Hang Seng Bank profit tumbles 43 percent

Hang Seng Bank Ltd, the Hong Kong lender controlled by HSBC Holdings Plc, posted a 43 percent drop in 2014 profit after a year-earlier result was boosted by an accounting gain for a stake in China's Industrial Bank Co.

Net income was HK$15.1 billion ($1.95 billion), or HK$7.91 a share, down from HK$26.7 billion, or HK$13.95 a share, the bank told Hong Kong's stock exchange on Monday. The earnings compared with the HK$15.5 billion average of seven analysts' estimates compiled by Bloomberg.

Excluding effects connected with the Industrial Bank stake, a shareholding that Hang Seng has partly sold down, net income edged ahead 0.4 percent, the bank said.