BRIEF-Bank Of East Asia Sees Material Decrease In HY Profit

Reuters

13 June 2019 at 5:09 am

June 13 (Reuters) - Bank of East Asia Ltd:

* EXPECTS TO REPORT A MATERIAL DECREASE IN PROFIT FOR SIX MONTHS ENDING 30 TH JUNE, 2019

* LIKELY DECREASE IN PROFIT IS ATTRIBUTABLE TO AN EXPECTED DOWNGRADE OF FOUR LEGACY LOAN ASSETS IN MAINLAND CHINA

* BANK'S COMMON EQUITY TIER 1 (CET1) & TOTAL CAPITAL ADEQUACY RATIO AS OF 30TH JUNE, 2019 EXPECTED TO REMAIN ABOVE 14.5% AND 19%

* DOWNGRADE TO RESULT IN SIGNIFICANT POST-TAX IMPAIRMENT LOSSES, ESTIMATED TO BE BETWEEN HK$2.5 BILLION AND HK$3.0 BILLION Source text for Eikon: Further company coverage:

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