SHANGHAI, April 24 Bank of China (BoC)
, the country's fourth-largest lender by
market value, said on Thursday first-quarter net profits rose
13.9 percent, beating estimates, as net interest margins widened
and capital adequacy rose.
Net profit rose to 45.4 billion yuan ($7.28 billion) in the
first quarter, up from 39.8 billion yuan in the same 2013
period, according to the bank's unaudited financial statement.
Total capital adequacy rose sharply to 12.95 percent,
compared to 12.46 percent at end-December last year.
That compares with an average estimate of 41.8 billion yuan
calculated from a Thomson Reuters poll of eight analysts.
BoC's non-performing loan ratio increased slightly to 0.98
percent at end-March compared to 0.96 percent at end-December.
Net interest income was 76.5 billion yuan in the first
quarter, a year-on-year increase of 14.2 percent while gains in
net fees and commissions hit 29.0 billion yuan, a rise of 17.1
percent from the same period last year.
The bank's net interest margin was 2.29 percent at the end
of the first quarter, from 2.24 percent at the end last year.
($1 = 6.2376 Chinese Yuan)
(Reporting by Shanghai Newsroom and Gabriel Wildau; Editing by