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Chinese bank BoCom's Q1 net profit up 5 pct, missing estimates
April 29, 2014 / 8:46 AM / in 4 years

Chinese bank BoCom's Q1 net profit up 5 pct, missing estimates

HONG KONG, April 29 (Reuters) - China’s Bank of Communications Co Ltd , the country’s fifth-largest listed bank, posted a 5 percent increase in first-quarter net profits, missing estimates, as net interest margins fell.

Net profit for the quarter rose to 18.7 billion yuan ($2.99 billion) from 17.706 billion yuan in the same 2013 period, the bank said in its unaudited financial statement.

That compares with an average estimate of 19.20 billion yuan calculated from a Thomson Reuters poll of six analysts.

First quarter net interest margin fell to 2.33 percent compared with 2.52 percent at the end of December.

$1 = 6.2530 Chinese Yuan Reporting by Shanghai Newsroom and Lawrence White in HONG KONG; Editing by Miral Fahmy; Editing by Miral Fahmy

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