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Bank of China Ltd., one of the country's four major state-owned commercial lenders, said Wednesday its first-half profit rose 28 percent from a year earlier on strong growth in interest and fee income.
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Profit for the six months ending June 30 was 66.5 billion yuan ($10.4 billion), or 0.24 yuan (3 U.S. cents) per share, the Beijing-based bank said. Revenue rose 25 percent to 165.9 billion yuan ($25.9 billion).
China's state-owned banking industry has profited from its quick, stimulus-fueled rebound from the 2008 global financial crisis. Bank of China also warned, however, that China will face a "complex environment" this year due to global risks.
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China's major banks are among the world's most financially robust after avoiding the mortgage-related credit problems that battered Western institutions.
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Bank of China said its asset totaled 11.5 trillion yuan ($1.8 trillion) as of June 30, up 9.8 percent over a year earlier.
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Bank of China Ltd. (in Chinese): http://www.boc.cn
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