DAHSING BANKING<02356> - Results Announcement
Dah Sing Banking Group Limited announced on 09/08/2004:
(stock code: 02356 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 30/06/2004 to 30/06/2003
Note ('000 ) ('000 )
Interest Income : 1,151,780 1,218,708
Profit/(Loss) from Operations : 652,107 493,085
Finance cost : N/A N/A
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : 4,139 (2,100)
Profit/(Loss) after Tax & MI : 538,901 410,736
% Change over Last Period : +31.2 %
EPS/(LPS)-Basic (in dollars) : 0.66 0.51
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 538,901 410,736
Interim Dividend : $0.23 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Interim Dividend : 30/08/2004 to 03/09/2004bdi.
Payable Date : 06/09/2004
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. Basis of preparation
The Company was established on 11th March 2004 as the holding company for
the banking-related interests of the Dah Sing Financial Group. The
ultimate holding company, Dah Sing Financial Holdings Limited ("DSFH"),
completed a group reorganisation (the "Reorganisation") during the period
whereby DSFH transferred its banking-related subsidiaries to the Company.
The Reorganisation, which was completed on 12th June 2004, was effected by
a share-for-share swap of DSFH's interests in the banking subsidiaries
(which comprise Dah Sing Bank, Limited, MEVAS Bank Limited, D.A.H.
Holdings Limited and Global Courage Securities Limited) with the Company
which operates as a bank holding company. The Company was subsequently
listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange")
on 30th June 2004.
As part of the Reorganisation, Dah Sing Bank, Limited, which now is a
subsidiary of the Company, disposed of its interest in the entire share
capital of Dah Sing Insurance Agency Limited ("DS Insurance Agency") to
the ultimate holding company, DSFH.
On the basis of the merger accounting method set out in SSAP No. 27
"Accounting for Group Reconstructions", the consolidated accounts include
the assets and liabilities, and results of the Company and the banking
subsidiaries now forming the Group as if the Company had existed and these
banking-related subsidiaries had been subsidiaries of the Company
throughout the reporting periods.
The results and contribution under "discontinuing operation" refer to
those of DS Insurance Agency which have been included in the consolidated
profit and loss account up to the date of disposal to DSFH, i.e. 12th June
2004, by Dah Sing Bank, Limited.
2. Calculation of basic earnings per share
The Company was incorporated on 11th March 2004 with two fully paid
subscriber's shares. On 12th June 2004, the Company issued a further
809,899,998 shares to DSFH as consideration for the acquisition of the
latter's interest in the banking subsidiaries. On 30th June 2004, the
Company issued an additional 100,100,000 shares upon completion of its
initial public offering and listing on the Stock Exchange.
For the purpose of the calculation of basic earnings per share, on the
basis of the merger accounting method adopted, the Company is considered
as if it had the reported profit accrued to it, and had 809,900,000 shares
in issue throughout the reporting periods up to the date immediately
before listing, after which its total number of shares was increased to
910,000,000.
Basic earnings per share is therefore calculated based on earnings of
HK$538,901,000 (2003: HK$410,736,000) and the weighted average number of
810,450,000 (2003: 809,900,000) shares in issue during the period.
No calculation of diluted earnings per share is made as there are no
outstanding instruments which may present a dilutive effect to basic
earnings per share throughout the periods.
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