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Bank of China posts 4.55% YOY increase in H1 net profit

Bank of China Ltd.'s net profit for the six months ended June 30 grew 4.55% year over year, as net interest income increased.

The company's first-half net profit attributable to equity holders rose to 114.05 billion yuan from 109.09 billion yuan in the prior-year period. EPS inched up to 38 fen from 37 fen a year earlier.

Year over year, net interest income increased to 181.68 billion yuan from 172.45 billion yuan, while net fee and commission income rose to 50.56 billion yuan from approximately 48.19 billion yuan.

Operating income rose to roughly 276.69 billion yuan from 251.48 billion yuan and operating profit climbed to 151.89 billion yuan from 141.08 billion yuan in the prior-year period.

Impairment losses on assets came to 33.67 billion yuan for the half, up from 28.27 billion yuan in the first half of 2018.

Net interest margin for the half declined to 1.83% from 1.88% in the year-ago quarter.

The group's nonperforming loan ratio improved to 1.40% as at June-end from 1.42% at of the end of 2018.

As of June 30, the group's capital adequacy ratio came to 15.33%, up from 14.97% as of Dec. 31, 2018. Its common equity Tier 1 ratio was 11.21%, down from 11.41% at 2018-end, while its Tier 1 ratio rose to 12.85% from 12.27% over the same period.

As of Aug. 29, US$1 was equivalent to 7.14 Chinese yuan.