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Bank of China’s Q3 net profit climbs 13.2% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A mask-wearing man walks by the People’s Bank of China headquarters in Beijing on February 3, 2020. REUTERS/Jason Lee

BEIJING/SHANGHAI – Bank of China Ltd. (BoC), fourth largest lender in China by assets reported a 13.2% rise in net profit for the third quarter.

The July-September period’s net profit was 50.71 trillion yuan (7.93 billion), an increase of 44.79 million a year ago.

According to the bank’s net interest margin, which measures bank profitability by determining how profitable a bank is at any given time, fell to 1.75 % at September’s end from 1.76 % at June’s end.

It had a ratio of 1.3% to 1.2% at the close of the last quarter.

Bank of China estimates that China’s commercial banks will have reported profit growth of about 3% in the third quarter.

The bank stated in its quarterly banking report that the sector would be under pressure from falling loan rates and loan-loss provisionsing requirements, as well as the challenges facing non-interest-earning companies.

($1 = 6.3970 renminbi)

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