Bank of East Asia's results suggest strength in sector
Article Abstract:
bea The third largest Hong Kong Bank, Bank of East Asia (BEA), exhibited growth despite uncertainties with the reunification issue and the banking sector's increased provisions against bad loans. BEA reported FY 1996 net income of HK$ 1.88 billion ($242.6 million) and operating profit after provisions for bad debt of HK$2.12 billion, a 20% increase, compared to BEA's FY 1995 net profit of HK$1.64 billion and its operating profits of HK$1.76 billion. BEA's growth was made through conservative and cautious lendings which avoided the effects of numerous corporate bankruptcies experienced by the territory in 1995.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1997
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More hurdles for Peregrine; Commerzbank suit may spur litigation wave
Article Abstract:
Peregrine Fixed Income Ltd. foresees more difficulties with the $40 million lawsuit filed against it by Commerzbank AG for breaching an agreement to swap currencies. Commerzbank wants reimbursement of 73.2 million marks or $41.3 million for a currency swap deal arranged before the bond-trading firm went bankrupt. Peregrine Fixed Income went into liquidation January 12,1998 because of anticipated losses on its Indonesian bond portfolio. Commerzbank said Peregrine did not give the dollars, which should have been exchanged for the marks it transferred January 9, 1998.
Comment:
Foresees difficulties with the $40-million lawsuit filed against it by Commerzbank AG for breaching a deal to swap currencies
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Bank shares in Hong Kong face an uncertain future: while there is good news and bad for potential investors, analysts disagree on sector's recovery
Article Abstract:
Hong Kong's banking industry presents both good and bad news for potential investors, as banks present growing problems of increasing loans and plummeting profits. The unpleasant news is that the nonperforming loans and the ailing profits will possibly get worse, a condition that is expected to shun investors off Hong Kong. The good news, on the other hand, is that for the first time, banks are presenting financial statements that enable investors to determine when the problem of plummeting loans will halt.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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