By Justina Lee


Hang Seng Bank Ltd. reported a 46% decline in its first-half net profit, compared with the same period a year earlier, partly due to a significant drop in insurance income amid market uncertainties.

Net profit in the first half of the year fell to 4.70 billion Hong Kong dollars (US$598.7 million). Net interest income rose 4% to HK$12.36 billion and net fee income fell 29% to HK$2.62 billion due to weaker demand for wealth management products amid muted investor sentiment during Hong Kong's fifth Covid-19 wave, it said in a filing on Monday.

"There is no denying that the first half has been particularly difficult," said Diana Cesar, Hang Seng Bank's executive director and chief executive.

"That said, our business remains resilient...we are increasing momentum and expanding our customer base, adding value for customers and enhancing our digital and customer experience," she said.

The directors declared a second interim dividend of HK$0.70 per share, which would bring the total distribution for the first-half of the year to HK$1.40 per share.


Write to Justina Lee at justina.lee@wsj.com


(END) Dow Jones Newswires

08-01-22 0058ET