Hong Kong’s BEA reports 5.5% lower profit in 2023
Basic earnings per share is HK$1.32, unchanged from a year ago.
The Bank of East Asia reported an increase in operating profit for 2023, although profit attributable to owners of the parent came in lower for the year.
Operating profit before impairment losses increased 29.6% to HK$11.314b for the year ending 31 December 2023.
Profit attributable to owners of the parent, however, fell 5.5% to HK$4.118b in 2023.
Basic earnings per share is HK$1.32, unchanged from 2022. The second interim dividend per share (with scrip option) is HK$0.18. With this, the dividend payout ratio is 41%.
ALSO READ: Hong Kong’s credit card issuers advised to seek more merchant deals
Net interest margin is 2.14%, widening 49 basis points year-on-year; whilst cost-to-income ratio is 45.5%.
Net interest income rose 24.9% to HK$16.87b. Total operating income increased by 15.5% to HK$20.75b.
Operating expenses rose by HK$208m to HK$9.43b, at 2.2%. Cost-to-income ratio improved by 5.9 percentage points (ppt) to 45.5%.
Total equity attributable to owners of the parent rose by 2.1% to HK$97.97b.