Bank of China reports huge Q1 profit jump

Bank of China Ltd. posted an 85% profit increase for the first quarter, thanks to a surge in net interest and net fee income along with a lowered tax rate. The bank’s profit was $3.1 billion, compared with $1.7 billion in the year-earlier period. The Beijing-based bank saw a 5.8% rise in total assets from the end of last year, with $899 million reported as of March 31, compared with $857 million at the close of the fourth quarter. “In 2008, BOC will actively face the changes in the operating environment, and continue to enhance its operation management ability,” Li Lihui, the bank’s president, said in a statement. “We will continue to improve our risk management system and strengthen internal control system.”