Market Overview

Bank of China H1 Net Profit Rises

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Bank of China (OTC: BACHY) reported an 11% rise in its first-half net profit.

The bank's net profit for the period climbed to 89.72 billion yuan ($14.5 billion), versus a year-ago profit of 80.72 billion yuan. Analysts were expecting a profit of 89.56 billion yuan.

Its net interest income surged 14% to 156.68 billion yuan, while noninterest income jumped 13% to 78.2 billion yuan.

In the first half, Bank of China's impairment losses on assets increased 96.45% to RMB27.782 billion.

Net fee and commission income surged 14.62% y/y to RMB52.131 billion, while operating expenses rose 4.49% to RMB85.897 billion.

Return on average equity declined 0.36 percentage point to 18.57% in the period.

As at 30 June 2014, its total assets rose 11.49% y/y to RMB15,469.096 billion, while total liabilities increased 12% to RMB14,462.640 billion.

Bank of China shares fell 0.35% to close at $11.80 yesterday.

Posted-In: profitEarnings News

 

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