Bank of East Asia posts $330.9mln 2009 profit

Profit surge from US$5mln in 2008 is attributed to earnings in securities trading.

Sources reported that in 2008, the lender posted HK$39 million (US$5 million) in net profit, dragged down by a massive write-down on its portfolio of collateralised debt obligations.

BEA said in a statement filed with the Hong Kong Stock Exchange that its net interest income from core operations in 2009 dropped slightly to HK$6.75 billion (US$869.21 million) from HK$6.79 billion (US$874.36 million) a year earlier. Its non-interest income was HK$3.44 billion (US$443 million) in 2009, whereas it was HK$336 million (US$43.26 million) in 2008.

The bank proposed a final dividend of HK$0.49 (US$0.06), a dividend much higher than the HK$0.02 (US$0.003) paid in 2008, said the statement.

Meanwhile, BEA announced that Guoco Group Ltd, a Hong Kong-based investment holding and management company, on Feb. 5 bought 1 million shares of BEA for HK$26.5 million (US$3.41 million), raising its stake in the lender to 8.03 percent from the previous 7.98 percent.

Guoco is BEA's second-largest shareholder after Spain's Criteria CaixaCorp SA, which holds a stake of 14.99 percent.

View full report in China Knowledge.

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