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BoCom net profit rises 40% in 2008

(Xinhua)
Updated: 2009-03-19 08:47

The Bank of Communications (BoCom), China's fifth largest lender, said Wednesday its net profit reached 28.393 billion yuan ($4.15 billion) in 2008, up 40 percent from 2007.

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However, net profit in the fourth quarter eased 2 percent year-on-year to 5.67 billion yuan as lower interest rates and a sluggish capital market affected income.

As of the end of 2008, total assets of the Shanghai-based lender rose 27.13 percent to 2.68 trillion yuan, according to its 2008 annual report released Wednesday.

Net interest income rose 22.1 percent to 65.86 billion yuan, while fee and commission income increased 24.55 percent to 8.837 billion yuan.

Li Jun, governor of the bank, said BoCom had improved its risk controls and business structure and been more selective about its clients, in response to the global financial crisis.

BoCom, listed on the Hong Kong stock market in 2005, returned to the mainland's A-share market in 2007.

Its shares fell 1.67 percent to 5.85 yuan in Shanghai but rose 1.94 percent to HK$5.25 in Hong Kong Wednesday.