Date
18 December 2017
Bank of China says its net interest income grew 14.2 percent in the first quarter.
Bank of China says its net interest income grew 14.2 percent in the first quarter.

BOC first-quarter net profit climbs 13.9%

Bank of China Ltd. (03988.HK, 601988.CN) posted a net profit at 45.37 billion yuan (US$7.27 billion) in the first quarter, up 13.88 percent from a year earlier, it said in a regulatory filing Thursday.

Operating income climbed 13.7 percent to 119.89 billion yuan.

Net interest income rose 14.2 percent to 76.47 billion yuan while non-interest income increased 12.82 percent to 43.43 billion yuan. Net interest margin was 2.29 percent, up 0.07 percentage point from the same period last year, the filing said.

Loans and advances to customers were 8.16 trillion yuan, up 7.24 percent from a year earlier, while domestic yuan-denominated loans were 5.76 trillion, an increase of 3.76 percent from the same period last year.

Non-performing loans were 80.32 billion yuan and the non-performing loan ratio was 0.98 percent.

Loan-to-deposit ratio was 71.21 percent and capital adequacy ratio (CAR) was 12.05 percent as of end-March. Tier 1 CAR was 9.59 percent.

In a separate statement, the lender said its Hong Kong unit, BOC Hong Kong (Holdings) Ltd. (02388.HK), posted HK$10.88 billion (US$1.4 billion) in net operating income before impairment allowances in the first quarter, up 10.7 percent from a year earlier.

Operating profit before impairment allowances climbed 12.1 percent to HK$7.84 billion.

– Contact HKEJ at [email protected]

AM/JP/RA

 

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