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China's Bank of Communications reports net profit of 70.22B yuan for 2017

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China's Bank of Communications reports net profit of 70.22B yuan for 2017

Bank of Communications Co. Ltd.'s full-year 2017 net profit attributable to shareholders rose to 70.22 billion yuan from 67.21 billion yuan in the prior year.

EPS grew to 91 fen from 89 fen.

The S&P Capital IQ consensus GAAP and normalized EPS estimates for the Chinese bank's Hong Kong- and Shanghai-listed shares were both 90 fen.

Net interest income declined year over year to 127.37 billion yuan from 134.87 billion yuan, while net fee and commission income rose to 40.55 billion yuan from 36.80 billion yuan.

Impairment losses on loans and advances to customers increased to 29.79 billion yuan, from 28.48 billion yuan a year ago.

The group's net interest spread and net interest margin decreased by 31 basis points and 30 basis points, respectively, on a year-over-year basis, to 1.44% and 1.58%.

As of the end of 2017, the group's impaired loans ratio was 1.50%, compared to 1.52% in 2016.

Its capital adequacy ratio stood at 14.00%, compared to 14.02% a year ago. The lender's core Tier 1 capital adequacy ratio fell to 10.79% in 2017 from 11% in 2016, while its Tier 1 capital adequacy ratio also dropped to 11.86% from 12.16%.

The bank's board proposed to declare a cash dividend of 28.56 fen per share for 2017, up from 27.15 fen per share for 2016.

As of March 28, US$1 was equivalent to 6.30 Chinese yuan.