Hang Seng Bank Posts Record Profit on Accounting Gain
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Hang Seng Bank Ltd., the Hong Kong lender controlled by HSBC Holdings Plc, reported record 2013 profit as it booked a one-time accounting gain and wider lending margins offset slowing growth in its mortgage business.
Net income climbed 38 percent to HK$26.7 billion ($3.4 billion), or HK$13.95 a share, from HK$19.3 billion, or HK$10.11, a year earlier, Hang Seng said in a filing to the Hong Kong stock exchange yesterday. The earnings compared with the HK$25.7 billion average of 15 estimates compiled by Bloomberg.