Another Improving Half Lifts Bank of East Asia's 2017 Result; HKD 24 FVE Unchanged
Bank of East Asia posted another improving half-year result in line with our expectation. Excluding a one-off HKD 650 million impairment on the naming rights to an office tower in Beijing, second-half operating profit increased to HKD 3.2 billion from HKD 2.9 billion in the first half and was much stronger than HKD 1.4 billion in the same period last year. Full-year operating profit of HKD 5.4 billion was slightly ahead of our HKD 5.3 billion forecast. The bank's profitability is once again risi...
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