Bank of Communications Co. Ltd. reported a 4.85% year-over-year increase in net profit for the first half ended June 30.
The bank on Aug. 27 reported a first-half net profit attributable to shareholders of 42.75 billion yuan, down from 40.77 billion yuan in the prior-year period. EPS rose to 54 fen from 51 fen.
Net interest income for the half grew to 70.06 billion yuan from 60.66 billion yuan, while net fee and commission income climbed to 23.12 billion yuan from 21.18 billion yuan.
Net operating income increased to 118.31 billion yuan from 102.03 billion yuan. Credit impairment loss for the period came to 21.54 billion yuan, up from 16.66 billion yuan in the same period the prior year.
The group's nonperforming loans ratio as of June 30 clocked in at 1.47%, down from 1.49% at the end of 2018.
As at June 30, the group's capital adequacy ratio came to 13.84%, down from 14.37% at Dec. 31, 2018. Its Tier 1 ratio for the period fell to 11.86% from 12.21% at the end of 2018, while its core Tier 1 ratio declined to 10.86% from 11.16% over the same period.
As of Aug. 26, US$1 was equivalent to 7.15 Chinese yuan.
