BEIJING/SHANGHAI (Reuters) -China’s Bank of Communications Co Ltd (BoCom), reported a 0.68% rise in its full-year net profit in 2023.
BoCom, the first among the nation’s biggest five state banks to report its annual results, booked a net profit of 92.73 billion yuan ($12.83 billion) last year, the bank said in a filing on Wednesday.
Its net interest margin – a gauge of profitability – stood at 1.28% at the end of last year, narrowed from 1.30% at the end of September 2023.
“In 2024, the external environment will be more complicated, tough and uncertain,” the bank said in its filing.
The non-performing loan ratio was 1.33% at end of 2023, compared to 1.32% at the end of September.
($1 = 7.2281 Chinese yuan)
(Reporting by Ziyi Tang and Engen Tham; Editing by Himani Sarkar and Barbara Lewis)
