Hang Seng Bank incomes dropped 23%

On Monday the third-biggest bank by assets Hang Seng Bank, operating 160 branches in Hong Kong and 25 in China, revealed its incomes for 2008 which fell 23% compared with a previous year. That was a result of lower income from its wealth-management services and higher loan-impairment charges.

It was reported, that year's net totaled HK$14.1 billion (or US$2.2 billion), that means HK$7.37 per share, compared with the previous year’s HK$18.24 billion, or HK$9.54 per share. HSBC has a 62% stake in Hang Seng Bank.

Loan-worsening charges raised up to HK$2.8 billon. Net fees and commissions dropped 28% to HK$1.92 billion and trading income was down 13% to HK$1.5 billion.

Ahead of the results announcement, Hang Seng shares ended the morning session 4.4% lower in Hong Kong ahead of the results announcement.