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Bank of China FY'16 net profit declines 3.7% YOY

Bank of China Ltd.'s net profit declined 3.7% year over year, amid declines in interest and fee and commission income.

The group's 2016 consolidated net profit attributable to equity holders fell to 164.58 billion Chinese yuan from 170.85 billion yuan in the prior year. EPS declined year over year to 54 fen from 56 fen.

Net interest income fell to 306.05 billion yuan from 328.65 billion yuan, while net fee and commission income declined to 88.66 billion yuan from 92.41 billion yuan.

Operating income decreased to 485.66 billion yuan from 473.91 billion yuan in 2015, and operating profit declined to 221.52 billion yuan from 229.24 billion yuan.

Net interest margin for 2016 was 1.83%, down from 2.12% in the prior year. The group's nonperforming loan ratio was 1.46% as of Dec. 31, 2016, up from 1.43% a year ago.

As of Dec. 31, 2016, the bank's capital adequacy ratio was 14.28%, up from 14.06% at 2015-end. Its common equity Tier 1 and Tier 1 capital adequacy ratios for the period were 11.37% and 12.28%, respectively, up from 11.10% and 12.07% in the prior year.

The company's board declared a dividend of 16.8 fen per share, down from the prior-year's final dividend of 17.5 fen per share, subject to shareholder approval.

As of March 30, US$1 was equivalent to 6.89 Chinese yuan.