BOCHK profit slumps 78%
24-03-2009
Bank of China Hong Kong has posted a 78-percent slump in profit for last year, to HK$3.3-billion. The bank blamed the global financial crisis and market volatility for the lower-than-expected earnings. It made a provision of just under HK$12-billion. The Chief Executive of the bank, He Guangbei, said he was cautious about the business outlook. He said the bank has frozen staff pay this year, but has no plans for large-scale lay-offs.
