Bank of China, the country’s No.3 lender by market value, posted on Thursday a near 10 percent rise in first-quarter net profit but the figure fell below expectations as flat net interest margins offset a rise in fee income.
Bank of China is the first of China’s four largest banks to report earnings for the quarter which still showed the effects of Beijing’s earlier policy-tightening moves to engineer a soft-landing for the economy.
China’s annual rate of GDP growth slowed to 8.1 percent in the first three months of 2012, down from Q4 2011’s 8.9 percent.
The results could foreshadow similarly underwhelming numbers when the three remaining major banks report their results on Friday.
Bank of China is also the first ‘Big Four’ bank to report after Premier Wen Jiabao‘s comments in early April that the country’s state banks act as a monopoly that make money “far too…
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