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Bank of Communications' net profit hits RMB 50.74 bln in 2011

Mar. 29, 2012 (China Knowledge) - Bank of Communications<601328><3328>, the mainland's fifth-largest lender by market value, said yesterday that its net profit grew 29.95% year on year to RMB 50.74 billion last year, driven by higher net interest margin and an increase in non-interest income.

The bank's operating revenue jumped 21.8% year on year to RMB 126.96 billion in 2011. Net interest income rose 20.71% year on year to RMB 102.60 billion as net interest margin climbed 13 basis points to 2.59% in the year.

Net fee and commission increased 35.02% year on year to RMB 19.55 billion last year, accounting for 15.4% of the lender's total revenue.

At the end of 2011, the bank's capital adequacy ratio had risen 0.08 percentage points from a year earlier to 12.44%, while its core capital adequacy ratio had fallen 0.1 percentage points to 9.27%.

The lender saw its non-performing loan ratio drop 0.26 percentage points to 0.86% in the period and provision coverage ratio increase by 70.53 percentage points to 256.37%.

Bank of Communications had total assets of RMB 4.61 trillion as of the end of 2011, 16.69% more than a year earlier.

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