October 25, 2019 / 9:08 AM / 24 days ago

UPDATE 1-Chinese lender BoCom posts forecast-beating profit rise

* BoCom Q3 net profit 17.4bln yuan vs 16.53bln yuan year-ago

* NIM at 1.57% end-Sept vs 1.58% end-June

* NPL ratio 1.47 end-Sept vs 1.47% end-June (Adds detail)

BEIJING/SHANGHAI, Oct 25 (Reuters) - Bank of Communications Co (BoCom), China’s fifth-largest listed lender by assets, reported a 5.2% jump in third-quarter net profit on Friday.

Net profit rose to 17.4 billion yuan ($2.46 billion) for the July-September quarter from 16.53 billion a year earlier and beat the 4.45% average forecast from two analysts polled by Reuters.

The bank’s non-performing loan ratio was 1.47% at Sept. 30, unchanged from three months ago.

BoCom’s net interest margin, a key gauge of profitability for lenders, was 1.57% at the end of September, little changed from 1.58% three months earlier.

Other major Chinese banks, including Bank of China and China Construction Bank, report results next week. ($1 = 7.0696 Chinese yuan renminbi) (Reporting by Cheng Leng in Beijing and Engen Tham in Shanghai Editing by David Goodman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below