BEA’s profit tumbles, warns of protest impact on HK

BEA, which counts Hong Kong and China as its main markets, posted a net profit of HK$1bil (US$127.5mil) for the January-June period, versus HK$3.99bil a year earlier, the lender said

HONG KONG: Hong Kong-based Bank of East Asia Ltd (BEA) posted a 75% slump in first-half net profit after it wrote down loans in mainland China because of a downturn in commercial property markets outside China’s top cities.

BEA, which counts Hong Kong and China as its main markets, posted a net profit of HK$1bil (US$127.5mil) for the January-June period, versus HK$3.99bil a year earlier, the lender said in a statement to the Hong Kong stock exchange.