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Bank of Communications posts 0.5% YOY increase in Q1 net profit

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Bank of Communications posts 0.5% YOY increase in Q1 net profit

Bank ofCommunications Co. Ltd. reported a 0.5% year-over-year increase innet profit for the first quarter ended March 31.

The bank said April 28 that its net profit attributable toshareholders rose to 19.07 billion yuan from 18.97 billion yuan in the year-agoperiod. EPS for the quarter was flat year over year at 26 fen.

Net interest income for the quarter fell 2.8% year over yearto 34.03 billion yuan from 35.00 billion yuan in the prior-year quarter. Thebank's net fee and commission income for the quarter grew to 10.77 billion yuanfrom 9.88 billion yuan.

The bank's impaired loans ratio as of March 31 stood at1.54%, compared to 1.51% as of Dec. 31, 2015.

Bank of Communications said its capital adequacy ratio forthe period to March 31 came in at 13.22%, down from 13.49% as of Dec. 31, 2015.The Tier 1 and core Tier 1 capital adequacy ratios stood at 11.39% and 11.08%,respectively, down from 11.46% and 11.14%, respectively, as of Dec. 31, 2015.

As of April 27, US$1was equivalent to 6.50 Chinese yuan.