BOC’s net earnings jump 13.9% in Q1
THE Bank of China, the fourth-biggest lender in the country, posted a 13.9 percent annual growth in net profit in the first quarter as net interest margin improved.
The growth marks a significant jump from the 8.2 percent rise in the same period of last year, and 9.9 percent in 2012.
Net profit rose to 45.4 billion yuan (US$7.3 billion) in the first three months from 39.8 billion yuan a year ago, BOC said in its quarterly earnings report yesterday. Net interest income added 14 percent to 76.5 billion yuan, while net interest margin, a measure of loan profitability, widened by 0.07 percentage points to 2.29 percent at the end of March.
BOC saw its non-performing loans rise to 80.3 billion yuan at the end of March from 73.2 billion yuan at the end of last year, while its bad loan ratio edged up 0.02 percentage points during the period to 0.98 percent.
Non-interest income jumped 12.8 percent from a year earlier to 43.4 billion yuan, accounting for 36 percent of its operating income, a drop of 0.28 percentage points.
BOC is the first among China’s top-five lenders to release earnings for the first quarter.
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