Money

BoCom Jan-Sept net profit up 28%

(Xinhua)
Updated: 2010-10-29 11:30

BEIJING - Bank of Communications, China's fifth largest lender by assets, said on Thursday its net profit in the first three quarters hit 29.5 billion yuan ($4.4 billion), up 28.23 percent year-on-year.

The bank's total assets topped 3.8 trillion yuan by the end of September, up 14.92 percent compared to the start of the year, the bank said in its third-quarter business report.

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The Shanghai-based bank said its provision coverage ratio was 167.95 percent by the end of September, up 16.9 percentage points compared to the start of the year.

The report also said the bank was steadily pushing forward its global strategy. The bank on Tuesday said it had gained approval to open a branch in Ho Chi Minh city, Vietnam. The branch was expected to open within 12 months.

The Shanghai-based bank currently has seven branches and three representative offices overseas.

By the end of September, total assets of the bank's overseas branches hit more than $38.2 billion, 30 percent more compared to the start of the year, the report said.