Bank of China announces Q3 profits

by Richard Kilner

Story link: Bank of China announces Q3 profits

The Bank of China has announced its financial results for the third quarter of 2009.

In line with International Financial Reporting Standards, the firm made RMB 62.23bn profit, up 3.8% year-on-year, in the first three quarters of the year.

This marks a reversal from the first six months, when the bank made 2.5% less in the first two quarters of 2009 compared to 2008.

Return on equity stands at 17.36%.

In the third quarter alone the Bank of China enjoyed profits of RMB 21.107bn, a rise of 18.83% in the profits made in Q3 2008.

Total assets also rose, up by nearly 20% to RMB 8.34bn at the end of September.

The Bank of China has stated that the fourth quarter will see it continue in its efforts to enhance competitiveness, reduce cost and improve risk management, whilst increasing the customer and deposit base.

The firm has predicted a solid result both for Q4 and for the year as a whole.