Bank of China reveals interim results

by Richard Kilner

Story link: Bank of China reveals interim results

Bank of China Limited has announced its interim financial results for 2009.

In the first half of the year the bank increased its total assets by over 18% (compared to the end of 2008) to RMB 8.21 trillion, with total liabilities rising by more than 19% to RMB 7.71 trillion.

Customer deposits were also up sharply, rising by 22.55% to RMB 6.25 trillion.

However, net interest income fell by more than 8% year-on-year to RMB 74.7bn.

Net fee and commission income was up by 2.6% to RMB 22.9bn.

Attributable profits declined by 2.5% to RMB 41.1bn compared to the previous year, but soared upwards by 85.4% from the latter half of 2008.

The Bank of China has continued its fall in profits compared to the first half of 2008, but the margin of decline has been significantly reduced from Q1 (14%) to just 2.5%.