Higher Provisioning for Impaired Loans Dents Bank of East Asia's Second-Half Result
Bank of East Asia kicked off the earnings season for Hong Kong banks by reporting a soft second-half result as it took a hit to profit by taking a large provisioning for its China loan book. The latter has been a drag for the bank over the past two years from an elevated level of impaired assets as the Chinese economy slowed. The result does little to alter our long-term view on the bank, and we reaffirm our no-moat rating. The pace of nonperforming loans has slowed in China, and management beli...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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