April 28, 2020 / 10:34 AM / a month ago

China's BoCom reports 1.8% rise in Q1 profit amid pandemic

BEIJING/SHANGHAI, April 29 (Reuters) - China’s Bank of Communications Co Ltd (BoCom), reported a 1.8% in its first-quarter net profit.

Profit at China’s sixth-biggest bank by assets rose to 21.451 billion yuan ($3.03 billion) in the three months through March, from 21.07 billion yuan in the same period a year earlier, the bank said in a filing on Tuesday.

BoCom’s non-performing loan ratio rose to 1.59% at end-March from 1.47% at end-December.

Net interest margin, a key gauge of profitability, fell to 1.55% by end-March from 1.58% at end-2019. ($1 = 7.0787 Chinese yuan renminbi) (Reporting by Zhang Yan, Cheng Leng in Beijing and Engen Tham in Shanghai, editing by Louise Heavens)

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