Bank of China Q1 profit up 41% on trading, interest income, commission fees

08:26, April 28, 2010      

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Bank of China, the country's third largest lender by market value, said Tuesday its first quarter net profit rose 41.25 percent from a year ago on expanded trading activities, growing interest income and higher commission fees.

Net profit in the first three months surged to 26.23 billion yuan (3.84 billion U.S. dollars) after tax from 18.57 billion yuan a year earlier, the bank said in its first-quarter report.

Earnings per share stood at 0.1 yuan last year, compared with 0.07 yuan in the first quarter of 2009.

Interest income rose 20.82 percent to 44.51 billion yuan in the first quarter, while non-interest income climbed 69.09 percent to 23.05 billion yuan, mostly due to business expansion.

Total assets had reached 9.72 trillion yuan by the end of March, up 11.09 percent from three months ago.

The bank's yuan customer deposits totalled 5.93 trillion yuan at the end of the quarter, up 617.4 billion yuan from the end of 2009, while outstanding yuan-denominated loans increased 254.6 billion yuan to 3.76 trillion yuan.

The non-performing loan ratio was 1.3 percent at the end of March, 0.22 percentage points lower than the end of last year, with outstanding non-performing loans at 69.04 billion yuan.

The bank's core capital adequacy ratio had risen to 9.11 percent by the end of March, from 9.07 percent at the end of 2009.

Shares of the bank's closed flat at 4.04 yuan in Shanghai. The bank released its results after the close of trade.

Source: Xinhua


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