Bank of China posts 10% Q1 profit rise

27 April 2012

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