XIAMEN FIT IMPORT & EXPORT CO., LTD.
BEA's net profit up 25%
click rate:2027 issue time:2007-03-10 08:12
Feb. 9, 2007 (China Knowledge) – Bank of East Asia (BEA) <BKEAY> <23>, Hong Kong's fifth-largest bank, announced that earnings grew by 25.1% to HK$3.43 billion during the fiscal 2006.


Profit from Mainland operations surged 94.5% to HK$533.8 million last year, accounting for 15.6% of its total earnings. Profit contribution from China was about 10% last year. China loans grew 65% last year and the target is a 150% deposit rise this year.


Looking forward, CEO David Li Kwok-po said that BEA will work towards local incorporation in China. Thereafter, the first priority will be to convert BEA’s remaining representative offices in the cities of Dongguan, Fuzhou, Suzhou, Tianjin and Wuhan into branches. BEA is also planning to add 10 Mainland outlets in 2007 to the existing 31.