Bank of East Asia ( (BKEAF) ) has released its Q4 earnings. Here is a breakdown of the information Bank of East Asia presented to its investors.
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The Bank of East Asia, Limited, a prominent financial institution in Hong Kong, primarily operates in personal and wholesale banking, treasury markets, and wealth management sectors across various regions including Hong Kong, the Chinese Mainland, and overseas. In its 2024 financial report, the Bank of East Asia reported a stable performance with a slight increase in profit for the year, totaling HK$4,629 million, up from HK$4,136 million in 2023. The bank’s net interest income slightly decreased to HK$16,529 million, while non-interest income saw an increase, reaching HK$4,450 million, driven by higher fee and commission income and net trading profit.
Key financial highlights include a marginal drop in net interest income from HK$16,874 million in 2023 to HK$16,529 million in 2024, attributed to a rise in interest expenses. Non-interest income rose substantially to HK$4,450 million, supported by an increase in fee and commission income from HK$3,361 million to HK$3,648 million. The operating profit after impairment losses improved to HK$5,752 million, reflecting better control over impairment losses, which decreased to HK$5,593 million from HK$6,215 million. Additionally, basic earnings per share rose to HK$1.52, up from HK$1.32 the previous year, indicating an enhanced return for shareholders.
The bank’s total assets increased to HK$877,759 million from HK$860,361 million in 2023, while total equity slightly declined to HK$105,739 million. The bank’s strategic efforts to manage its liabilities were evident, with customer deposits increasing to HK$643,093 million. The bank also maintained a resilient stance in its credit risk management, with the percentage of gross advances covered by collateral remaining robust.
Looking ahead, the Bank of East Asia’s management remains cautiously optimistic, focusing on strengthening its market presence and expanding its customer base while navigating the challenges of a dynamic financial environment. The bank aims to continue leveraging its diversified portfolio and strategic regional operations to drive sustainable growth and enhance shareholder value.
