Bank of East Asia's profit plunges 49.9% to $411m in 2019

The decline was attributed to an increase in impairment losses in Mainland China.

The Bank of East Asia (BEA) recorded a 49.9% decline in profits to $411m (HK$3.2b) in Q4 2019 from $835m (HK$6.5b) in 2018 over a significant increase in impairment losses in Mainland China, according to a news release.

Basic earnings per share stood at $0.11 (HK$0.89) that year, down from $0.26 (HK$2.07) in 2018. Operating profit after impairment losses also plunged 63.3% to $321m (HK$2.5b) from $533m (HK$4.3b).

Net profit on sale of assets held for sale in 2019 amounted to $2.3m (HK$18m), mainly contributed by a $13.5m (HK$105m) profit on the disposal of several properties in Hong Kong, partly offset by a loss of $12m (HK$94m) on the disposal of certain subsidiaries in Mainland China and an associated company in Indonesia.

Conversely, net interest income rose by 11.9% to $1.86b (HK$14.5b) as net interest margin increased from 1.73% to 1.85% and average interest-bearing assets grew 4.9%.

Follow the link for more news on

Bank of East Asia

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit