Bank of Communications sets out $13b profit target

Bank of Communications hopes to hit a targeted profit of 80 billion yuan ($13 billion) by 2015 with more risk controls, said Niu Ximing, the bank’s new board chairman at a shareholder meeting on Tuesday, the National Business Daily reported.

Since his appointment on May 20, Niu has been under pressure as the bank’s share price has plunged 15 percent.

Controlling risks, he said at the meeting, would be the major task for the bank to focus on and the current stock market fluctuation was due to low expectation from investors toward the market.

Niu also suggested that the bank needed to adjust the profit making system before carrying out larger expansion.

Bank of Communications reported net profits of 58.4 billion yuan with a total asset base of 5 trillion yuan in 2012.