Business
17:02, 28-Oct-2017
China's Bank of Communications' Q3 profit up 3.5 pct, margins steady
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China's state-owned Bank of Communications (BoCom) announced Saturday that its net profit rose 3.5 percent in the first three quarters of the year, to 54.42 billion yuan (8.2 billion US dollars).
Total assets rose 6.34 percent from the end of 2016, to 8.94 trillion yuan, according to its unaudited quarterly report filed with the Shanghai Stock Exchange.
The bank said its main business indicators had realized steady growth as it worked to serve the real economy, continue reform and innovation, and improve risk management.
BoCom's net interest margin was 1.57 percent at the end of September, up 1 basis point compared with that in the second quarter.
Although net interest margin inched up slightly, BoCom reported that net interest income – the money it made from loans – fell around 6 percent in the first nine months. /VCG Photo
Although net interest margin inched up slightly, BoCom reported that net interest income – the money it made from loans – fell around 6 percent in the first nine months. /VCG Photo
Although net interest margin inched up slightly, BoCom reported that net interest income – the money it made from loans – fell around 6 percent in the first nine months from the year-earlier period to 94.8 billion yuan.
Business revenue rose 1.64 percent year on year to 149.72 billion yuan in the same period.
The non-performing loans ratio stood at 1.51 percent, slightly down from 1.52 percent at the end of last year. Earnings per share were 0.7 yuan.
The bank is listed in both Shanghai and Hong Kong. Its shares rose 0.48 percent in Shanghai and 1.51 percent in Hong Kong Friday.
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