October 29, 2018 / 9:29 AM / in 17 days

Bank of China Q3 net profit up 5.7 pct, below estimates

BEIJING/SHANGHAI, Oct 29 (Reuters) - Bank of China Ltd (BoC) , the country’s fourth-biggest lender by assets, reported on Monday a 5.7 percent rise in third-quarter net profit as its bad loans ratio and interest margins stabilised.

Profit for the July to September period was 44.19 billion yuan ($6.35 billion) for BoC, the most internationalised Chinese bank that handles about a quarter of cross-border renminbi settlement on the mainland, compared with 41.8 billion yuan in the same period a year earlier.

The result was well below the 13.1 percent average profit growth estimate of three analysts, according to data compiled by Reuters.

Last week Bank of Communications Co and China Construction Bank Corp also posted a rise in third-quarter profit, as their bad loan ratios and interest margins stabilised.

BoC’s net interest margin, a key measure of profitability that represents the difference between interest earned on loans and that paid out to depositors, rose slightly to 1.89 percent from 1.88 percent at end-June.

Its non-performing loan ratio stayed unchanged at 1.43 percent at end-September from three months ago. ($1 = 6.9597 Chinese yuan renminbi) (Reporting by Shu Zhang in BEIJING and Engen Tham in SHANGHAI; Editing by Muralikumar Anantharaman)

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