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HK’s Bank of East Asia posts first loss in four decades

Forbes – Bank of East Asia, Hong Kong’s fifth-largest lender, posted a bigger-than-expected second-half loss and slashed its dividend, after selling a debt portfolio at a steep loss.

The bank (BEA), which reported its first half-year loss since the 1960s, warned of a tough market environment this year but said on Tuesday it had no strong need to raise capital in the near term.

‘BEA may not need to raise capital immediately but the market will remain bearish on the stock as loan growth drops and mortgage demand slows down,’ said Castor Pang, a strategist with Sun Hung Kai Financial.

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