Aug 30 Bank of Communications (BoCom)
, China's fifth-biggest lender, posted an 18
percent rise in net profit during the January-June period, its
slowest first-half growth in three years, as a slowing economy
sapped demand for loans.
First-half net profit came in at 31.09 billion yuan ($5
billion) versus 26.4 billion yuan a year earlier. Six analysts
polled by Reuters had predicted profit to rise 12.5 percent to
29.7 billion yuan.
Based on that figure, its second-quarter profit was up 15
percent at 15.21 billion yuan vs 13.116 billion yuan a year
earlier, its slowest pace of growth since the third quarter of
2009, according to Reuters calculations.
BoCom, about one-fifth owned by HSBC Holdings Plc
, plans to raise $8.9 billion through a private
placement of shares to strengthen its balance sheet and support
(Reporting by Samuel Shen in Shanghai and Kelvin Soh in Hong
Kong; Editing by Kazunori Takada and Jacqueline Wong)