China's BoCom Jan-June profit drops 14.6%, first H1 profit fall since listing

Bank of Communications Co Ltd, China's sixth-largest bank by assets, reported on Friday a 14.6% decline in first-half net profit, its first H1 profit fall since listing, as loan impairments rose amid the coronavirus pandemic.

BEIJING/SHANGHAI, Aug 28 (Reuters) - Bank of Communications Co Ltd 601328.SS3328.HK, China's sixth-largest bank by assets, reported on Friday a 14.6% decline in first-half net profit, its first H1 profit fall since listing, as loan impairments rose amid the coronavirus pandemic.

Profit came in at 36.5 billion yuan ($5.32 billion) for January-June, compared to 42.75 billion yuan a year earlier, the bank said in a statement to the Hong Kong stock exchange.

That implied a second-quarter net profit of 15.1 billion yuan, down 30.6% versus a year earlier, Reuters calculations show.

($1 = 6.8644 Chinese yuan renminbi)

(Reporting by Cheng Leng and Zhang Yan in Beijing, Engen Tham in Shanghai; Editing by Himani Sarkar and David Evans)

((cheng.leng@thomsonreuters.com; +8610-5669-2129;))

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