CET1”) Capital Ratio Outlook Stable 15.6% 2013 : 13.8% HANG SENG CHINA Tier 1 Capital Ratio Moody’s Long-term Bank Deposit A2 15.6% (local and foreign currency) 2013 : 13.8% Short-term Bank Deposit Prime -1 (local and foreign currency) Total Capital Ratio 15.7% Bank Financial Strength D+ 2013 : 15.8% Outlook Stable Standard & Poor’s Long-term AA- Counterparty Credit (local and foreign currency) Short-term A-1+ Counterparty Credit (local and foreign currency) Outlook Stable ANNUAL REPORT 2014 03 Five-Year Financial Summary 2010 2011 2012 2013 2014 (restated) (restated) (restated) FOR THE YEAR HK$bn HK$bn HK$bn HK$bn HK$bn Operating profit 14.0 14.1 15.5 18.4 19.5 Profit before tax 1 17.2 19.2 22.0 28.5 18.0 Profit attributable to shareholders1 14.9 16.8 19.3 26.7 15.1 AT YEAR-END HK$bn HK$bn HK$bn HK$bn HK$bn Shareholders’ funds 70.7 79.6 92.3 107.8 139.2 Issued and paid up capital 9.6 9.6 9.6 9.6 9.7 Total assets 917.1 975.7 1,077.1 1,143.7 1,264.0 Total liabilities 846.4 896.1 984.8 1,035.9 1,124.8 PER SHARE HK$ HK$ HK$ HK$ HK$ Earnings per share1 7.80 8.80 10.11 13.95 7.91 Dividends per share 5.20 5.20 5.30 5.50 5.60 RATIOS %%%% % Return on average shareholders’ funds1 22.6 22.6 22.8 25.4 13.4 Post-tax return on average total assets 1.7 1.8 1.9 2.4 1.3 Capital ratios under Basel III – Common Equity Tier 1 (“CET1”) Capital Ratio – – – 13.8 15.6 – Tier 1 Capital Ratio – – – 13.8 15.6 – Total Capital Ratio – – – 15.8 15.7 Capital ratios under Basel II – Core capital ratio 10.8 11.6 12.2 – – – Capital adequacy ratio 13.6 14.3 14.0 – – Cost efficiency ratio 34.2 35.3 34.9 32.4 31.8 1 Industrial Bank Co., Ltd. ("Industrial Bank") impairment and reclassification Reported results for 2014 include an impairment loss of HK$2.1bn on the Bank’s investment in Industrial Bank. Reported results for 2013 include a non- distributable accounting gain on the reclassification of Industrial Bank from an associate to a financial investment of HK$8.5bn before tax (HK$9.5bn attributable profit). Figures quoted as “excluding the Industrial Bank impairment and reclassification” have been adjusted for the above items. Excluding the Industrial Bank impairment and reclassification, key financial results and performance metrics are set out below for comparison purpose: 2014 2013 Profit before tax (HK$bn) 20.2 20.0 Profit attributable to shareholders (HK$bn) 17.2 17.2 Earnings per share (HK$) 9.01 8.98 Return on average shareholders’ funds (%) 16.3 17.6 04 HANG SENG BANK Attributable Profit and Results Earnings per Share Dividends per Share HK$bn HK$bn HK$ HK$ 20 30 15 6 18 25 5 16 14 20 10 4 12 10 15 3 8 10 5 2 6 4 5 1 2 0 0 0 0 10 11 12 13 14 10 11 12 13 14 10 11 12 13 14 Operating profit Attributable profit Dividends per share Earnings per share Total Assets and Return on Shareholders’ Funds and Return Capital Adequacy Ratio/ Average Total Assets on Average Shareholders’ Funds Total Capital Ratio HK$bn %%HK$bn % 1,400 2.6 160 30 20 28 18 2.4 140 1,200 26 16 2.2 120 24 14 2.0 100 1,000 22 12 1.8 80 20 10 800 18 8 1.6 60 16 6 1.4 40 600 14 4 1.2 20 12 2 400 1.0 0 10 0 10 11 12 13 14 10 11 12 13 14 10 11 12 13 14 Total assets Shareholders’ funds Capital adequacy ratio/ # Return on average total Return on average shareholders’ Total capital ratio assets funds # On 1 January 2013, the Hong Kong Monetary Authority ("HKMA") implemented the first phase of the Basel III capital framework in Hong Kong. The capital disclosures effective from 2013 under Basel III are, therefore, not directly comparable with the disclosure prepared under Basel II basis before. ANNUAL REPORT 2014 05 Chairman’s Statement In a challenging economic environment, Hang Seng maintained good growth momentum in 2014. Capitalising on our strong market position and brand, we leveraged our competitive strength to improve efficiency and provide an enhanced service experience for customers. The impact of the Industrial Bank reclassification in 2013 and impairment loss in 2014 saw profit attributable to shareholders and earnings per share both fall by 43% to HK$15,131m and HK$7.91 respectively. Excluding these items, profit attributable to shareholders increased by 0.4% to HK$17,234m and earnings per share rose by 0.3% to HK$9.01. Return on average shareholders’ funds for 2014 was 13.4%, compared with 25.4% in the previous year. Excluding the Industrial Bank reclassification in 2013 and impairment loss in 2014, return on average shareholders’ funds was 16.3%, compared with 17.6% in 2013. The Directors have declared a fourth interim dividend of HK$2.30 per share, bringing the total distribution for 2014 to HK$5.60 per share, up from HK$5.50 per share in 2013.
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