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Bank of China Posts Record Profit, Drop in Bad Loans

Bank of China Ltd., the nation’s third-largest lender by assets, said first-half profit jumped 28 percent to a record while bad debts dropped amid rising scrutiny of property loans and credit to local governments.

Net income rose to 66.5 billion yuan ($10.4 billion) from 52 billion yuan a year earlier, the Beijing-based company said in a Hong Kong stock exchange statement yesterday. Profit was in line with the 65.8 billion yuan median estimate of nine analysts surveyed by Bloomberg News. Bank of China and its Hong Kong unit rose today.