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Bank of China posts 4.76% YOY rise in FY'17 net profit; raises dividend

Bank of China Ltd. posted a 4.76% year-over-year rise in net profit for the 2017 full year.

The company reported a 2017 full-year profit attributable to equity holders of 172.41 billion yuan, up from 164.58 billion yuan in the prior year.

EPS rose to 56 fen from 54 fen, the lender said in a March 29 report.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the bank's Hong Kong-listed shares were both 58 fen, while the GAAP and normalized EPS estimates for the Shanghai-listed shares were also both 58 fen.

Net interest income climbed to 338.39 billion yuan from 306.05 billion yuan, while noninterest income fell to 145.37 billion yuan from 179.61 billion yuan.

Operating income dropped to 483.76 billion from 485.66 billion yuan, while operating profit edged up to 221.74 billion yuan from 221.52 billion yuan.

Net interest margin for the period clocked in at 1.84%, up marginally from 1.83% for 2016.

Impairment losses on assets for the full year amounted to 88.16 billion yuan, down from 89.07 billion yuan in the prior-year period.

The group's nonperforming loan ratio came to 1.45% as of Dec. 31, 2017, down from 1.46% for full year 2016.

As of the end of 2017, the group's capital adequacy ratio was 14.19%, down from 14.28% at end-2016. Its common equity Tier 1 and Tier 1 ratios at end-2017 were 11.15% and 12.02%, respectively, down from 11.37% and 12.28% a year earlier.

The lender's board proposed a cash dividend of 17.6 fen per share for 2017, up from the prior-year's dividend of 16.8 fen per share.

The dividend, which is subject to shareholder approval, is expected to be paid to A-share holders July 13 and to H-share holders Aug. 8.

As of March 28, US$1 was equivalent to 6.30 Chinese yuan.