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chong hing bank ltd (1111) Details

Chong Hing Bank Limited provides banking and related financial services in Hong Kong, other regions in Asia Pacific, and internationally. It operates through Corporate and Retail Banking, Financial Markets, Securities Business, and Others segments. The company offers fixed deposits, current and savings accounts, lending and trade finance facilities, auto financing, consumer financing, overdraft facilities, provident fund services, credit cards, and personal wealth management services. It also provides automated telephone and Internet banking services; and other banking services, including remittance and money exchange, safe deposit boxes, autopay, and direct debit services. In addition, the company offers inter-bank placement and deposit transactions, and centralized cash management services, as well as foreign exchange trading and forward contracts; securities trading, stockbroking, and futures broking services; and insurance products and other investment advisory services; as well as engages in the property investment activities. Further, it provides nominee, electronic data processing, and credit card management services. As of March 23, 2016, the company operated a network of 46 branches in Hong Kong; branches in Shantou and Macau; sub-branches in Guangzhou, Foshan, and Nansha; and representative offices in Shanghai and San Francisco. The company was formerly known as Liu Chong Hing Bank Limited and changed its name to Chong Hing Bank Limited in December 2006. Chong Hing Bank Limited was founded in 1948 and is based in Central, Hong Kong. Chong Hing Bank Limited operates as a subsidiary of Yuexiu Enterprises (Holdings) Limited.

1,600 Employees
Last Reported Date: 03/10/16
Founded in 1948

chong hing bank ltd (1111) Top Compensated Officers

Deputy Chairman, Chief Executive, Managing Di...
Total Annual Compensation: $15.3M
Deputy Managing Director, Executive Director ...
Total Annual Compensation: $6.1M
Deputy Managing Director, Head of China Busin...
Total Annual Compensation: $5.4M
Compensation as of Fiscal Year 2015.

chong hing bank ltd (1111) Key Developments

Chong Hing Bank Limited(SEHK:1111) dropped from Hang Seng Composite Index

Chong Hing Bank Limited has been removed from Hang Seng Composite Index.

Chong Hing Bank Limited Declares Interim Dividend for the Six Months Ended June 30, 2016, Payable on September 21, 2016; Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2016

The board of directors of Chong Hing Bank Limited declared interim dividend of HKD 97,875,000 or at a rate of HKD 0.15 per share in respect of the six months ended June 30, 2016 against HKD 0.21 per share paid a year ago, payable on 21 September 2016 to shareholders whose names appear on the register of members of the bank on, 14 September 2016. The bank reported unaudited consolidated earnings results for the six months ended June 30, 2016. For the period, the bank reported interest income of HKD 1,463,019,000 against HKD 1,479,516,000 a year ago. Net interest income was HKD 982,710,000 against HKD 845,499,000 a year ago. Operating profit before impairment allowances was HKD 666,184,000 against HKD 615,402,000 a year ago. Operating profit after impairment allowances was HKD 649,701,000 against HKD 604,238,000 a year ago. Profit before taxation was HKD 707,273,000 against HKD 864,352,000 a year ago. Profit for the period attributable to equity owners of the Bank was HKD 591,973,000 or HKD 0.79 per basic and diluted share against HKD 725,967,000 or HKD 1.44 per basic and diluted share a year ago. They were lower than that in the corresponding period in 2015 because there were larger net gains from disposal of and fair value adjustments on non-core assets in the first half of 2015. Net cash used in operating activities was HKD 105,274,000 against HKD 2,754,540,000 a year ago. Purchase of property and equipment was HKD 43,844,000 against HKD 39,924,000 a year ago. Purchase of intangible assets was HKD 82,113,000. The improvement in net interest income and net interest margin was achieved through proactive management of the Bank's assets and liabilities. Return on shareholders' equity was 7.98% against 14.89% a year ago. For the first half of 2016, operating profit before impairment allowances an improvement of 8% from the corresponding period in 2015. This increase was achieved despite the subdued demand for lending and the volatility in the financial markets caused mainly by the devaluation of RMB against the USD and the Brexit decision.

Chong Hing Bank Limited, H1 2016 Earnings Call, Aug 22, 2016

Chong Hing Bank Limited, H1 2016 Earnings Call, Aug 22, 2016

 

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Valuation 1111 Industry Range
Price/Earnings 10.2x
Price/Sales 4.1x
Price/Book 0.6x
Price/Cash Flow 9.4x
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