Standard&Poor's Ratings Services said today that yesterday's announcement of first half earnings results by Bank of East Asia Ltd. (BBB+/Stable/A-2) will not affect the ratings or outlook on the bank. Bank of East Asia announced a net profit before minorities of Hong Kong dollar (HK$) 805 million and an operating profit before provisions of HK$1.27 billion for the first half of 2002. The bank's operating profit before provisions decreased by 4.1% year on year. Its net profit before minorities, however, decreased by 21% year on year due to higher provision expenses in the first half of 2002. A HK$295 million recovery in the first half of 2001 of bad debts written off previously and additional write-offs of consumer
