Bank of East Asia First Half 2024 Earnings: Misses Expectations
Bank of East Asia (HKG:23) First Half 2024 Results
Key Financial Results
- Revenue: HK$7.50b (down 3.4% from 1H 2023).
- Net income: HK$1.81b (down 22% from 1H 2023).
- Profit margin: 24% (down from 30% in 1H 2023). The decrease in margin was primarily driven by higher expenses.
- EPS: HK$0.69 (down from HK$0.87 in 1H 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Bank of East Asia Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 14%.
Looking ahead, revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Banks industry in Hong Kong.
Performance of the Hong Kong Banks industry.
The company's shares are up 2.9% from a week ago.
Risk Analysis
You should always think about risks. Case in point, we've spotted 2 warning signs for Bank of East Asia you should be aware of.
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About SEHK:23
Bank of East Asia
Provides various banking and related financial services.
Reasonable growth potential with adequate balance sheet.