WING LUNG BANK<00096> - Results Announcement (Summary)
Wing Lung Bank Limited announced on 25/02/2004:
(stock code: 00096 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
Note ('000 ) ('000 )
Net interest income : 1,119,830 1,176,079
Profit/(Loss) from Operations : 1,007,041 886,734
Finance cost : N/A N/A
Share of Profit/(Loss) of
Associates : 438 44
Share of Profit/(Loss) of
Jointly Controlled Entities : 2,600 (8,038)
Profit/(Loss) after Tax & MI : 858,804 759,578
% Change over Last Period : +13.1 %
EPS/(LPS)-Basic (in dollars) : 3.7 3.27
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 858,804 759,578
Final Dividend : $1.38 $0.93
per Share
(Specify if with other : N/A N/A
options)
Bonus dividend per share : - $0.20
B/C Dates for Final Dividend : 16/04/2004 to 24/04/2004bdi.
Payable Date : 24/04/2004
B/C Dates for (-) General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. The insurance business, which includes insurance underwriting,
insurance agency and other related businesses, has become a significant
element of the Group's business. As a result, the insurance operating
income and charge for insurance claims have been separately presented on
the consolidated profit and loss account and comparative figures have been
reclassified to conform with the current year's presentation.
2. Accounting policies
The accounting policies used in preparing these annual results are
consistent with those adopted in the 2002 annual accounts except that the
Group has changed its accounting policy in relation to deferred taxation
following its adoption of the Hong Kong 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,
on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the accounts. Taxation rates
enacted or substantively enacted by the balance sheet date are used to
determine deferred taxation.
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.
Deferred tax liabilities are recognised on temporary differences arising
on investments in subsidiaries, associates and jointly controlled
entities, except where the timing of the reversal of the temporary
difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
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. The adoption of SSAP 12 represents a change in
accounting policy, which has been applied retrospectively and the
comparative figures presented have been restated to conform to the changed
policy.
Opening total equity at 1 January 2002 and 2003 have been increased by
HK$43,987,000 and HK$48,115,000 respectively, which represent the
unrecognised net deferred tax assets. This change has resulted in an
increase in deferred tax assets and a decrease in deferred tax liabilities
at 31 December 2002 by HK$32,002,000 and HK$16,113,000 respectively. The
profit and amount credited to reserves for the year ended 31 December 2002
have been increased by HK$1,946,000 and HK$2,182,000 respectively.
3. The calculation of earnings per share is based on the Group's
profit attributable to shareholders of HK$858,804,000 (2002:
HK$759,578,000) and 232,190,115 (2002: 232,190,115) shares in issue during
the year.
|
