Stock Track | Hang Seng Bank Shares Tumble as H1 Earnings Disappoint

Stock Track08-01

Hang Seng Bank (00011.HK) saw its shares plunge as much as 5.8% during intraday trading on Wednesday after the lender reported disappointing first-half earnings that missed analysts' estimates.

The Hong Kong-based bank announced that its attributable profit for the first six months of 2024 rose 1% year-over-year to HK$9.89 billion (US$1.26 billion). However, the earnings per share of HK$5.04 fell short of the HK$5.76 expected by analysts polled by Visible Alpha.

Hang Seng Bank's net interest income, a key measure of profitability for lenders, increased 2% to HK$15.5 billion, but also fell short of the HK$15.9 billion estimate. The bank's net interest margin, a gauge of lending profitability, stood at 2.29% as of June 30.

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