By Justina Lee
BOC Hong Kong (Holdings) Ltd. shares fell early Friday after posting a weaker than expected 2022 net profit.
Its shares in Hong Kong fell as much as 6.3% to 23.80 Hong Kong dollars (US$$3.03), its lowest intraday level since November 2022. It was recently 5.1% lower.
The Chinese commercial bank's 2022 net profit attributable to shareholders rose 18% to HK$27.05 billion, but it was below the HK$29.51 billion estimate compiled by FactSet.
"In 2022, the banking sector faced pressure from a complex and challenging operating environment, characterised by an uncertain pandemic situation and financial market volatility," the company said Thursday in its earnings statement.
BOC Hong Kong also reported an increase in its second-half operating expenses, mainly driven by one-off expenses.
Still, Citi analysts maintain a buy rating and a HK$31.10 target price on its shares, as they reckon that the miss was mainly due to one-off factors.
Write to Justina Lee at email@example.com
Corrections & Amplifications
This item was corrected at 0301 GMT to reflect BOC Hong Kong shares hit their lowest intraday level since November 2022. The original version incorrectly said it was the lowest since September 2009 in the second paragraph.
(END) Dow Jones Newswires
March 30, 2023 22:39 ET (02:39 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.