August 19, 2014 / 8:42 AM / in 3 years

Bank of China H1 profit up 11.2 pct, meets forecasts

HONG KONG/SHANGHAI, Aug 19 (Reuters) - Bank of China (BoC) , the country’s fourth-largest lender by market value, reported an 11.2 percent rise in first half net profit, in line with estimates, as net interest margin held steady.

BoC on Tuesday posted a net profit of 89.7 billion yuan ($14.61 billion) for the January-June period. A Reuters poll of analysts had forecast a net profit of 90.2 billion yuan for the period.

BoC’s non-performing loan ratio increased slightly to 1.02 percent at end-June compared to 0.98 percent at end-March.

The first-half figure implies a net profit of 44.3 billion yuan in the second quarter, which would be an 8.3 percent from the second quarter of 2013. ($1 = 6.1408 Chinese yuan) (Reporting by Engen Tham in SHANGHAI and Lawrence White in HONG KONG; Editing by Miral Fahmy)

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