BOCHK posts higher profit as lower credit costs offset margin pressure

Bank of China (Hong Kong), one of the city’s three note-issuing banks, reported a 7.1 per cent year-on-year increase in first-half net profit, as lower impairment charges and a wider net interest margin helped offset continued pressure on lending margins from falling Hong Kong interbank rates. Profit attributable to shareholders came to HK$23.74 billion (US$3 billion) for the six months to June 30