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BOC reports 18.93% growth in net profit for 2011

Mar. 30, 2012 (China Knowledge) - Bank of China Ltd<601988><3988>, the country's largest foreign exchange lender, yesterday that its net profit rose 18.93% year on year to RMB 124.18 billion last year, due to increases in both net interest income and non-interest income.

Basic earnings per share were RMB 0.44 in 2011, up 12.82% year on year. The bank proposed a dividend of 15.5 RMB cents per share or RMB 43.27 billion in total.

The bank's operating revenue increased 18.55% year on year to RMB 328.17 billion last year. Net interest income grew 17.58% year on year to RMB 228.06 billion, and non-interest income rose 20.82% to RMB 100.10 billion in the period.

Net interest margin increased by 5 basis points to 2.12% in 2011.

At the end of 2011, the bank's capital adequacy ratio had risen 0.39 percentage points from a year earlier to 12.97%, while its core capital adequacy ratio had fallen 0.02 percentage points to10.07%.

BOC's total assets had increased 13.10% year on year to RMB 11.83 trillion at the end of last year. The balance of customer deposits had risen 14.02% year on year to RMB 8.82 trillion and that of customer loans had grown 12.05% from a year earlier to RMB 6.34 trillion at the end of 2011.

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