China’s Everbright Bank missed profit estimates due to investment losses and an increase in cash set aside for souring property loans, sending shares of the regional lender almost 13 per cent lower in Hong Kong on Thursday.
Everbright, an important midsized bank in China, reported a 9 per cent decline in annual net profit to Rmb40.8bn ($5.6bn), widely missing analyst expectations.
The bank’s profit was hit by a drop in net interest income — the difference between what banks pay on deposits and what they earn from loans and other assets — and a surge of cash put aside for bad debts in the last quarter of 2023. It recorded Rmb5.7bn of impairments in financial assets/investments last year.
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