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

Two pedestrians walk in front of the logTwo pedestrians walk in front of the log

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.