A slowing Chinese economy and rising nonperforming loans are headwinds for Bank of East Asia.
With the worst of its impaired loans in China likely behind it, Bank of East Asia reported an improved first-half result slightly ahead of our expectations. However, the repercussion from the high level of impaired loans in the last two years continues to impact the bank's operation for the first half of 2017, in our view. A focus on asset quality saw loan growth of 2.7% trailing both peers and system loan growth of 9.8%. This is a positive considering the still higher-than-peer level of impaire...Bank of East Asia is engaged in the provision of banking and related financial services, and business, corporate and investor services. Co. organizes its businesses into nine business segments: Personal banking, Corporate banking, Treasury markets, Wealth management, Financial institutions, Other Hong Kong banking operations, China operations, Overseas operations, and Corporate services. Co.'s other businesses include property-related business, supporting units of Hong Kong operations, investment properties, bank premises. As of Dec 31 2014, Co. had total assets of HK$795,891,000,000.
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