BOC HONG KONG (HOLDI

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BOC Hong Kong : Nine-Month Operating Profit Fell

10/30/2020 | 04:38am

BOC Hong Kong (Holdings) Ltd. said operating profit before impairments fell 3.9% in the first three quarters as the Covid-19 pandemic cut into business activity.

Operating profit before impairments was 31.32 billion Hong Kong dollars (US$4.04 billion), the bank said Friday. The group's net charge of impairment allowances was HK$1.93 billion.

Net operating income before impairment allowances in the January-September period fell 3.0% to HK$42.94 billion, due mainly to a narrowing of interest margins, the bank said.

Net fee and commission income fell 2.4% to HK$8.24 billion, largely due to the impact of the pandemic on the retail, tourism and trade sectors, BOC Hong Kong said.

For the third quarter alone, the bank posted operating profit before impairments of HK$10.17 billion, while operating income before impairment allowances was HK$14.19 billion. The group's net charge of impairment losses in the quarter was HK$568 million.

Write to Singapore editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

10-30-20 0537ET

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