Staff reporter

Shares in Bank of East Asia (0023) jumped nearly 5 percent yesterday after the lender reported an 11.9 percent growth in net profit for the year and declared a 27.7 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 filing.

Executive chairman David Li Kwok-po said he 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.