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BOC Hong Kong (Holdings) H1 net profit grows 2.2% YOY

BOC Hong Kong (Holdings) Ltd. reported a 2.2% year-over-year increase in net profit for the six months ended June 30.

The company said first-half profit attributable to equity holders and other equity instrument holders rose to HK$17.95 billion from HK$17.56 billion in the year ago period. Profit attributable to the bank's equity holders came to HK$17.25 billion, or HK$1.63 per share, down from HK$17.56 billion, or HK$1.66 per share.

Net interest income rose to HK$19.90 billion from HK$18.54 billion, while net fee and commission income fell to HK$6.05 billion from HK$6.48 billion. Net insurance premium income increased year over year to HK$9.40 billion from HK$7.38 billion.

Net operating income climbed to HK$28.38 billion from HK$27.27 billion. Total operating income grew year over year to HK$40.61 billion from HK$33.85 billion.

The bank reported net interest margin of 1.59% at June 30, compared to 1.70% at Dec. 31, 2018, and 1.54% at June 30, 2018.

The classified or impaired loan ratio was 0.20% at the end of June, up from 0.19% at the end of 2018 but down from 0.22% at the end of first half of 2018.

BOC Hong Kong (Holdings) said its total capital ratio was 23%, compared to 23.10% as of Dec. 31, 2018, and 20.12% as of June 30, 2018. The Tier 1 capital ratio was 20.01%, compared to 19.76% at the end of 2018 and 16.62% as of June 30, 2018.

BOC Hong Kong (Holdings) is a unit of Bank of China Ltd.