Bank of China (Hong Kong) reports H1 profit growth

BOCHK posts higher profit as lower credit costs offset margin pressure

Bank of China (Hong Kong), one of the city’s three note-issuing banks, reported a 7.1 per cent year-on-year increase in first-half net profit, as lower impairment charges and a wider net interest margin helped offset continued pressure on lending margins from falling Hong Kong interbank rates. Profit attributable to shareholders came to HK$23.74 billion (US$3 billion) for the six months to June 30, or HK$2.2453 per share, according to a stock exchange filing on Friday. The result beat analyst...

By Daisy Wu