BOC Hong Kong posts 9 percent growth in profit in first nine months

BOC Hong Kong (2388) posted a 9 percent increase to HK$35.13 billion in net profit for the nine months ended September.

It proposed a third dividend of 29 HK cents.

Its net operating income before impairment allowances increased by 2.3 percent to HK$58.6 billion. Net interest income increased by 12.9 percent year-on-year to HK$43.12 billion. Net interest margin inched up 1 basis point to 1.55 percent, if the funding income or cost of foreign exchange swap contracts were included.

Net fee and commission income decreased by 7.6 percent to HK$8.4 billion, mainly due to a relatively higher base for comparison in the same period last year.

Net charge of impairment allowances decreased by HK$998 million year-on-year to HK$4.1 billion.

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