Bank of China quarterly profit up 17 percent

Associated Press

BEIJING (AP) — Bank of China Ltd., one of the country's four main state-owned banks, says its latest quarterly profit rose 17 percent despite an economic slowdown.

The bank said it earned 34.8 billion yuan ($5.5 billion) in the three months ending Sept. 30, up from 29.8 billion yuan a year ago. Net interest rose 15 percent to 65.4 billion yuan ($10.4 billion).

Profit rose despite a slowing Chinese economy and moves by the government to ease controls on interest rates, which is expected to squeeze bank revenues by narrowing the band between rates charged on loans and those paid on deposits.

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