Bank of China Net Profit Surges

reported an 8% gain in its 2014 net profit. The banks' net profit for the year rose to 169.6 billion yuan ($27.35 billion), compared to a year-earlier profit of 156.91 billion yuan. Bank of China's net interest income climbed 13% to 321.1 billion yuan, while fee and commission income gained 9% to 135.23 billion yuan. Its profit for the fourth quarter climbed to 38.5 billion yuan ($6.20 billion), versus 36.7 billion yuan in the year-ago period. Analysts were expecting a profit of 37.7 billion yuan. Bank of China shares fell 0.92% to close at $14.25 yesterday.