Bank of China Profit Growth Slows, Missing Analyst Estimates

Bank of China Ltd. posted its slowest profit growth in nine quarters as government efforts to cool inflation curbed loan demand and higher interest rates drove up funding costs at the nation’s third-largest lender.

Net income increased 9.4 percent to 29.8 billion yuan ($4.7 billion) for the three months ended Sept. 30, the Beijing-based bank said in a statement yesterday. Profit missed the 31.6 billion-yuan median estimate of eight analysts surveyed by Bloomberg News. Fourth-ranked Agricultural Bank of China Ltd. said third-quarter profit gained 40 percent to 34.1 billion yuan.