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BEA mainland profits slide
By Hu Xiaocen |
17:02 UTC+8 February 26, 2013
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Online Edition
Online Edition
THE Bank of East Asia (BEA) has reported a slide in its Chinese mainland profits in 2012, while group net earnings grew by a higher-than-expected 39 percent from a year earlier.
BEA, the biggest independent local bank in Hong Kong, was the first Hong Kong-listed lender to announce financial results for 2012.
The annual report published today reported profits before tax on Chinese mainland fell to HK$2.2 billion (US$283.6 million) from 2011's HK$2.4 billion, amid weak investor sentiment over slowing economic growth.
Total loans and deposits grew 14 percent and 11 percent respectively, while the impaired loan ratio edged up from 0.1 percent to 0.27 percent.
The Hong Kong-based lender was the first foreign bank to issue yuan-denominated debit cards on Chinese mainland.
It currently has 114 outlets, the second-biggest branch network among non-mainland banks after HSBC in the region.
Group profits jumped 39 percent year on year to HK$6.1 billion in 2012, greatly surpassing earlier estimates by investment banks of around 18 percent.
The growth was attributed by BEA chairman David Li to the bank's business links between the Chinese mainland, Hong Kong and overseas.
BEA, the biggest independent local bank in Hong Kong, was the first Hong Kong-listed lender to announce financial results for 2012.
The annual report published today reported profits before tax on Chinese mainland fell to HK$2.2 billion (US$283.6 million) from 2011's HK$2.4 billion, amid weak investor sentiment over slowing economic growth.
Total loans and deposits grew 14 percent and 11 percent respectively, while the impaired loan ratio edged up from 0.1 percent to 0.27 percent.
The Hong Kong-based lender was the first foreign bank to issue yuan-denominated debit cards on Chinese mainland.
It currently has 114 outlets, the second-biggest branch network among non-mainland banks after HSBC in the region.
Group profits jumped 39 percent year on year to HK$6.1 billion in 2012, greatly surpassing earlier estimates by investment banks of around 18 percent.
The growth was attributed by BEA chairman David Li to the bank's business links between the Chinese mainland, Hong Kong and overseas.
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