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Bank of China H1 profit rises 12per cent, biggest first half jump since 2013

Bank of China H1 profit rises 12per cent, biggest first half jump since 2013

FILE PHOTO: A security guard wearing a mask following the coronavirus disease (COVID-19) outbreak is seen near the Bank of China in Beijing, China, October 19, 2020. REUTERS/Tingshu Wang

BEIJING : Bank of China Ltd (BoC), the country's fourth-largest lender by assets, posted a 11.8per cent increase in first-half net profit on Monday, the biggest jump since 2013 as business activity recovered from the COVID-19 pandemic.

Profit was 112.8 billion yuan (US$17.44 billion) in the six months ended June 30, according to the lender's statement to the Hong Kong stock exchange, versus 100.9 billion yuan a year earlier, when the government implemented measures to contain the health crisis.

The first-half figure implies profit of 60.2 billion yuan for the April-June quarter, up 24.6per cent from 48.33 billion yuan a year prior, Reuters calculations showed.

(US$1 = 6.4668 Chinese yuan renminbi)

(Reporting by Cheng Leng, Zhang Yan and Engen Tham; Editing by Louise Heavens)

Source: Reuters

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