Bank of East Asia's profits jumped 13% to HK$3.4b

It set a new interim record.

According to a release, Bank of East Asia's Profit Attributable to Owners of the Parent rose to HK$3.4 billion, 13% higher than in the same period in 2012. 

This is a new interim record for the Group. Net interest income was up 23% year-on-year, to HK$5.7 billion. Net fee and commission income was 19% higher, rising to HK$2 billion.

Improving net interest margin contributed to the rise. At the Group level, net interest margin increased by 20 basis points year-on-year, and 13 basis points half-on-half.

BEA’s wholly-owned subsidiary, The Bank of East Asia (China) Limited is successfully adapting to the new interest rate environment on the Mainland.

By proactively managing both its loan portfolio and deposit base, BEA China increased net interest margin by 8 basis points half-on-half.

"In Hong Kong, we are taking bold steps to attract a young, affluent clientele to the Bank. During the first half of this year, we updated the appearance of our entire retail network in Hong Kong, to convey a more youthful, eye-catching image," said Dr. David K.P. Li, Chairman & Chief Executive of The Bank of East Asia, Limited.