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Bank of China Q4 earnings down 58%

(Agencies)
Updated: 2009-03-24 17:51

Bank of China, the country's largest foreign exchange lender, reported on Tuesday a 58 percent drop in fourth quarter earnings, weighed down by its overseas assets and exposure to recession-hit Hong Kong.

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The lender posted net income for the fourth quarter of 4.5 billion yuan ($659 million), compared with 10.78 billion a year earlier, lagging analysts' forecasts for net profit of 7.96 billion yuan.

Its 2008 profit of 64.4 billion yuan compared with 56.25 billion yuan a year earlier.

Bank of China and other mainland banks are expected to face margin pressure and higher credit costs this year, with industry watchers predicting an increase in soured loans as slowing economic growth erodes asset quality.

Last week, No 5 Chinese lender Bank of Communications kicked off earnings season for mainland banks by reporting a 2 percent dip in fourth quarter profits, which still managed to beat analysts' forecasts.

Shares of Bank of China fell 28 percent in the last quarter of 2008, underperforming a 13 percent drop on the index for major mainland companies listed in Hong Kong.