Bank of China Quarterly Profit Little Changed Amid ImpairmentsBloomberg News
Bank of China Ltd. posted third-quarter profit that was little changed as impairment losses offset some of the gains from lending.
Net income for the three months through September was 41.82 billion yuan ($6.3 billion), little changed from 41.78 billion yuan a year earlier, the nation’s fourth-largest lender said in a statement to Hong Kong’s stock exchange on Monday.
The results came after rival China Construction Bank Corp. reported higher profit on Thursday amid improvements in interest margins and asset quality. Shares of the Big Four banks have jumped this year on optimism that the worst of a regulatory crackdown is behind them and that sustained economic growth will boost profitability. The quartet’s price-to-book ratios are near the highest level in about two years.
— With assistance by Alfred Liu, and Angus Whitley