BoCom’s H1 profit 36.5 bln yuan vs 42.75 bln yuan year-ago
Bad loans rise
NIM 1.53 pct end-June vs 1.55 pct end March
BEIJING/SHANGHAI, Aug 28 (Reuters) – Bank of Communications Co Ltd 601328.SS3328.HK, China’s sixth-largest bank by assets, reported on Friday a 14.6% decline in first-half profit as sour debt rose amid the coronavirus pandemic.
It was the first time the bank has reported a profit fall in the January-June period since it publicly listed its shares in Shanghai in 2007.
The results highlight the impact of the pandemic and the slowing economy on Chinese banks after they bucked the global trend in the first quarter by posting higher quarterly profits and steady bad loans.
BoCom is the first of China’s largest state-owned banks to report half-year earnings.
Profit came in at 36.5 billion yuan ($5.32 billion) for January-June, compared to 42.75 billion yuan