China's BoCom posts 12 pct rise in H1 net profit, in line with estimates

SHANGHAI Wed Aug 21, 2013 4:38am EDT

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SHANGHAI Aug 21 (Reuters) - China's Bank of Communications Co Ltd (BoCom) posted a 12 percent rise in net profit for January-June, its weakest first-half in four years, due to slowing loan growth and compressed interest margins.

Net profit increased to 34.8 billion yuan ($5.68 billion) from 31.09 billion yuan a year earlier, China's fifth-biggest lender said on Wednesday. That compares with the average estimate of 34.39 billion yuan in a Thomson Reuters poll of four analysts.

Second-quarter profit rose 12.5 percent from a year earlier to 17.1 billion yuan, according to Reuters calculations.

HSBC Holdings Plc has a 19 percent stake in BoCom. (Reporting by Gabriel Wildau; Editing by Ryan Woo)