Bank of Communications profits up 5.7% in 2014

A branch of the Bank of Communications Ltd in Qiqihar, Heilongjiang province. Bank of Communications, China's fifth largest lender, said on March 30 that its net profits reached 62.3 billion yuan ($10.13 billion) in 2013, up 6.73 percent year on year. [Photo/China Daily]

BEIJING -- The Bank of Communications, a major domestic commercial bank, said on Thursday that its net profit increased 5.71 percent year on year to 65.85 billion yuan ($10.76 billion) in 2014.

The bank said that profits were mainly from net-interest income, service charges and commission, according to its annual business report filed with the Shanghai Stock Exchange.

The Shanghai-headquartered bank said its customers' deposit balance stood at 4.03 trillion yuan as of the end of 2014, down 3.08 percent; its outstanding loans stood at 3.43 trillion yuan, up 5.06 percent, compared to the beginning of 2014.

As of the end of 2014, the bank's total assets reached 6.27 trillion yuan, up 5.16 percent from year-beginning, while its non-performing loans hit 43 billion yuan, up 8.7 billion yuan compared to the start of 2014, the report showed.