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1999 Contents ANNUAL REPORT 1999 CONTENTS 1 33 Corporate Profile 1 Biographical Details of Senior Management 74 2 34 Results in Brief 2 Report of the Directors 75 4 81 Five-year Financial Summary 4 1999 Financial Statements 81 6 143 Chairman’s Statement 40 Report of the Auditors 144 9 145 Chief Executive’s Report 45 Analysis of Shareholders 145 18 146 Financial Review 56 Notice of Annual General Meeting 148 28 151 Corporate Information 68 Subsidiaries 151 29 152 Biographical Details of Directors 69 Financial Calendar 152 MANAGING FOR VALUE This year’s theme is Managing for Value, a new initiative adopted to steer the Bank to future success. Its objective is to maximise shareholder value through efficient use of resources. Symbolic illustration takes this message beyond the typical depiction of day-to-day banking, and into the realm of strategic thinking for creating the most value. CORPORATE PROFILE HANG SENG BANK, whose name in Chinese means “ever-growing”, is the second-largest locally-incorporated bank in the Hong Kong Special Administrative Region and serves more than two million customers. The Bank is committed to increasing shareholder wealth and providing superior customer service. Under the Managing for Value strategy, it aims to at least double shareholder value in five years. Hang Seng is a principal member of the HSBC Group, one of the world’s largest banking and financial services organisations. Founded in 1933, its business focus is Hong Kong and mainland China. It employs about 7,500 staff in 156 local branches; its Guangzhou, Shanghai and Shenzhen branches; and its Beijing and Xiamen representative offices. The Bank’s shares are traded in Hong Kong and London. It also offers investors in the US a Sponsored Level-1 American Depositary Receipts Programme through The Bank of New York. 1 RESULTS IN BRIEF 1999 1998 CHANGE FOR THE YEAR HK$M HK$M % Operating profit before provisions 11,065 10,632 +4.1 Operating profit 9,646 8,156 +18.3 Profit before tax 9,784 7,976 +22.7 Attributable profit 8,307 6,788 +22.4 PER SHARE HK$ HK$ % Earnings per share 4.35 3.55 +22.5 Dividends per share 8.20* 3.42 +139.8 AT YEAR-END HK$M HK$M % Shareholders’ funds 39,574 45,505 -13.0 Total assets 442,070 422,721 +4.6 RATIOS % % Return on average shareholders’ funds 17.6 13.5 † Total capital ratio† 17.3 21.3 † Tier 1 capital ratio† 13.3 17.5 Liquidity ratio (average for the year) 42.4 39.2 Cost:income ratio 25.3 26.7 * * Including special interim dividend of HK$4.10 per share. ††The capital ratios have taken into account market risks in accordance with the relevant Hong Kong Monetary Authority guideline. 2 OBJECTIVE Our target is to at least double shareholder returns in five years by focusing on higher-margin, value-creating businesses. 3 FIVE-YEAR FINANCIAL SUMMARY 1995 1996 1997 1998 1999 FOR THE YEAR HK$BN HK$BN HK$BN HK$BN HK$BN Operating profit 7.9 9.1 10.1 8.2 9.6 Profit before tax 9.0 9.7 10.8 8.0 9.8 Attributable profit 8.0 8.5 9.4 6.8 8.3 AT YEAR-END HK$BN HK$BN HK$BN HK$BN HK$BN Shareholders’ funds 47.0 53.7 52.5 45.5 39.6 Issued and paid up capital 9.7 9.7 9.6 9.6 9.6 Total assets 349.2 394.3 399.4 422.7 442.1 PER SHARE HK$ HK$ HK$ HK$ HK$ Earnings per share 4.13 4.39 4.85 3.55 4.35 Dividends per share 2.90 3.08 3.42 3.42 8.20* RATIOS % % % % % Post-tax return on average shareholders’ funds 18.6 16.9 17.6 13.5 17.6 Post-tax return on average total assets Based on operating profit after tax 2.1 2.1 2.2 1.7 1.9 Based on attributable profit 2.4 2.3 2.4 1.7 1.9 Capital ratios Total ratio 24.8 24.0† 22.0† 21.3† 17.3† Tier 1 ratio 17.9 16.9† 16.3† 17.5† 13.3† Cost : income ratio 27.2 25.7 25.7 26.7 25.3 * *Including special interim dividend of HK$4.10 per share. † †The capital ratios have taken into account market risks in accordance with the relevant Hong Kong Monetary Authority guideline. 4 RESULTS TOTAL ASSETS AND PER SHARE EARNINGS SHAREHOLDERS’ FUNDS AND DIVIDENDS HK$BN HK$BN HK$ 1212 500500 10 10 1010 400400 8 8 8 8 300300 6 6 6 6 200200 4 4 4 4 100100 2 2 2 2 0 0 0 95 96 97 98 99 95 96 97 98 99 95 96 97 98 99 Attributable profit Total assets Earnings per share Operating profit Shareholders’ funds Dividends per share POST-TAX RETURNS ON CAPITAL RATIOS COST: INCOME RATIO AVERAGE SHAREHOLDERS’ FUNDS AND TOTAL ASSETS IN PERCENTAGE IN PERCENTAGE HK$BN IN PERCENTAGE 25 259 35 35 151500050 50 20 208 30 30 121200040 40 15 157 25 25 6 9900030 30 5 20 20 4 15 15 6600020 20 2.52.53 10 10 2.02.02 3300010 10 5 5 1.51.51 0 0 0 95 96 97 98 99 95 96 97 98 99 95 96 97 98 99 Post-tax return on average Total ratio Income shareholders’ funds Tier 1 ratio Cost Post-tax return on average total assets Cost:income ratio 5 6 7 8 9 10 11 e-shopping HP Secure NetPayment Solution U-Smart B2B B2C MULTOS 12 13 A3 Prime 2 B Api AM Best A+ (superior) AM Best 14 Asian Business Api 15 hangseng.com IBM hangseng.com IFS WAP phones PDAs 24 24 950 16 17 10,000 8,000 11,065 10,632 9,784 7,976 8,307 6,788 6,000 4.35 3.55 4,000 2,000 98 99 28,072 32,280 (16,405) (20,925) 11,667 11,355 15 406,113 383,926 2.36 2.22 12 2.87 2.96 9 6 3 95 96 97 98 99 18 18.6 7.6 3.6 20.8 49.4 1,427 2,509 (8) (33) 1,419 2,476 201,121 204,175 0.7% 1.2% – – 0.7% 1.2% 19.6 11.7 10.1 * 202,244 202,813 (3,522) (3,087) (1,441) (1,449) 58.6 † 197,281 198,277 * 8,658 7,841 * * 4.3% 3.9% * 1.74% 1.52% 0.71% 0.71% 2.45% 2.23% * 40.7% 39.4% * † 19 2,500 2,000 1,500 1,000 500 95 96 97 98 99 2.52.5 2.02.0 9,559 9,559 17,729 25,005 1.51.5 3,959 2,423 8,228 8,419 1.01.0 99 99 39,574 45,505 0.50.5 17.6 13.5 0.0 95 96 97 98 99 20 4504500 4004000 3503500 3003000 2502500 2002000 1501500 1001000 50 500 0 95 96 97 98 99 70 5,592 753 897 1,532 2,291 11,065 (476) (185) (766) – – (1,427) 60 (11) 102528 5,105 578 133 1,537 2,293 9,646 50 52.9% 6.0% 1.4% 15.9% 23.8% 100.0% 40 95 96 97 98 99 21 9,559 9,559 17,489 25,005 99 99 27,147 34,663 5,786 5,893 2,266 1,090 1,440 1,449 9,492 8,432 (1,350) (797) 35,289 42,298 193,541 191,292 9,783 6,941 203,324 198,233 204,141 198,437 13.4% 17.5% 17.4% 21.3% 13.3% 17.5% 17.3% 21.3% 22 23 400 350 300 250 200 150 100 50 123456789101112 * * 24 * * 90 0 87 80 0 71 70 0 60 0 50 0 40 0 30 * 0 19 20 0 * 14 10 10 10 0 6 7 7 6 22 3 4 0 0 0 -2.0 -2.0 1.0 4.0 7.0 10.0 13.0 16.0 19.0 1.0 4.0 7.0 10.0 13.0 16.0 19.0 * * * 25 108,257 2,431 839 – 4,887 116,414 32,547 18,471 4,242 – – 55,260 9,387 1,234 301 750 – 11,672 8,961 5,698 1,943 5,878 5,130 27,610 183,440 5,543 592 7,358 348 197,281 † 7,565 1,091 387 2,757 22,033 33,833 350,157 34,468 8,304 16,743 32,398 442,070 355,375 5,018 3,328 627 11,363 375,711 5,955 – 29 – 905 6,889 † 4,003 889 187 44 14,773 19,896 ––––39,574 39,574 365,333 5,907 3,544 671 66,615 442,070 11,465 4,652 1,331 6,750 – 24,198 17,002 2,817 773 3,606 – 24,198 (20,713) 30,396 5,318 19,216 (34,217) – (20,713) 9,683 15,001 34,217 – – † 26 132,608 – 1,476 1,182 – 140 8 – 646 – 3 3 7,649 13,601 126 103 2,619 152 1 1 – 5,150 – – 1,512 1,214 102 75 27 (852) 2198 1111 (852) 2868 4047 73311 73323 75225 63030 HASE HK HH HASEBA http://www.hangseng.com 28 • • • 29 * * * Pointpiper Investment Limited Winsor Properties Holdings Limited 30 * Imperial Chemical Industries PLC (ICI) * Wong’s International (Holdings) Limited 31 * * * 32 • • • 33 34 1,091,516 1,094,783 350,990(1) 158,152(2) 2,695,441 3,480,252 – – – 3,480,252 – – – 1,000(3) 1,000 84,240 – – – 84,240 26,325 – – – 26,325 1,983 – – – 1,983 1,625 – – – 1,625 0.50 1,576,598 1,180,595 68,459(1) 1,569,831(2) 4,395,483 1,319 430 – – 1,749 18,705 – – – 18,705 14,283 – – 3,000(3) 17,283 97,409 – – – 97,409 8,361 24,342 926,241(4) – 958,944 36,129 – – – 36,129 45,618 – – – 45,618 4,476 – – – 4,476 (1) (2) 1,511,247 88 158,152 58,584 (2) (3) 1,000 3,000 (4) 0.50 35 75 0.50 (1) (1)(1) (1) – 8,577(2) – 240.62 1993 10 12 1996 10 12 2003 10 12 – 10,091(3) – 283.76 1994 3 8 1997 3 8 2004 3 8 36,000 ––217.27 1995 3 7 1998 3 7 2005 3 7 40,500 ––333.34 1996 4 1 1999 4 1 2006 4 1 ––13,620(4) 283.76 1994 3 8 1997 3 8 2004 3 8 ––5,085(5) 203.49 1994 9 26 1999 12 1 2000 5 31 18,000 ––217.27 1995 3 7 1998 3 7 2005 3 7 3,819 ––180.60 1995 4 10 2000 8 1 2001 1 31 24,000 ––333.34 1996 4 1 1999 4 1 2006 4 1 30,000 ––333.34 1996 4 1 1999 4 1 2006 4 1 1,248 ––539.80 1999 4 1 2004 8 1 2005 1 31 3,126 ––539.80 1999 4 1 2004 8 1 2005 1 31 ––4,428 (6) 233.61 1994 4 11 1999 7 1 1999 12 31 15,135 ––283.76 1994 3 8 1997 3 8 2004 3 8 18,000 ––217.27 1995 3 7 1998 3 7 2005 3 7 3,819 ––180.60 1995 4 10 2000 8 1 2001 1 31 21,000 ––333.34 1996 4 1 1999 4 1 2006 4 1 22,500 ––501.60 1997 3 24 2000 3 24 2007 3 24 20,250 ––627.67 1998 3 16 2001 3 16 2008 3 16 1,875 ––539.80 1999 4 1 2004 8 1 2005 1 31 (1) 75 1999 7 2 75 0.50 (2) 1999 4 28 75 721.84 2,318 136,903 (3) 1999 4 28 75 851.27 2,318 148,008 (4) 1999 12 13 0.50 283.76 847 76,713 (5) 1999 12 1 0.50 203.49 806 30,638 (6) 1999 8 1 0.50 233.61 639 17,951 36 0.50 70,339 34,502 43,117 12,519 10,954 10,954 1,188,057,481 (62.14%) HSBC Holdings BV 1,223,967,924 (64.02%) HSBC Finance (Netherlands) 1,223,967,924 (64.02%) 1,225,236,869 (64.09%) HSBC Holdings BV HSBC Holdings BV HSBC Finance (Netherlands) HSBC Finance (Netherlands) HSBC Holdings BV HSBC Finance (Netherlands) 1,188,057,371 (62.14%) 37 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 38 39 CHAIRMAN’S STATEMENT HANG SENG’S PERFORMANCE IN 1999 WAS ENCOURAGING GIVEN THE CHALLENGING AND COMPETITIVE MARKET ENVIRONMENT.
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