International Bank of Asia also dropping the money
(Hong Kong) - Hong Kong's International Bank of Asia (IBA) has seen its first half net profit drop 38 percent, impacted by growing bankruptcies causing a doubling in its bad debt provisioning.
Amongst the smallest banks in the territory, IBA has delivered a net profit of HK$100.84 million (US$12.9 million) for the six months to June 30, off the back of bad and doubtful debt charges of HK$187.03 million, up from HK$90.54 million. Loans fell 12 percent to HK15.5 billion from last year, with total assets climbing marginally by 2.5 percent to HK$28.9 billion.
IBA is 55 percent owned by Bahrain's Arab Banking Corp and 20 percent by Chinese financial services firm China Everbright.
IBA is 55 percent owned by Bahrain's Arab Banking Corp and 20 percent by Chinese financial services firm China Everbright.