THE Hongkong Chinese Bank (HKCB), controlled by the Indonesian Lippo Group, has reported a 59.6 per cent rise in net profit to $66.6 million for last year, which is in line with market expectations.
An extraordinary item of $36 million brought group profit attributable to shareholders to $102.6 million.
Earnings per share before extraordinary items climbed 38.1 per cent to 19.2 cents.
HKCB's result comes at the end of the bank reporting season for this year which has seen record profits in what is regarded by many as the peak year of profitability for the territory's local banks.
Analysts cautioned that while earnings growth momentum was expected to continue this year, earnings per share would fall due to substantial share dilution.
The directors of HKCB recommended a final dividend of six cents a share plus a special dividend of three cents a share, which, together with the interim dividend of $12 million paid out by the bank, makes a total dividend of $57 million for the year.