-WING HANG BANK: Wing Hang Bank reports interim profits of HK$365.6 million

0 Comments | M2 Presswire, August, 1998

M2 PRESSWIRE-6 August 1998-WING HANG BANK: Wing Hang Bank reports interim profits of HK$365.6 million (C)1994-98 M2 COMMUNICATIONS LTD RDATE:060898 The Wing Hang Bank Group today announced a net profit of HK$365.6 million for the half year ended 30th June, 1998, a decline of 21.2 compared to HK$463.7 million over the same period last year.

The Board has declared an interim dividend of HK$0.30 per share. Chairman and Chief Executive of the Group Mr. Patrick Fung said, "The regional financial crisis and the weak local economy have adversely affected the local banking industry. The high interest rate environment during this period has caused net interest margin to narrow noticeably and also weakened demand for bank loans." Mr. Fung however added that Wing Hang was...