BoComm posts 33% net profit increase in 2006
click rate:3208 issue time:2007-03-10 08:12

Mar. 9, 2007 (China Knowledge) – Bank of Communications (BoComm) <3328>, China's fifth-largest lender, posted a 33% jump in net profit, boosted by its lending business.

Total assets reached RMB 1.72 trillion at the end of 2006, up 20.8% compared to the beginning of last year, according to the bank's annual business report for 2006. The earnings per share was RMB 0.27, a 22.7% year-on-year increase

Out of the bank’s loan business, 80% was carried out in the Yangtze River Delta in eastern China and the Pearl River Delta in southern China.

Looking forward, the bank aims to sustain growth of 20% in loans in 2007, despite Beijing's austerity measures. The bank added that it would enjoy a lower tax bill as the result of a new law to unify corporate income taxes, a draft expected to be passed this month.