BEA takes minor credit hit, gains Basel II approval

Hong Kong's Bank of East Asia (BEA) unveiled a 22.1% jump in net profit, easily absorbing mark-to-market (MtM) losses from its 14 synthetic collateralised debt obligation (CDO) and special investment vehicle (SIV) portfolio, in its 2007 results announcement in mid-February.

The bank had taken MtM impairment losses of HK$1.09 billion ($139 million) on CDO investments and HK$270 million for SIV assets, says Daniel Wan, BEA chief financial officer.

All but one of the portfolios - which amounted to

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