BUSINESS Bank of China sees net profit down 11.51% in H1

BUSINESS

Bank of China sees net profit down 11.51% in H1

Xinhua

16:43, August 31, 2020

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. (Photo: China News Service)

BEIJING - Bank of China, one of the country's big four State-owned lenders, said its net profits plunged 11.51 percent year-on-year in the first half of 2020 (H1).

The bank registered 100.92 billion yuan ($14.65 billion) in its net profit attributable to equity holders in the first six months of this year, according to its H1 report.

During the period, the bank's operating income rose 3.24 percent year-on-year to 285.71 billion yuan, according to the report.

As of the end of the second quarter, the total assets stood at 24.15 trillion yuan, a 6.07-percent increase compared with the prior year-end.

Asset quality of the bank remained stable with the outstanding non-performing loans (NPLs) came in at 198.38 billion yuan as of the end of June, while its allowance for loan impairment losses to NPLs went up to 186.46 percent.

Meanwhile, the NPL ratio edged up 0.03 percentage points to 1.42 percent, compared with the end of the first quarter.

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