(Repeated to additional subscriber service)
SHANGHAI, March 30 China's Bank of
Communications Co Ltd (BoCom) posted on
Sunday a 2 percent drop in its net profit in the final three
months of last year, the only one of the country's top five
banks to miss market forecasts.
Net profit fell to 13.6 billion yuan ($2.2 billion) from
13.9 billion yuan in the fourth quarter of 2012. That compares
with an average estimate of 15.3 billion yuan given in a poll of
eight analysts by Thomson Reuters.
For the full year, net profit rose to 62.3 billion yuan from
58.4 billion yuan in 2012, the country's fifth-largest lender
BoCom's non-performing loan ratio rose to 1.05 percent at
the end of December from 1.01 percent at the end of September.
Interest income increased by 8.8 percent in 2013, while
gains in fees and commissions rose 24.4 percent.
The bank's net interest margin was 2.52 percent at the end
of the fourth quarter, down from 2.53 percent at the end of the
The fourth quarter results of Agricultural Bank of China Ltd
came within estimates last week, while
China's three other biggest banks beat estimates, showing
resilience even as the country's economy slows.
($1=6.2122 Chinese Yuan)
(Reporting by Shanghai Newsroom; Editing by Greg Mahlich)