Bank of America said Bank of China's first-quarter net profit fell 2.5 percent year-on-yearroussopoker.9% to 56 billion yuan, 24% of the bank's full-year forecast. Core earnings fell 5.2% year-on-year to 27% of the full-year forecast. The bank pointed out that BOC's growth trend is relatively relative to itsroussopokerThe weakness of his state-owned banks was based in part on BOC's strong earnings performance in the first quarter of last year, when it benefited from overseas and foreign exchange operations. The common equity tier 1 capital ratio rose 39 pips quarter-on-quarter to 12%, and the return on equity fell 1.3 percentage points year-on-year to 9.4%. The bank maintained its profit forecast for BOC unchanged, raising its target price from HK$3.8 to HK$3.95, based on the assumption of a 100 pip reduction in capital costs and continued macroeconomic recovery. At the same time, we maintain a "buy" investment rating based on high dividend yields.