Bank of Communications Profit Increases 7%

Bank of Communications

reported a 7% increase in its 2013 net profit. The bank's net profit for the period rose to 62.3 billion yuan ($10.2 billion), versus CNY58.37 billion, in the year-ago period. Analysts projected a profit of CNY62.39 billion. Its net interest income jumped 9% y/y to CNY130.66 billion, while fee and commission income climbed 24% y/y to CNY25.97 billion. The bank's net interest margin declined to 2.52 percentage points compared to 2.59 percentage points.