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.
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