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Group net profit at BEA posts 39% gain
By Hu Xiaocen |
00:33 UTC+8 February 27, 2013
|
Print Edition
Print Edition
THE Bank of East Asia reported a slide in its Chinese mainland pre-tax profit in 2012, but group net earnings grew by a surprisingly 39 percent from a year earlier.
Its profit before tax on Chinese mainland fell to HK$2.2 billion (US$283.6 million) last year from HK$2.4 billion in 2011 as investor sentiment was dented by a slowing economic growth.
The Hong Kong-based bank's total loans jumped 14 percent while deposits expanded 11 percent. Its impaired loan ratio edged up from 0.1 percent to 0.27 percent.
But group net profit jumped 39 percent year on year to HK$6.1 billion in 2012, beating earlier estimates of around 18 percent by investment banks. David Li, the BEA chairman, attributed the growth to the bank's business links between the Chinese mainland, Hong Kong and overseas.
"BEA anticipates further favorable policy changes in the near term that will create even greater opportunities for cross-border business, particularly in the development zones of Qianhai, Hengqin and Nansha," Li said. "In future years, business originating in China is expected to continue to drive growth in Hong Kong."
BEA is the first Hong Kong-listed lender to unveil financial results for 2012 and the first foreign bank to issue yuan-denominated debit cards on Chinese mainland. The bank has 114 outlets.
Its profit before tax on Chinese mainland fell to HK$2.2 billion (US$283.6 million) last year from HK$2.4 billion in 2011 as investor sentiment was dented by a slowing economic growth.
The Hong Kong-based bank's total loans jumped 14 percent while deposits expanded 11 percent. Its impaired loan ratio edged up from 0.1 percent to 0.27 percent.
But group net profit jumped 39 percent year on year to HK$6.1 billion in 2012, beating earlier estimates of around 18 percent by investment banks. David Li, the BEA chairman, attributed the growth to the bank's business links between the Chinese mainland, Hong Kong and overseas.
"BEA anticipates further favorable policy changes in the near term that will create even greater opportunities for cross-border business, particularly in the development zones of Qianhai, Hengqin and Nansha," Li said. "In future years, business originating in China is expected to continue to drive growth in Hong Kong."
BEA is the first Hong Kong-listed lender to unveil financial results for 2012 and the first foreign bank to issue yuan-denominated debit cards on Chinese mainland. The bank has 114 outlets.
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