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China's Bank of Communications posts 15per cent rise in H1 profit

China's Bank of Communications posts 15per cent rise in H1 profit

The company logo is seen at an office of Bank of Communications in Beijing, China, August 27, 2020. REUTERS/Thomas Peter

BEIJING : China's Bank of Communications Co Ltd, the country's sixth-largest lender by assets, reported on Friday a 15.1per cent increase in first-half net profit as the economy recovered from the COVID-19 pandemic.

Profit came in at 42.02 billion yuan (US$6.49 billion) for the January to June period compared with 36.5 billion yuan a year earlier, the bank said in a statement to the Hong Kong stock exchange. That was the biggest increase in first-half profit since 2012.

The data implies a second quarter net profit of 20.07 billion yuan, up 33.3per cent from a year earlier, Reuters calculations show.

(US$1 = 6.4795 Chinese yuan renminbi)

(Reporting by Cheng Leng, Zhang Yan and Engen Tham; Editing by Kirsten Donovan)

Source: Reuters

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