The Bank of East Asia (OTC:BKEAY) posts first loss in fourty years. Hong Kong’s fifth-largest lender posted a second-half net loss of HK$746 million compared with a net profit of HK$2.27 billion in the second half of 2007.

Profit for the year before taxation fell to HK$8 million, a decrease of 99.9 percent over the HK$5,185 million recorded in 2007. Total profit after taxation amounted to HK$104 million and profit attributable to equity holders dropped to HK$39 million, or a 99.1 percent decrease from the previous year.

For further details on the Bank of East Asia’s financial situation, read the full Press Release.

Image from wikimedia.org under Creative Commons.

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