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BOC’s net profit drops by 3.7 percent in 2016
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BANK of China, the country's fourth biggest lender by assets, said its net profit fell 3.66 percent in 2016, making it the only bank reporting less profits among the "big five" lenders.
In 2016, BOC's net profit dropped to 164.58 billion yuan (US$23.88 billion) from 170.85 billion yuan a year earlier, with its net interest income, which accounts for nearly 70 percent of the bank's overall income, decreased 6.9 percent to 306.05 billion yuan in the same period, according to the bank’s annual report released today.
Credit quality also deteriorated in BOC last year, as the non-performing ratio of the bank rose to 1.46 percent versus 1.43 percent a year ago.
Tian Guoli, president of BOC, said the weakening performance was a result of the economic environment, as "China's economy is in a critical transition period, shifting from old to new growth drivers and experiencing structural challenges."
BOC said it will maintain deposit as a core business, in a bid to provide stable sources of funding for development of its asset business. Loan business is expected to increase by 10 percent in 2017.
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