BOC surprises with 17% net profit
By Hu Xiaocen |
October 26, 2012, Friday
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Print Edition
Print Edition
BANK of China's net profit in the third quarter grew by a surprising 17 percent on improved net interest margin.
BOC, the nation's biggest foreign exchange bank and also the first of the big four banks to unveil its results, said yesterday that net income rose to 34.8 billion yuan (US$5.5 billion) from July to September under international accounting standards. Its growth outperformed those of its peers and accelerated from 5.3 percent in the second quarter.
The bank's net interest income jumped 15 percent annually to 65.4 billion yuan in the third quarter, while the net interest margin added 0.02 percentage point from the end of June to 2.12 percent in September.
BOC's non-performing loans rose to 64.1 billion yuan from 63.6 billion yuan in the period.
Changjiang Securities predicted a slower growth of 15.8 percent in combined profit of 801.3 billion yuan in the third quarter for listed Chinese banks. Sinolink Securities projected net earnings for listed lenders to expand 16.6 percent in the period.
BOC, the nation's biggest foreign exchange bank and also the first of the big four banks to unveil its results, said yesterday that net income rose to 34.8 billion yuan (US$5.5 billion) from July to September under international accounting standards. Its growth outperformed those of its peers and accelerated from 5.3 percent in the second quarter.
The bank's net interest income jumped 15 percent annually to 65.4 billion yuan in the third quarter, while the net interest margin added 0.02 percentage point from the end of June to 2.12 percent in September.
BOC's non-performing loans rose to 64.1 billion yuan from 63.6 billion yuan in the period.
Changjiang Securities predicted a slower growth of 15.8 percent in combined profit of 801.3 billion yuan in the third quarter for listed Chinese banks. Sinolink Securities projected net earnings for listed lenders to expand 16.6 percent in the period.
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