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  Bank of Communications releases 2009 Q1 results, with net profit at RMB 7.935 billion, up 39.87% quarter-on-quarter
Date:2009-05-18
 
  

On Apr., 28th, Bank of Communications officially released its results in the first quarter of 2009. Challenged by the global financial crisis, in the first quarter, Bank of Communications kept a close eye on the changes in the macro economy and financial condition and kept pushing forward structural adjustment and economic transformation. As a result, various businesses saw rapid growth and attained satisfactory results.

In accordance with the auditing caliper of International Financial Reporting Standards, as of Mar., 31st, 2009, total assets of Bank of Communications amounted to RMB 30,39.585 billion, up 13.29% over the beginning of this year; net profit RMB 7.935 billion, up 0.53% year on year and 39.87% quarter on quarter; average return on assets (annualized) 1.11%, losing 0.08 points from last year; average return on equity (annualized) 20.72%, gaining 0.62 points than last year; impaired loan down by 0.30 points to 1.62% from the beginning of this year; and provision coverage 168.12%, 2.02 points more than the beginning of this year.

Bank of Communications will reinforce the adjustment of asset and liability structure, enhance money allocation efficiency, reduce cost of debt and increase return on assets. It will further expand intermediary business and keep optimizing its income structure. It will intensify marketing efforts and further optimize its client structure. It will rigorously control various risks and do well risk management under the condition of rapid business growth. It will elevate the level of refined management, strengthen pricing management, consummate cost control, optimize business flow and elevate operation efficiency. By uniting the joint efforts of the entire crew, it will reward various parties with remarkable performance for their confidence and support.

 
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