By Martin Mou
Hang Seng Bank Ltd. said its net profit for 2019 increased 3.0% on higher net interest income.
Net profit was 24.84 billion Hong Kong dollars (US$3.2 billion) and net operating income rose 6.0% to HK$43.51 billion, the Hong Kong lender said in an earnings statement on Tuesday.
Net interest income climbed 7.0% to HK$32.26 billion and non-interest income was 1.0% higher at HK$11.26 billion, Hang Seng said.
The bank's net interest margin rose to 2.20% from 2.18% in 2018.
However, the bank says the operating environment became increasingly challenging in the second half of 2019 due to trade uncertainties, leading to broadly weaker results compared with the first half.
Net operating income for the second half fell 6% on year to HK$21.11 billion due to a decline in non-interest income, it said.
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