BOC’s profit rises slower in H1 on bad loan costs
Print Edition
THE Bank of China, the country’s fourth-biggest lender, yesterday reported slower profit growth in the first half as it doubled provisions for bad loans during the period.
Net profit grew a slower 11.1 percent year on year to 89.7 billion yuan (US$14.6 billion) in the first six months, compared with 12.9 percent in the same period of last year, the lender said in a filing to the Shanghai Stock Exchange.
The gain in net profit is expected to slow to 6.4 percent this year after it jumped 12.5 percent for the whole of last year, Haitong Securities said in a report on Monday.
The bank’s net interest income added 14 percent from a year earlier to 156.7 billion yuan in the six months, while non-interest income rose 13 percent to 78.2 billion yuan. Haitong added that the net interest income growth may ease in the second half before hitting 10 percent for the whole year.
Beijing-based BOC’s asset quality worsened as the non-performing loan ratio rose to 1.02 percent at the end of June from 0.96 percent a year ago.
The bank almost doubled impairment losses on assets — money set aside to cover bad loan costs — to 27.8 billion yuan in the first half of the year amid a slowing economy and a cooling property market.
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