Bank of China posts 10% Q1 profit rise

27 April 2012

Bank of China posts 10% Q1 profit rise
Bank of China headquarters, Beijing

A major Asian bank recorded a strong rate of profit in the opening quarter of the year, new figures have shown.

Data released yesterday (26 April) by the Bank of China revealed it enjoyed a net profit increase of 9.82 per cent in comparison to the corresponding period in 2011.

In total, the financier, which is China's third-largest bank in terms of market value, made 38.447 billion yuan ($6.1 billion) throughout this three-month timeframe - a figure that may have been even higher if not for recent policy-tightening initiatives from Beijing.

In recent times, the Asian superpower has experienced a slowdown in its rapid economic growth, with its gross domestic product expansion decelerating to a rate of 8.1 per cent in the opening quarter of 2012.

However, in a statement published along with its results, the Bank of China insisted all its business lines have "achieved steady improvement in profitability and efficiency" so far this year.

By Asim Shah

Comments (0)
No one has commented on this yet. Be the first!
Add your comment - Max 1000 characters used
More news