Bank of China (BoC) , the country's fourth-largest bank by assets, on Monday reported a 3.3% rise in net profit for the third quarter of this year. Profit was 54.76 billion yuan ($7.48 billion) in the three months ended September, up from a restated 53.02 billion yuan in the same quarter a year earlier, the bank said in a filing.
The profit growth, however, slowed from a 4.8% year-on-year increase in the third quarter last year and 13.2% rise in the same period in 2021 as banks are under government pressure to keep borrowing costs down to support a faltering economy.
Net interest margin, a key gauge of bank profitability, narrowed to 1.64% from 1.67% at the end of June, the filing sh
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