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Bank of Communications FY'16 net profit climbs 1%

Bank of Communications Co. Ltd.'s net profit for full-year 2016 inched up 1% year over year on the back of China's economic growth slowdown and other challenges.

The bank said net profit attributable to shareholders increased to 67.21 billion Chinese yuan from 66.53 billion yuan in 2015. EPS fell to 89 fen from 90 fen.

Net interest income declined year over year to 134.87 billion yuan from 144.17 billion yuan, while net fee and commission income climbed to 36.80 billion yuan from 35.03 billion yuan.

The group's net interest margin declined by 34 basis points to 1.88% as of Dec. 31, 2016, from 2.22% in the prior-year period.

As of the end of 2016, the group's impaired loan ratio was 1.52%, up from 1.51% in 2015.

The core Tier 1 capital adequacy ratio fell to 11% in 2016 from 11.14% in 2015, while the Tier 1 capital adequacy ratio rose to 12.16% from 11.46%. The group's capital adequacy ratio climbed to 14.02% from 13.49%.

As of March 27, US$1 was equivalent to 6.88 Chinese yuan.