Hang Seng Bank, a Hong Kong- based unit of banking giant HSBC, announced on Monday that its net profit for the year 2007 surged 51.5 percent year on year to 18.24 billion HK dollars (2.34 billion U.S. dollars).

The earnings per share was 9.54 HK dollars, up 51.4 percent from the previous year, said Vice Chairman and Chief Executive Raymond Or.

Hang Seng, one of the note-issuing banks in the Hong Kong Special Administrative Region recorded a profit before tax of about 21.47 billion HK dollars (2.75 billion U.S. dollars), increasing 49.2 from 2006.

The company declared a fourth interim dividend of 3 HK dollars a share, bringing the total dividends for 2007 to 6.3 HK dollars a share, up 21.15 percent year on year.

The results, better than market expectations, reflected good progress with the road map for growth the bank has set out in March 2006, said Raymond Or.

Or said the bank had doubled wealth management income in 2007, with significant success with investment, insurance, and private banking businesses.

The company also opened a subsidiary bank in the Chinese mainland to tap the opportunities there, in addition to new outlets and partnerships, he said.

Looking ahead, he said the company would carry on with its two-pronged mainland strategy as domestic demand was expected to drive the mainland and Hong Kong market.

The bank would, on the one hand, pursue new avenues of business to grow its customer base and, on the other hand, make use of the partnerships.

(Xinhua News Agency March 4, 2008)