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Chinese bank BoCom's Q4 profit falls 2 pct, misses estimates
March 30, 2014 / 11:37 AM / in 4 years

Chinese bank BoCom's Q4 profit falls 2 pct, misses estimates

(Repeated to additional subscriber service)

SHANGHAI, March 30 (Reuters) - 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 said.

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 third.

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)

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