BEA posts record after-tax profit for 2010

Bank of East Asia achieved a record after-tax profit of US$552.4 million in 2010, jumping 60.8 percent from a year earlier.

In an annual-result statement filed to the Hong Kong stock exchange, Bank of East Asia said the bank's basic earnings per share for 2010 were 1.92 HK dollars, up 38.1 percent from that of 2009.

Return on average assets and return on average equity for 2010 were 0.9 percent and 10.1 percent, respectively, it said.

As a result of strong growth in the loan and debt portfolios in 2010, the Bank's net interest income rose by US$102 million, or 11.8 percent, to US$962 million.

Total consolidated assets of the Bank stood at US$68.5 billion at the end of 2010, an increase of 23.1 percent over the 434.1 billion HK dollars at the end of 2009.

The new profit record indicated the strength of Bank of East Asia's recovery following the global financial crisis, and marked a return to the record-setting pace that the Bank delivered before the outbreak of the crisis in 2008, said David Li Kwok-po, Chairman and Chief Executive of Bank of East Asia.

"Our record-setting performance has been built on our success in combining the twin strengths of our established Hong Kong base and our growing Mainland franchise," Li said.