By Martin Mou Bank of China Ltd. reported a 4.1% increase in net profit last year, supported by higher interest income and other income from fees and commissions. Net profit was 187.41 billion yuan ($26.49 billion), compared with CNY180.09 billion the previous year, while operating income rose to CNY550.01 billion from CNY503.81 billion in 2018, the state-owned lender said Friday. Bank of China said its net interest income rose to CNY374.25 billion from CNY359.71 billion and its non-interest income, including fees and commissions, grew to CNY175.76 billon. The bank's net interest margin narrowed to 1.84% in 2019 from 1.90% the previous year, but its nonperforming-loan ratio improved to 1.37% from 1.42% as of end-2018. Write to Martin Mou at martin.mou@wsj.com
The clearing house for the London Metal Exchange, known as LME Clear, announced yesterday that it will start accepting offshore renminbi as eligible cash collateral. The Bank of China's London branch has become the first Chinese settlement bank for LME Clear, after gaining approval for the initiative from the Bank of England.