Bank of Communications 1st-Half Net Profit CNY38.98 Billion; Up 3.5% on Year

Bank of Communications Co. (3328.HK) said Thursday that its first-half net profit rose 3.5% from a year ago, thanks to growth in fee income.

Net profit for the six months ended June 30 rose to 38.98 billion yuan ($5.85 billion) from 37.66 billion yuan, China's fifth-largest bank by assets said.

Net interest income declined 8.0% to 62.71 billion yuan and net fee and commission income increased 1.42% to 21.26 billion yuan.

Outstanding bad loans totaled 65.95 billion yuan at the end of June, up from 65.8 billion yuan at the end of March.

The bank's nonperforming loan ratio declined to 1.51% from 1.52% at the end of March.

--Grace Zhu

(END) Dow Jones Newswires

August 24, 2017 05:41 ET (09:41 GMT)