BOC H1 profit not as strong
By Hu Xiaocen |
August 24, 2012, Friday
|
Print Edition
Print Edition
THE Bank of China's net profit in the first half grew a less-than-expected 7.6 percent year on year as it was hit by its Hong Kong operations' exposure to the Lehman Brothers minibonds debacle and on weaker net interest margin.
BOC, the nation's biggest foreign exchange bank and also the first big four state-owned bank to post a mid-year performance, said yesterday that earnings amounted to 71.6 billion yuan (US$11.3 billion) in the first six months, under international accounting rules.
The bank's profit growth fell short of the industry average of 23 percent, according to data from the China Banking Regulatory Commission. The profit also was off China Galaxy Securities' estimates of 12.4 percent for BOC for the whole year. In its report issued on Monday the state-funded broker warned that BOC's profit growth will slow to 4 percent next year.
BOC said its profit would have risen 12.2 percent in the first six months if not for the impact of the Lehman Brothers fiasco.
BOC's net interest margin shed 0.01 percentage point annually to 2.1 percent.
Smaller lenders such as Industrial Bank, Hua Xia Bank, Shanghai Pudong Development Bank and Ping An Bank saw an average rise in profit growth of 39.6 percent, growing more strongly than BOC.
BOC, the nation's biggest foreign exchange bank and also the first big four state-owned bank to post a mid-year performance, said yesterday that earnings amounted to 71.6 billion yuan (US$11.3 billion) in the first six months, under international accounting rules.
The bank's profit growth fell short of the industry average of 23 percent, according to data from the China Banking Regulatory Commission. The profit also was off China Galaxy Securities' estimates of 12.4 percent for BOC for the whole year. In its report issued on Monday the state-funded broker warned that BOC's profit growth will slow to 4 percent next year.
BOC said its profit would have risen 12.2 percent in the first six months if not for the impact of the Lehman Brothers fiasco.
BOC's net interest margin shed 0.01 percentage point annually to 2.1 percent.
Smaller lenders such as Industrial Bank, Hua Xia Bank, Shanghai Pudong Development Bank and Ping An Bank saw an average rise in profit growth of 39.6 percent, growing more strongly than BOC.
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