Bank of China Ltd. (3988.HK) said on Monday that its third-quarter net profit rose only 0.1% from a year ago to 41.82 billion yuan ($6.3 billion), as higher interest and fee income was offset by step-up loss provision against soured debt.
China's fourth-largest lender by assets said net interest income rose to 87.04 billion yuan in the third quarter, compared with 74.95 billion yuan a year ago. Net fee and commission income increased slightly to 20.71 billion yuan in the third quarter, compared with 20.66 billion yuan a year ago.
Continue Reading Below
In the first nine months, Bank of China's net profit rose 7.9% year over year to 155.14 billion yuan.
The state lender reported a total of 152.75 billion yuan in nonperforming loans, representing 1.41% of its total loans. The bank allocated 22.84 billion yuan provision against bad loans in the third quarter, up 63% from the same period a year ago.
Write to Grace Zhu at firstname.lastname@example.org
(END) Dow Jones Newswires
October 30, 2017 05:55 ET (09:55 GMT)