China's largest foreign exchange bank Wednesdayreported a 28 percent year-on-year increase in profits for the first six months of this year as income from loans and fees climbed.

The Bank of China Ltd's net income rose to 66.5 billion yuan ($10.4 billion) from 52 billion yuan a year earlier.

The bank dumped European Union debt, including Portugal, Ireland, Italy and Spain. The lender's total carrying value of debt securities issued by the heavily indebted was 1.136 billion yuan at the end of June, a drop of 1.03 billion yuan from the end of 2010. It doesn't hold any debt issued by Greece.