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Bank of Communications Posts Strong Half Year Gains

Vanessa Doctor

19 August 2010

China's Bank of Communications posted a 30 per cent rise in first half net profit to Rmb20.36 billion ($2.99 billion), from Rmb5.65 billion in the year-earlier period.

The result was helped by strong lending profitability and the launch of new businesses. The bank's total assets went up 12.09 per cent from the start of the year to RMb3.71 trillion as of 30 June.

The impressive figures enjoyed by one of China's largest banks is also partly attributed to the growing interest in local investments, what with the country now considered as the second largest economy in the world. Net interest income for the period was up 34.42 per cent to Rmb39.896, which accounted for 80.76 per cent of its total revenue.