BOC Hong Kong (02388) said its net operating income before impairment allowances rose 12.6% year-on-year to HK$33,253 million for the nine months ended 30 September 2014.
Its operating expenses rose 8.4% y-o-y to HK$9,412 million, while operating profit before impairment allowances rose 14.4% y-o-y to HK$23,841 million.
The increase was mainly driven by higher net interest income, which was contributed by growth in higher-yielding assets in loans to customers, RMB bonds as well as balances and placements with banks. Net interest margin widened year-on-year.
For the third quarter of 2014, its net operating income before impairment allowances rose 7.8% quarter-on-quarter to HK$11,604 million. Its operating expenses rose 0.9% q-o-q to HK$3,196 million, while operating profit before impairment allowances rose 10.7% q-o-q to HK$8,408 million.