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Bank of Communications Q3 net profit rises 5.2% YOY to 17.40B yuan

Bank of Communications Co. Ltd. logged a 5.2% year-over-year increase in net profit for the quarter ended Sept. 30.

The bank said net profit attributable to shareholders for the third quarter amounted to 17.40 billion yuan, up from 16.53 billion yuan in the prior-year period. EPS for the period stood at 23 fen, flat with the prior-year period.

Net interest income rose to 36.27 billion yuan from 34.52 billion yuan. Fee and commission income increased to 11.34 billion yuan from 10.21 billion yuan. The net interest margin of the group increased by 10 basis points on a year-over-year basis to 1.57%.

Credit impairment losses for the quarter amounted to 15.40 billion yuan, compared to 13.41 billion yuan in the year-ago quarter.

The group's nonperforming loans ratio decreased by 0.02 percentage point over the end of the previous year to 1.47%, while the provision coverage of impaired loans increased by 1.09 percentage point over the end of the previous year to 174.22%.

As at the end of September, the group's capital adequacy ratio, Tier 1 capital adequacy ratio and core Tier 1 capital ratio were 14.87%, 12.72% and 11.07%, respectively.

As of Oct. 24, US$1 was equivalent to 7.07 Chinese yuan.