BOCOM’s Management Remains Cautious on Credit Quality Trend
Bank of Communications, or BOCOM, registered 0.9% year-on-year growth in first-half net profit. Top-line growth declined to 6.8%, dragged by a 4.1% decline in net interest income and 8.1% fee income growth, partially offset by 125% growth in other revenue, mainly from its insurance business. The result highlighted BOCOM’s continuous efforts in optimizing its credit portfolio and investment portfolio, resulting in a satisfactory capital ratio despite relatively strong asset growth. Credit quality...Bank of Communications is engaged in the provision of banking and related financial services. Co. organizes its business into four segments: retail banking, corporate banking, treasury and others. Corporate banking comprises corporate loans, bills, trade finance, corporate deposits and remittance. Retail banking comprises retail loans, retail deposits, credit card and remittance. Treasury comprises money market placements and takings, investment in securities, and securities sold subject to linked repurchase agreements. Co. has 113 domestic branches and 2,648 outlets in the People's Republic of China, 9 overseas institutions and 2 representative office in London and Sydney.
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