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Bank of China net profit rises in Q1

Xinhua, April 28, 2017 Adjust font size:

Bank of China, one of the country's big four state-owned lenders, said Friday that its post-tax profits climbed 3.48 percent year on year in the first quarter of 2017.

The bank registered 50.3 billion yuan (about 7.3 billion U.S. dollars) in net profits in the first three months of this year, according to its first quarter report.

The bank attributed its steady growth to a better asset structure, widening offshore business and strengthening risk control.

Consumer finance has been largely developed, with 128.5 billion new yuan-dominated loans added during the first three months of this year, according to the report.

Non-interest income totaled 50.9 billion yuan, accounting for 39.31 percent of the total income, up 3.91 percentage points year on year.

Meanwhile, the bank saw outstanding bad loans expanding 4.3 billion yuan in the first quarter, to 150.3 billion yuan.

The bad loan ratio edged down 0.01 percentage points to 1.45 percent, compared with the end of last year. Endit