Banking News
- China's Bank of Communications reports net profit up 32.7 pct in 2006
Date: 9-Mar-2007 Sources: (People's Daily)
China's Bank of Communications, the country's fifth largest lender, announced on Thursday a 32.7-percent year-on-year rise in net profits to 12.27 billion yuan (1.58 billion U.S. dollars) in 2006.
The bank's total assets reached 1.72 trillion yuan (222 billion U.S. dollars) at the end of 2006, up 20.8 percent compared with the beginning of last year, according to the bank's annual business report for 2006.
The earnings per share were 0.27 yuan, a 22.7 percent rise over 2005, the report said.
Eighty percent of the bank's RMB loan business was carried out in the Yangtze River Delta in eastern China and the Pearl River Delta in southern China, it said.
The bank also strengthened cooperation with Hong Kong and Shanghai Banking Corporation last year in 93 programs involving human resources and corporate management, the report said.
HSBC acquired a 19.9 percent-stake in the Bank of Communications, by investing nearly 2.2 billion U.S. dollars,
The Bank of Communications was listed in Hong Kong in June 2005 and became the first major commercial bank from the Chinese mainland to be listed overseas.
Sponsor Results:
