Bank of China's First-Quarter Profit Rose on Higher Operating Income

By Ben Otto

Bank of China's first-quarter net profit rose 2.7% on higher operating income, while impairment losses fell slightly from a year earlier.

The Chinese state-owned lender posted net profit of 53.99 billion yuan (US$8.34 billion), up from CNY52.58 billion a year earlier, it said late Thursday.

Net interest income rose 3.7% to CNY104.16 billion. Non-interest income climbed nearly 12% to CNY53.71 billion, with net fee and commission income jumping 18% to CNY27.88 billion.

In all, operating income rose to CNY157.87 billion from CNY148.54 billion a year earlier.

The bank posted CNY32.36 billion in impairment losses on assets, down 0.6% on year.

Its nonperforming-loan ratio at the end of March was 1.30% compared with 1.46% at the end of 2020, while its capital adequacy ratio fell to 15.7% from 16.2%.

Write to Ben Otto at [e-mail]

(END) Dow Jones Newswires

04-29-21 2146ET