Friday, July 10, 2020
Martin Hennecke

HSBC postpones shareholders meet
HSBC (0005) will delay its informal shareholders' meeting due to the rapidly evolving virus. The bank previously said it will hold the meeting by webcast but its chairman and senior management are now not able to be together to host the event, it said. Elsewhere, Dah Sing Financial's (0440) net profit dropped 10.8 percent year-on-year to HK$1.7 billion in 2019 with credit impairment losses worsening 53 percent to HK$356.64 million. Net interest income fell 2.1 percent to HK$4.1 billion last year while the return on shareholders' funds was down 1.3 percentage points to 8.5 percent. It declared a final dividend of HK$1.08 per share. Dah Sing Banking (2356) said net profit slid 9.7 percent year-on-year to HK$2.24 billion in 2019, with net interest income down 2.2 percent to HK$4.07 billion. Basic earnings per share were HK$1.59 and a final dividend of HK$0.35 was declared. Net interest margin dropped by 14 basis points to 1.87 percent last year, and Dah Sing Bank chief executive Harold Wong Tsu-hing said the margin is under downward pressure due to US Fed rate cuts.
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