Bank of China : 3Q Net Profit Slipped on Higher Impairments

By Martin Mou

Bank of China Ltd.'s third-quarter net profit ticked down 1.6% from a year earlier, as impairment losses offset stronger interest and fee income.

The Chinese state-owned lender said Friday that net profit slipped to CNY44.79 billion yuan ($6.67 billion), even as operating income rose 2.6% to CNY143.25 billion.

Net interest income rose slightly to CNY100.61 billion, while credit impairment losses on assets also increased to CNY30.42 billion from CNY27.18 billion.

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(END) Dow Jones Newswires

10-30-20 0528ET