Bank of Communications (BoCom), the smallest of China's six large state-owned commercial banks by assets, reported full-year 2024 net profit attributable to shareholders of RMB 93,586 million, an increase of 0.9% year-on-year.
Operating income for the full year reached RMB 259.8 billion, up 0.87% year-on-year, while earnings per share came in at RMB 1.16.
MARGIN AND ASSET QUALITY
Net interest income — the difference between what BoCom earns on its loans and investments and what it pays depositors — totalled RMB 169.8 billion for the full year, a rise of 3.5% year-on-year. The bank flagged that its net interest margin (NIM) remains under pressure.
The margin narrowed to 1.27% from 1.28%. BoCom said the external environment in 2025 would be more complicated, challenging and uncertain. Its non-performing loan ratio edged down to 1.31% from 1.33%.
CONTEXT WITHIN CHINA'S BANKING SECTOR
BoCom is the smallest of China's six large state-owned commercial banks by assets, behind Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China and Postal Savings Bank of China.
The 2024 annual results were disclosed through filings with the Hong Kong Exchanges and Clearing as well as via the bank's mainland Chinese listing.