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Bank of China’s Profit Rises After Selling Nanyang Commercial Bank

By Reuters
By Michelle Toh
Two pedestrians walk in front of the log
Two pedestrians walk in front of the logo for the Bank of China in Beijing on September 13, 2010. China on September 13 welcomed a major overhaul of global banking rules, as the Asian nation reportedly considers new moves to strengthen banks' balance sheets after an anti-crisis lending spree last year. Top global central bankers and regulators meeting in Switzerland agreed on September 12 on a new set of rules, called Basel III, requiring banks to raise the capital they hold in reserve to prevent a repeat of the world financial crisis. AFP PHOTO / LIU Jin (Photo credit should read LIU JIN/AFP/Getty Images)
Liu Jin — AFP/Getty Images

Bank of China (BACHF), the country’s fourth-biggest lender by assets, reported a 2.5% increase in net profit in the first half, helped by the disposal of Nanyang Commercial Bank.

BoC said on Tuesday its net profit for the January-June period was 93.0 billion yuan ($13.93 billion), compared to 90.7 billion yuan in the year-ago period.

The first-half figure implies a net profit of 46.4 billion yuan in the second quarter, up from 44.9 billion yuan in the year-ago period, according to Reuters calculations.

See also: ICBC’s Profit Rises 0.8% in First Half

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Three analysts on average had forecast a second-quarter profit of 44.5 billion yuan, according to a Reuters calculation.

BoC’s non-performing loan ratio increased to 1.47% at end-June from 1.43% at end-March.