Dah Sing Financial net tumbles 78pc

Business | Samantha Wong 23 Aug 2018

Dah Sing Financial (0440) said its interim net profit plunged 78.5 percent to HK$1.04 billion, due mainly to the disposal of its life insurance business in Hong Kong. Earnings per share from its continuing business stood at HK$3.11 in the six-month period ended June 30, up from HK$2.97 a year earlier.

Net interest income rose 13 percent to HK$2.14 billion. An interim dividend of 38 HK cents per share was proposed.

Meanwhile, Dah Sing Financial unit Dah Sing Bank (2356) said its interim net profit grew 4 percent to HK$1.37 billion.

Net interest income during the period rose 13 percent year on year to HK$2.11 billion. Basic earnings per share stood at 96 HK cents, up from 93 HK cents a year earlier. An interim dividend of 13 HK cents per share was proposed.

The lender holds a strategic interest in Bank of Chongqing, which made a profit contribution of about HK$410 million.

Dah Sing Bank managing director and chief executive Derek Wong said the buoyant economic conditions may not continue as strongly in the second half of the year.

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