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What you need to know about Bank of China’s disappointing profit growth
BoC’s profit didn’t meet the 31.6 billion- yuan median estimate of eight analysts surveyed by Bloomberg News.
According to a Bloomberg report, BoC’s net income increased 9.4 percent to 29.8 billion yuan ($4.7 billion), but this is the slowest profit growth the bank had in nine quarters.
In the report, Stanley Li, an analyst at Mirae Asset Securities (HK) Ltd. in Hong Kong, said, “Bank of China’s income growth is relatively weak as it has more overseas income, which typically generates lower margins. The bank’s funding cost in China is also higher as its deposit network isn’t as good.”
View the full report here.
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