Bank of East Asia Profit Drops 38% as China Drags on LendingBy
Weaker China economy causes loan impairments to surge 60%
Lender’s shares reverse earlier gains after earnings
Bank of East Asia Ltd., the Hong Kong lender facing pressure from Paul Singer’s Elliott Management, said first-half profit dropped 38 percent as China’s slowing economy dragged on lending and caused loan impairments to surge. The shares fell the most in two weeks.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.