Bank of East Asia net profit falls 99% in 2008

HONG KONG: Hong Kong's Bank of East Asia said on 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."