BoCom joins single-digit growth age
Print Edition
THE Bank of Communications, the fifth-biggest lender in China, saw its net profit grow 5.6 percent from a year earlier in the first half of this year, as it follows other Chinese lenders in posting single-digit rise in net profit.
BoCom made a net profit of 36.8 billion yuan (US$6 billion) in the first six months. The growth figure is a sharp drop from the 12 percent increase in the same period of last year.
Haitong Securities said in a report this week that BoCom might see the growth momentum in net profit for the whole year at 5.6 percent.
“Banks are starting to see profit growth enter the age of single digit and return to normal levels,” Peng Chun, vice chairman and president of BoCom, said in Shanghai yesterday.
He added that although net profit growth slowed, it remained appropriate.
The bank’s net interest income rose 3.4 percent from a year earlier to 67.2 billion yuan, while net interest margin shrank to 2.2 percent from 2.39 percent in first half of last year.
Peng also said it’s natural that net interest margin, an important sign of loan profitability, shrank amid accelerating liberalization of interest rates.
The lender’s bad loans rose by 4.4 billion yuan during the six months to 38.8 billion yuan at the end of June.
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