March 29, 2018 / 9:04 AM / 6 months ago

Bank of China Q4 profit drops by smaller-than-expected 10 pct

SHANGHAI/BEIJING, March 29 (Reuters) - Bank of China Ltd (BoC) , the country’s fourth-largest lender by assets, on Thursday said net profit fell about 10 percent in the fourth quarter of 2017, but the drop was smaller than analysts had expected.

Profit reached 26.9 billion yuan ($4.28 billion) for the quarter ended December, from 29.8 billion yuan a year ago.

This was, however, better than an average estimate of 25.51 billion yuan from 18 analysts polled by Thomson Reuters.

For 2017, net profit rose to 172.41 billion yuan from 164.578 billion yuan a year ago.

BoC’s non-performing loan ratio was 1.45 percent as at end-December, from 1.41 percent at end-September. ($1 = 6.2888 Chinese yuan renminbi) (Reporting by Engen Tham in SHANGHAI and Matthew Miller in BEIJING; Editing by Himani Sarkar)

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