HONG KONG, Feb 27 (Reuters) – Hong Kong-based Bank of East Asia Ltd (BEA) reported on Wednesday a 30 percent drop in its 2018 profit with the previous year\u2019s earnings inflated by divestment of some non-core assets, and as operating costs rose.<\/p>\n\n\n\n
BEA, which counts Hong Kong and China as its main markets, posted a profit of HK$6.5 billion ($828.12 million) last year, compared with HK$9.3 billion in the previous year, it said in a statement to the Hong Kong stock exchange.<\/p>\n\n\n\n
The 2018 profit was higher than the HK$6.2 billion average of 10 analysts\u2019 estimates compiled by Refinitiv.<\/p>\n\n\n\n
BEA had recorded a gain of HK$3 billion from sale of some assets in 2017.<\/p>\n\n\n\n
The bank\u2019s operating expenses rose by 6.1 percent to HK$8.6 billion, mainly due to an increase in staff costs and expenses incurred for new business initiatives and partnerships in China, it said in the statement.<\/p>\n\n\n\n
BEA has survived as an independent bank in a market dominated by HSBC Holdings PLC and Standard Chartered PLC, while deteriorating business conditions have seen several of Hong Kong\u2019s other family-owned firms put up for sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
HONG KONG, Feb 27 (Reuters) – Hong Kong-based Bank of East Asia Ltd (BEA) reported on Wednesday a 30 percent drop in its 2018 profit with the previous year\u2019s earnings inflated by divestment of some non-core assets, and as operating costs rose. BEA, which counts Hong Kong and China as its main markets, posted a profit of HK$6.5 billion ($828.12… Read more »<\/a><\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3168","post","type-post","status-publish","format-standard","hentry","category-analysis"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=3168"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3168\/revisions"}],"predecessor-version":[{"id":3169,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3168\/revisions\/3169"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=3168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=3168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=3168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}