Bank of East Asia: 1st Half Net Profit HK$6.22 Billion Vs. HK$2.10 Billion Year Ago

By Chester Yung Features Dow Jones Newswires

Bank of East Asia Ltd. (0023.HK)said Friday its first-half net profit nearly tripled from a year earlier, buoyed by one-off disposal gain of Tricor Holdings Ltd. and its units as well as stronger interest income.

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The lender said its net profit for the six months ended June rose to 6.22 billion Hong Kong dollars (US$795 million) from HK$2.10 billion a year earlier, while net interest income rose to HK$5.74 billion from HK$5.48 billion a year ago.

Hong Kong's major family-run lender said its China business swung to net profit of HK$336 million for the first-half, reversing the net loss of HK$462 million for the full year of 2016, on reduced provisions for impairment losses on loans.

The bank declared an interim dividend of HK$0.68 per share.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

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August 25, 2017 00:55 ET (04:55 GMT)