Banking News

Bad card debts hits BEA

Bad card debts hits BEA

(Hong Kong) - Bad debts, particularly from its credit card operation, have seen Hong Kong's leading Bank of East Asia post a 19 percent fall in full year profit to HK$1.29 billion (US$165 million). The bank also blamed rising unemployment, record-high personal bankruptcies and falling property prices for the result, sparking fears that other Hong Kong banks will also be hit.

The result prompted heavy selling of shares in Government-controlled DBS in Singapore, on concerns the bank's Hong Kong unit, Dao Heng, may face similar problems.

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