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BOC posts 9.9% profit growth for Q1

Apr. 27, 2012 (China Knowledge) - Bank of China (BOC)<601988><3988>, the largest foreign exchange lender in China, earned RMB 36.76 billion or around US$5.85 billion in net profit in the first quarter of this year, up 9.9% year on year from RMB 33.44 billion.

The net profit, however, was lower than the forecast of RMB 37.42 billion estimated by four analysts from Dow Jones Newswires.

The Shanghai and Hong Kong-listed firm's net interest income rose 13% in the January-March period to RMB 60.6 billion, slowing from a 20% rise from a year earlier.

In the three months ended Mar. 31, 2012, the lender issued RMB 207.12 billion worth of RMB-denominated loans, adding outstanding RMB-denominated loans by 4.5% from the end of last year.

Nonperforming loan ratio was at 0.97% at the end of last month, a little lower than 1.00% at the end of last year.

In addition, the bank said its capital represented 12.80% of its risky assets as of Mar. 31, 2012, down from 12.97% as of Dec. 31, 2011.

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