WING LUNG BANK<00096> - Results Announcement (Summary)
Wing Lung Bank Limited announced on 20/8/2003:
(stock code: 96)
Year end date: 31/12/2003
Currency: HK$
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
(Unaudited)
(Unaudited) Last
Current Corresponding
Period Period
from 1/1/2003 from 1/1/2002
to 30/6/2003 to 30/6/2002
('000) ('000)
Gross Interest Income : 943,890 1,026,804
Profit from Operations : 457,624 455,142
Finance cost : N/A N/A
Share of Profit/(Loss) of Associates : 138 (181)
Share of (Loss) of
Jointly Controlled Entities : (1,951) (4,467)
Profit after Tax & MI : 390,646 384,825
% Change over Last Period : +1.5%
EPS - Basic (in dollar) : 1.68 1.66
- Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit after ETD Items : 390,646 384,825
Interim Dividend per Share : $0.38 $0.33
(Specify if with other options) : N/A N/A
B/C Dates for Interim Dividend : 23/9/2003 to 29/9/2003 bdi.
Payable Date : 29/9/2003
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : Nil
B/C Dates for Other Distribution : N/A
Remarks:
1. The calculation of earnings per share is based on the Group's
profit attributable to shareholders for the period and on 232,190,115
shares in issue.
2. Accounting policies
The accounting policies used in preparing these interim results
are consistent with those adopted in the 2002 annual accounts except that
the Group has changed its accounting policy in relation to the accounting
for deferred tax following its adoption of the Statement of Standard
Accounting Practice ("SSAP") 12 "Income taxes" issued by the Hong Kong
Society of Accountants which is applicable to the Group for accounting
periods commencing on or after 1 January 2003.
Following the adoption of SSAP 12, which became effective on 1 January
2003, deferred taxation is recognised in full, using the liability method,
for all temporary differences between the carrying amounts of assets and
liabilities in the balance sheet and the corresponding tax bases used in
the computation of taxable profit. Deferred tax assets are recognised to
the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised.
Taxation rates enacted or substantively enacted by the balance sheet date
are used to determine deferred taxation.
In prior years, deferred taxation was accounted for at the current
taxation rate in respect of timing differences between profit as computed
for taxation purposes and profit as stated in the accounts to the extent
that a liability or an asset was expected to be payable or recoverable in
the foreseeable future. Deferred tax assets were not recognised unless
their realisation was assured beyond reasonable doubt.
The above change in accounting policy has been applied retrospectively so
that the comparative figures presented have been restated to reflect the
above changes accordingly.
The opening total equity at 1 January 2003 and 1 January 2002 have been
increased by HK$48,115,000 and HK$43,987,000 respectively, which represent
the unrecognised net deferred tax assets. This change in accounting
policy has resulted in an increase in deferred tax assets and a decrease
in deferred tax liabilities at 30 June 2003 by HK$33,470,000 (31 December
2002: HK$32,002,000) and HK$14,074,000 (31 December 2002: HK$16,113,000)
respectively. The profit and amount charged directly to equity for the
six months ended 30 June 2003 have been increased by HK$5,708,000 (30 June
2002: HK$3,021,000) and HK$6,279,000 (30 June 2002: HK$318,000)
respectively.
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