HK Stock Market Move | Bank of East Asia (00023) plunged more than 13% in the afternoon, with a 24% year-on-year drop in net profit last year and an 11.6% decrease in full-year dividend.

Bank of East Asia (00023) plummeted more than 13% in the afternoon, with a decrease of 13.39% as of the time of writing, closing at HK$13.78 with a turnover of HK$52.7258 million. On the news front, Bank of East Asia announced during the afternoon that its operating income for the full year of last year was HK$21.019 billion, up 0.2% year-on-year; net profit was HK$3.501 billion, down 24% year-on-year; and earnings per share were HK$1.22. The second interim dividend was 22 Hong Kong cents per share, a decrease of 42.1% compared to the same period of the previous fiscal year. The total dividend for the full year was 61 cents, down 11.6% from the previous fiscal year. The group stated that it continues to actively and prudently make provisions for exposure to commercial real estate. Of the provisions for the year, 77% were related to commercial real estate in Hong Kong and the mainland. The group's investment property portfolio valuation was also reduced by HK$723 million. In addition, the group recorded a loss of HK$305 million from equity-accounted associates and joint ventures, mainly from a mainland joint venture.