iPhone | iPad
Android
Huawei
HRE Development Launches SkyHills 2 in Jumeirah Village Circle
KT APPDOWNLOAD
Bank of East Asia net profit falls 99 percent in 2008
HONG KONG - Hong Kong's Bank of East Asia said Tuesday its 2008 net profit fell 99 percent compared to the previous year, as the global economic crisis continues to hit the banking industry.
Net profit at the lender fell from 4.14 billion Hong Kong dollars (531 million US) in 2007 to just 39 million last year, the company said in a statement to the Hong Kong Stock Exchange.
"The financial tsunami that swept over the global economy in September 2008 has left a bleak economic landscape in its wake," said chairman and chief executive David Li.
"This has led to a sudden and sharp plunge in new business for local and regional companies and the unprecedented scale of the decline is destined to have a significant impact well into 2009."
More news from
Fame king Sheeraz Hasan unveils Hollywood.ai and Bollywood.ai at Token2049 in Singapore
The issue has become one of the most contentious in Canadian politics with a federal election due no later than October, 2025
The Ukrainian was "upset" when his travelling companion was denied boarding for disruptive behaviour
Malaysia wants to leverage Dubai’s geographical advantage as a strategic springboard
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
The group accused Israel, which has so far refused to comment, as US denies involvement