Summary by Moomoo AI
Bank of East Asia Limited (stock code: 23) announces results for the year ended 31 December 2023. Net interest income increased 24.9% year-on-year to HK$168.74 billion, mainly driven by rising interest rates. Net service fee and commission revenue fell slightly by 4.1% to HK$26.4 million. Total operating income increased 15.5% to HK$207.46 million. Operating expenses controlled at HK$94.32 billion, an increase of 2.2%. Impairment loss on financial instruments decreased by 7.4% to HK$54.83 billion. Profit attributable to shareholders of the Group was HK$41.18 million for the full year, down 5.5% year-on-year. Bank of East Asia invests heavily in talent, sales and digital capabilities, and transforms its business to improve operational efficiency. In 2023, the Bank of East Asia faces challenges in Hong Kong, the Mainland and...Show More