BOC’s profit growth decelerates
April 30, 2012 Category Finance, Weekly
Bank of China’s profit growth decelerated to 10% in the first quarter to CNY36.8 billion. The bank advanced CNY247 billion of new loans in the first quarter, 17% less than a year earlier. Profit growth declined from 10.8% in the previous quarter and 28% a year earlier. Net interest income rose 13.2% to CNY60.6 billion during the quarter, while the loan margin stayed unchanged at 2.11%. Net fee and commission income, from businesses such as trade finance and custodial services, gained 13.8% to CNY21.2 billion. Bank of China’s non-performing loans, or those overdue for at least three months, rose by CNY665 million to CNY63.9 billion at the end of March, and amounted to 0.97% of total loans. The bank’s capital-adequacy ratio (CAR) narrowed in the quarter to 12.8% as of March 31, from 12.97% at the beginning of the year. The core-capital-adequacy ratio stood at 9.97%. BOC was the only lender from China to be included on a provisional list of 29 systemically important financial institutions published in November by the Financial Stability Board, a body set up by the G20 group of nations.
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