UBS has released a research report indicating that BANK OF CHINA (03988) reported a 4.2% year-on-year increase in net profit for the first quarter of the year. This performance is broadly in line with the other major state-owned banks and notably exceeded the bank's own expectations. The resilience in earnings was supported by a robust 8.4% year-on-year growth in revenue, which included a 7.8% rise in net interest income, a 5.6% annual increase in net fee income, and a 12.9% growth in other non-interest income. UBS anticipates a positive market reaction to these results. The firm has assigned BANK OF CHINA a "Buy" rating with a target price of HK$5.9.