Bank of East Asia Provides a Generally Positive Update; Cost Savings Program Proceeding as Planned
No-moat-rated Bank of East Asia's recent update does not alter our long-term view on the bank. While the commentary was generally positive against a tough second half last year, we adjust our forecasts slightly lower, as our provisioning forecasts were too optimistic. We expected sharply lower credit costs in fiscal 2017, as the bank took a large provisioning in its China loan book in the second half of last year. However, the bank noted that credit cost will decline more gradually to 20-30 basi...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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