Shares in Bank of East Asia (0023) jumped nearly 6 percent on Thursday after the bank reported an 11.9 percent growth in net profit for the year and declared a 27.78 percent rise in annual dividends.

Net profit increased from HK$4.12 billion in 2023 to HK$4.61 billion, benefiting from the onset of the US interest rate easing cycle as well as stimulus measures announced by the central and local governments, according to a recent filing.

Executive chairman David Li Kwok-po expects Beijing to continue implementing stimulus measures on top of efforts to secure supply chains and attain technological autonomy, stabilize the real estate market and drive domestic consumption.

BEA declared a second interim dividend of 38 HK cents per share, more than double last year’s, bringing the total dividend for the year to 69 HK cents per share, up 27.78 percent.