Chinese lender BoCom reports 37.9% increase in third quarter profits
BoCom posts third quarter net profit up 37.9% year on year
NIM stable at 1.55% at the end of Q3 from the end of Q2
NPL ratio stable at 1.6% at the end of Q3 compared to the end of Q2
BEIJING / SHANGHAI, October 29 (Reuters) – Bank of Communications Co 3328.HK601328.SS (BoCom), China’s sixth-listed lender by assets, announced a 37.9% increase in third-quarter net profit on Friday as the country’s banks recover from the impact of the COVID pandemic -19.
Report profit reached 22.3 billion yuan ($ 3.48 billion) in the July-September quarter, up from 16.2 billion a year earlier, he said in a document filed with the stock exchange from Hong Kong.
The bank said its net interest margin – a key indicator of bank profitability – had held steady at 1.55% at the end of September compared to the end of June.
He reported a NPL ratio of 1.6% at the end of the third quarter, also stable from the end of the previous quarter.
Hurt by power shortages and problems in the real estate sector, the Chinese economy missed forecasts and hit its slowest growth rate in a year in the third quarter.
($ 1 = 6.3997 yuan Chinese renminbi)
(Reporting by Cheng Leng, Zhang Yan and Engen Tham; editing by David Goodman and Jason Neely)
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