China's BoCom reports 1.8% rise in first-quarter profit amid pandemic

FILE PHOTO: A logo of China's Bank of Communications is displayed outside its branch at the financial Central district in Hong Kong, China September 6, 2017. REUTERS/Bobby Yip

BEIJING/SHANGHAI (Reuters) - China's Bank of Communications Co Ltd (BoCom) 601328.SS, 3328.HK reported a 1.8% in its first-quarter net profit.

Profit at China’s sixth-biggest bank by assets rose to 21.451 billion yuan ($3.03 billion) in the three months through March, from 21.07 billion yuan in the same period a year earlier, the bank said in a filing on Tuesday.

BoCom’s non-performing loan ratio rose to 1.59% at end-March from 1.47% at end-December.

Net interest margin, a key gauge of profitability, fell to 1.55% by end-March from 1.58% at end-2019.

Reporting by Zhang Yan, Cheng Leng in Beijing and Engen Tham in Shanghai, editing by Louise Heavens